Last Updated on 16/02/2021 by Deepak Singla
Are you going to tie the knot with your life partner soon? Congratulations! Wedding is one of the major events of a couple’s life and should be made memorable. Some couples dream of having a destination or theme wedding to cherish forever. However, all these things may increase your overall marriage expenditures.
Also, an Indian wedding is something that will always have some or other expenditures even after you have saved enough for the D-day. In the same context, availing a wedding loan is one of the smartest things to do. Other than liquidating your assets or using your savings for your marriage, you should apply for an online wedding loan.
Wedding finance is nothing but an extension of personal loan that is designed to help you meet wedding expenses. As a result, you can apply for a wedding loan and borrow up to Rs.25 lakh from leading banks and other lenders.
Nowadays, the overall loan processing, approval, and disbursement procedures are online and fast. Anyone with the required marriage loan eligibility can get loan approval in 5 minutes and money disbursement within 24 hours.
If you wish to know how a wedding loan can help you have a dream marriage, then you can go through this post and know more.
Marriage Loan Eligibility and Documents at a Glance
To avail wedding finance, you need to meet marriage loan eligibility and furnish some documents online. Here is a quick look at some standard personal loan eligibility criteria and documents that you need to submit:
- Your age should be between 23-55 years
- You need to be a resident citizen of India
- You should be employed with an MNC, private or a public limited company
- KYC documents
- Employee ID Card
- Last 2 months’ salary slips
- Previous 3 months’ salaried bank account statement
Benefits of Availing a Wedding Loan in India
You get to borrow up to Rs.25 lakh
Once you meet a lender’s marriage loan eligibility and submit the required documents, then you can easily borrow a higher loan amount of up to Rs.25 lakh. It is a large amount that you can use to book honeymoon tickets, buy jewellery, or a wedding videographer (always recommend to have a wedding videographer contract) or any kind of vendor contract before your wedding date.
Loan approval within 5 minutes
After you fill the online personal loan application form and submit it, you would not have to wait for a long time to get approval. Leading lenders can let you enjoy loan approval within 5 minutes after the submission of loan application.
Access loan money within 24 hours
Once an applicant has got loan approval, then he/she does not have to wait to access desired funds to streamline marriage preparations. You can get money disbursed into your bank account within 24 hours after loan approval.
Flexi loan feature
Availing wedding finance does not mean stressing about repayment, especially soon after you have begun your married life. Lenders let you opt for flexi loan facility to utilize a part of sanctioned loan limit and pay only interest as EMIs and nothing more. The rest of the loan gets adjusted after the end of the tenor. This way, you can save up to 45% on your EMI payments.
Repay the loan over a flexible tenor
Reputed banks and NBFCs let you repay the loan over a tenor ranging between 12 months and 60 months. As a result, you can stretch the loan cost over a longer tenor to pay in small instalments and manage other expenses in life without worries.
Online loan account management
After you have availed wedding loan, you don’t have to keep visiting a lender to know about its details and progress. It is because you can easily access digital customer portals of the lenders to track progress of the loan from anywhere. It also saves you from wasting your time and efforts.
A wedding finance facility is available to make your marriage day memorable that you can cherish forever. With easy repayments, flexi feature, online procedures for application along with fast approvals and disbursements, you can apply for it online.
Don’t let your marriage day become just another normal event, rather apply for the personal loan for marriage today only and start planning a perfect wedding.
Image courtesy: hdfcbank.com