Make Your Wedding Big with a Personal Loan

Everyone wants a dream wedding as is the most special day of one’s life. A wedding is a beautiful occasion for two families, where everyone comes together to bless and wish the couple for their togetherness. 

It’s a fact that, when it comes to planning the whole event, there is an intense pressure. As, there is so much to be taken care of, from budgeting, gifts to catering, etc. We agree that finding a soul mate may be free, but getting married is an expensive affair. Especially the Indian wedding, in which a weeklong affair takes place. This is what a basic wedding looks like. But if someone is looking for a DREAM Wedding, then that will definitely go beyond. It could be possible while planning the special day you might feel the need for financial support. Here Personal loan for a wedding comes in. 

Why avail Personal Loan for a Wedding?

 Here are some essential reasons for availing a personal loan for a wedding:

1. It is affordable 

Nowadays personal loans have become more affordable; usually starts at 10.90% p.a. A few years back, the rate of interest on personal loans was comparatively high since there was less competition in the lending business. But with the entry of new players and fin-tech concept, wide arrays of options are available to the loan seekers. 

2. There is complete online Loan Processing

Nowadays, the end to end loan processing is online. This facilitates easy accessibility to the personal loan for a wedding. You need to upload the required documents and e-sign the loan agreement at the comfort of your home. 

3. The flexibility of Loan Tenure

If you feel the need for little financial support for the wedding, then you have an option to choose a small amount of personal loan. You can repay the loan amount as per your desire in the range of 1 to 5 years. As various lenders offer a wide flexible range of repayment tenure, the liberty of choosing the loan tenure lies entirely in your hands. 

Benefits of a Personal Loan

• Suitable for any Emergency Loan

Many times, borrowers require personal loans for emergencies, where time plays a major part. During such emergencies, visiting the branch, applying for a loan, and then waiting for the loan disbursal might not be the practical option.

A personal loan can be acquired through online application which saves a lot of time and the borrower gets access to the funds much sooner.

• User-Friendly Online Portals

Personal Loan process is so efficiently designed that even the first-time applicant can have the experience of utmost convenience. In case, if a borrower still has any queries, can contact the customer support team.

• Minimal Documentation

Documentation is one of the major hassles in the loan approval process. But online Loan application has considerably reduced this inconvenience as well. It requires only some of the documents like the ID proof, proof of residency, and income proof. This can easily be uploaded from anywhere and anytime instantly.

• No Collateral Required

One of the most important benefits of a personal loan is that it is unsecured. This means a borrower is not required to provide any collateral or guarantor in against the loan. 

Personal Loan Interest Rate

Banks, NBFCs, and P2P lenders are there. The personal loan usually starts 10.90% onwards.  The interest rate varies based on the lender to lender. Here is the list of top personal loan lenders with their interest rates. 

Factors Deciding Interest Rates of Personal Loans

• Loan Repayment Tenure: This is an essential factor that determines the interest rate. The shorter the loan tenure the higher the rate of interest and vice versa. EMIs are the regular return to the personal loan lenders, thus when the return is for a long period the rate will decrease respectively.

• Income Level: The personal loan interest rate is dependent on the income level and the company an individual works with. This information is compared with the applied loan amount and they will gauge if you have the capacity to repay the loan within the allotted time. 

• Credit Rating: The CIBIL check is conducted by each personal loan lender bank to understand the creditworthiness of the applicant. In case of any default the payment records, huge outstanding loan, fraudulent track records, lenders have the right to cancel the loan or charge a higher rate of interest. This is the very reason; it is important to keep a good track record of the financials for present and future plans.

Personal Loan for Wedding Eligibility

• Salaried applicants should be between 21 to 60 years of age

• Self-employed applicants should be between 25 to 65 years

• Employed for a minimum period of 3 months in the current job and have previous working experience also

• Having a net monthly salary/income of Rs. 20,000

Documents Required for Wedding Loan

Salaried Class –

• Identity Proof - Aadhaar Card /Voters ID/Passport/Driving License /PAN Card

• Residential Proof - Leave and License Agreement/Utility Bill (maximum three months old)/Passport

• Income Proof – Salary slips for the last three months along with the bank statement showcasing the credited salary

• Photographs - Two passport size 

For Self-employed- 

• KYC documents – Identity & address proof and date of birth

• Residence Proof - Leave and license agreement, utility bill (should not be more than three months old), and a copy of your passport if, you own one.

• Income Proof – ITR for the last 1 year