Marriage is one of the most important and biggest events in our lives. It marks the beginning of a new journey for two individuals who want to share almost all aspects of life. However, it also happens to be quite an expensive and rather an extravagant event.
Keeping that in mind, many financial institutions now offer a Marriage Loan to help individuals plan their dream wedding. Let us learn more about this type of loan and what you should bear in mind before applying for one.
What is a Marriage Loan?
A Marriage Loan or Wedding Loan is a type of unsecured Personal Loan. It is offered to help borrowers manage their wedding expenses without having to go over their budget. Personal Loans for Marriage are collateral-free, meaning you are not required to put up any assets to get the loan.
Here’s everything that you can cover with a Marriage Loan:
- Venue & Caterer – Your biggest expenses while planning a wedding would involve the venue and the food & catering. This is essential and takes away a chunk of your expenses. With a Marriage Loan, you can take care of this expense and book your favourite venue and the caterer.
- Décor – Next, you need to invest in the decorations of your choice. A Marriage Loan can help you source the best pieces of décor for your special day.
- Wedding Attire – Your wedding trousseau includes all the attire, jewelry, and accessories that you would need during different ceremonies. With a Marriage Loan, you can buy some of the best designs to look the part during your wedding day.
- Accommodation – Wedding ceremonies in India are mostly led by close family and friends. They are part of the celebration, so, arranging their accommodation is equally important. A Marriage Loan can help you book the best accommodation for your guests for the wedding celebrations.
- Additional Expenses – A wedding comes with expenses before, during, and after each event. Be it vendor payments, invitations, etc., you can easily fulfil miscellaneous expenses with a Marriage Loan.
A Marriage Loan can help pay for your dream wedding easily. Now, let’s check out the tips to get the best Marriage Loan!
Top Tips to Get a Marriage Loan in India
Here are the top tips you should keep in mind to get the best Marriage Loan in India:
- Determine Your Exact Requirements – Before you apply for a Marriage Loan, prepare your budget to get an idea about your exact requirements. You should only borrow the amount you require as it will be your responsibility to pay it back. You must fulfill Eligibility Criteria For Personal Loan.
- Calculate Your EMIs – You can use a Personal Loan EMI calculator to determine the monthly repayment instalments for your Marriage Loan. All you must do is enter the loan amount, interest rate, and loan tenure to calculate the EMI.
- Check Your Credit Score & Credit History – Keep track of your credit history and score to get the best possible loan offer and higher chances of approval. In case of any errors, get them rectified immediately. You should maintain a credit score of 750 and above to avail of a low-interest rate on your Marriage Loan.
- Research for the Best Lender – Conduct thorough research to find the best lender who offers a Marriage Loan that suits your requirements. Some NBFCs offer Wedding Loans at an attractive interest rate and flexible repayment tenure of up to 60 months.
- Look for Additional Charges – Always make sure you check the additional charges in your loan like foreclosure, processing charges, etc. This will help you be prepared and not be blindsided by any extra fees during the loan process.
What are the Steps to Apply for a Marriage Loan?
You can apply for a Marriage Loan by following the below-mentioned steps:
- Step 1: Visit the lender’s website and click on ‘Personal Loan’
- Step 2: Select ‘Apply for Marriage Loan’
- Step 3: Enter your primary details
- Step 4: Upload the required KYC documents
- Step 5: Await application assessment
- Step 6: Receive confirmation of loan approval
- Step 7: Get the loan amount in the bank account
Conclusion
A Marriage Loan is one of the best financial products you can get to fulfil your plans of hosting your dream wedding. Follow the top tips to find the best loan offer that meets your needs.
