Marriage is a significant event in an individual’s life. However, weddings can be a costly affair. Covering the cost of buying dresses, food arrangements, venue, decorations, photography, and other necessities can rack up your bills before the big day even begins.
This is where a Marriage Loan in India comes into play. If you plan to get married, your special day should be a memorable one.
These loans allow you to cover wedding-related costs at reasonable interest rates with a comfortable payback term suited to you.
What You Should Know About a Marriage Loan
Marriage Loans are Personal Loans for individuals who need funds to cover wedding-related costs. They are also called Personal Loans for a Wedding.
With Poonawalla Fincorp, you can obtain these loans in India quickly. The maximum limit of loans is up to ₹30 Lakh, which will give you the backup you need for your wedding planning.
Is A Personal Loan a Good Idea to Cover Wedding Expenditures?
People often consider a Personal Loan for a wedding due to the following reasons:
1. Instant funds
Immediate cash can be obtained with a Personal Loan for a Wedding, so you don’t have to wait for days or weeks to get funds. The money will be deposited in your bank account quickly after applying for the loan.
2. Competitive interest rates
A Personal Loan’s primary benefit includes competitive interest rates. You will find the most flexible rate on a Personal Loan compared to any other financial product.
A high-interest rate could lead the borrower into a debt trap where they end up paying more than they originally borrowed because of high interest and late fees incurred for late repayment.
A good way of determining which Personal Loan interest rate is good for you is by comparing them – this will give an idea of which lender offers the best deal.
With Poonawalla Fincorp, borrowers can get wedding loans at competitive interest rates starting from 10 .99% with quick approval and 100% digital processing.
3. Flexible repayment tenures
Another benefit of Personal Loans is that they come with flexible repayment tenures, allowing borrowers to repay their debts at their own pace over time.
Based on borrowers’ other financial responsibilities, they can choose a suitable repayment period. To save money on interest, you can keep the term as short as possible.
With Poonawalla Fincorp, borrowers can choose a loan term of up to 60 months and manage the repaying budget without any hassle.
4. Easy application
Personal Loans are the most straightforward financial products you can obtain because there is no collateral requirement. The documents required are minimal, and the process is 100% digital, making it more convenient.
5. No restriction on the usage of money
When a borrower takes an Auto Loan or a Home Loan, the proceeds must be used for the same purpose.
In contrast, Personal Loans do not fall into this category. Personal Loans have no restrictions on the use of the proceeds.
For weddings, one can spend the money however they like, whether it is on the venue, the event management team, or the caterer.
Who is eligible to qualify for a Marriage Loan?
Lenders will have different conditions for their borrowers’ eligibility.
The eligibility criteria at Poonawalla Fincorp for a wedding loan are as follows:
- The person must be an Indian citizen, and at least 22 years of age
- Applicants must have at least one year of job experience, with at least two months of consistent employment at their present job.
- Applicants must be working full time, and their minimum monthly salary needs to be ₹20,000.
When deciding whether to take out a Marriage Loan in India, there are several factors one needs to consider. These include the interest rate, repayment terms, credit score, income stability, and even the type of loan you are going to choose to finance the wedding.
Numerous Personal Loans are available, so one must evaluate them beforehand to pick the one that best meets their needs.