During the 2nd wave of the covid-19 pandemic, it was observed in a study that demand for wedding loans was the highest among all categories at 33%. The study conducted by IndiaLends considered people aged between 20-35 years for this. A wedding, no doubt, is once in a lifetime thing and everybody wants it to be perfect in every way they can make it. As we all are aware of how much expenses a wedding involves, taking a personal loan seems like an ideal thing considering not everyone is equipped with that much amount at their disposal to fund an event like a wedding. It reduces financial stress for the family and the couple as well and gives complete peace of mind.
Benefits of availing personal loan for your wedding
- Unlike other types of loans, there are no restrictions on end usage. This means that you can use this loan either to fund your wedding or your honeymoon expenses or other miscellaneous expenses.
- A personal loan can be availed online at competitive interest rates through several aggregator websites. With quick approval and disbursal, you will be saving a lot of time that can be used more effectively in planning the wedding.
- The eligibility criteria for personal loans are often not that high. They only require a few essential documents from you, such as identity proof, address proof, and income proof in some cases and thus, making the loan application process simple.
- Personal loans come with flexible EMI and tenure options that allow users to customize the repayment schedule according to their monthly income and cash flow. Moreover, if you have a decent credit score, you can further get a competitive interest rate.
Factors that can affect your eligibility for a wedding loan
Every lender has laid down their eligibility criteria which a user has to fulfil. Here are the three main factors that can affect your eligibility when getting a personal loan for your wedding:
- Your CIBIL Score: Your credit card bill and loan repayment history, amongst other factors, determine your credit score. Most lenders will see your CIBIL score to know if you are a good candidate for a loan. CIBIL score of 750 and above ensures your loan application is likely to be approved.
- Your Debt-to-Income ratio: Creditors check your monthly income to figure out your creditworthiness to see if you can repay the loan amount you are applying for. At the same time, lenders will take into account your existing liabilities (previous loans you have taken) like a home loan, study loan, car loan, and so on to calculate your debt-to-income ratio.
- Your employment profile: Lenders also see your age, job profile, whether it is safe or not, and work experience to assess your loan eligibility. All these factors indicate if you will be able to repay the loan on time without defaulting.
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How to get a wedding loan to finance your big day?
With a wedding loan by your side, you can up your wedding preparation one step higher; make hospitality arrangements for guests in a good hotel, choose the ideal venue that is sitting on your Pinterest board, lay out a rich feast for the guests and much more. A personal loan for marriage, whether it is a 20 lakh loan you need for venue booking or a 1 lakh loan for a photographer, gives you the convenience and speed and don’t forget the affordability compared with other credit options. Here is how you can get the best personal deal for your wedding:
Instead of offline, go online: You already have your day plan out for different things to do associated with your wedding. Amidst this, it makes complete sense to ditch visiting the bank and apply for a personal loan of 20 lakh loan or any other amount you have in mind online through different aggregators’ websites. This way, you will be able to do a comparison of lenders and the interest rate they offer. Going this way will give you ample time to prepare for the wedding instead of getting bogged down with time-consuming loan formalities. What’s more, due to the advanced processing facilities, amounts of 20 lakh loan to 1 lakh loan will easily get approved instantly.
Do look for a pre-approved offer: To make sure you spend more time booking wedding venues or other activities associated with the wedding, it is best to check any pre-approved offers you already have. Usually, those who have a decent credit history and prior experience with credit with no default can easily get pre-approved offers from top lenders. If you do find one, quickly apply, as these personalized deals require no more than a few clicks to avail of a personal loan of 20 lakh loan or 1 lakh loan.
Check eligibility terms: When you are comparing different lenders online, do your research and find a lender whose eligibility criteria you can meet easily. It is because a personal loan ultimately is an unsecured loan where lenders are strict about verifying your reliability as a borrower. They will naturally have certain parameters related to age, salary, employment, and CIBIL score, and it is expected from a borrower to satisfy these parameters, or else your application will get rejected. Hence, choose a lender whose criteria are simple and can access your loan quickly without much documentation.
A wedding involves expenses, sometimes more than we can imagine. To make your D-day the best you have imagined, a personal loan seems like an ideal option. It is collateral-free, which means you do not have to pledge your assets, such as property, for financing the loan and neither you have to submit ownership documents to process your loan application. Going with an unsecured loan ensures you can focus on your special day fully. The aforementioned tips can certainly help you avail personal of a 20 lakh loan or 1 lakh loan, but amidst your wedding celebration, you shouldn’t forget to plan repayment right from the get-go. Many bank websites have a personal loan EMI calculator that can help you gauge your monthly outgo.
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