Jan 24, 2023

If you plan to get married soon, the first thing you must do is plan all your wedding expenses. Indian weddings are opulent affairs that bring together the immediate family, extended family and friends of both the bride and the groom. Wedding hosts put their best foot forward to keep the guests smiling and cheerful during the wedding celebrations. However, wedding finances often take a toll on family savings. The uncertain budget of the wedding bothers wedding hosts the most, the other factor being arranging for the finances.

Borrowers can spend lavishly to make it a fairy-tale wedding. Be it the need for extra funds to fulfill a wedding dream or covering a last-minute wedding expense, a Personal Loan for wedding gives complete coverage for every purpose. This ranges from the venue and catering to decorations, outfits, and photography. 

Read on to know more about these loans.

Benefits of taking a wedding loan

Borrowing a personal loan is always an excellent idea to cover wedding expenses. It makes the desired amount available for the purpose of marriage, allowing borrowers to repay the loan in EMIs. Here are a few benefits of taking a wedding loan.

• 100% Digital Application: While everyone is busy shopping to plan for the wedding, the 100% digital application of personal loans makes funds available within 72 hours*. Borrowers do not have to visit the branch office. Aspiring borrowers can apply for a personal loan instantly* using the NBFC’s website or loan app and get disbursal directly into their bank account, shortly after approval.
  
  
• No Collateral Requirement: Marriage loans are unsecured. Borrowers don't need to back them with collateral, security, or a guarantor. There are no risks to any personal assets or properties. Aspiring borrowers can freely opt for a personal loan if eligible provided they have a good credit rating and satisfy the lender’s eligibility criteria.
  
  
• Usage Flexibility: Personal loans provide complete freedom to utilize the loan amount for any wedding-related purpose. Whether a customer requires a wedding loan for booking the venue, paying the caterer, booking the photographer or makeup artist, or purchasing a designer outfit, an NBFC like Fullerton India does not put any restrictions on the loan end-usage.
  
  
• Competitive Interest Rates: Many believe that personal loans have high-interest rates due to their unsecured features. There is immense competition among NBFCs to offer better loan schemes to customers than others. Borrowers with a high credit score and decent income have better-negotiating power to get best interest rates. Some personal loan lenders even design custom loan packages to suit the needs of their customers.
  
  
• Quick Approval and Disbursal: Even if the wedding host plans the budget correctly, unexpected expenses arising might be difficult to tackle at the last minute. Such emergencies underline the importance of a Personal Loan for weddings that makes money available within a few hours.
• Flexible Tenure and EMI: Personal Loans are highly flexible, allowing borrowers to choose everything from loan amount to EMI and tenure. Aspiring borrowers can use a Personal Loan EMI calculator to calculate EMIs for different loan terms and select a loan plan with affordable EMIs.

What are the Marriage Loan Basic Requirements?

The basic wedding loan eligibility criteria include the following:

• Age: Salaried employees and self-employed professionals between 21 to 65 years of age can apply for a wedding loan.
• Monthly Income: Most loan providers have a minimum income requirement to approve personal loan applications.
• Work Stability: Salaried individuals and self-employed with at least some experience can apply.
• Credit Score: Loan companies expect a credit score of 750 or above to confirm the applicant’s credit history and repayment capacity.

Eligible applicants must scan and upload these documents online to get their details verified: 

• Identity proof, like Aadhaar card, voter ID, driving license and passport.
• Address proof, like Aadhaar card, voter ID, driving license, passport, rent agreement, utility bills and ration card.
• Income proof, like bank statements, salary slips and ITR.

Prepare the documents beforehand to apply Personal Loan instantly and get quick funds when required.

Things to Do Before Taking a Personal Loan

Did you know a Personal Loan can help bring a dream wedding to life without financial stress? Here’s how to make the best use of it.

• Make a Budget Early On: A wedding budget will help plan the finances effectively. It will act as a framework to decide the venue, theme, guest list and wedding outfit.
• Research: Research and compare loan plans carefully to find the best option within your budget.
• Apply: Whether you are planning a big fat wedding or a small family ceremony, apply for an appropriate loan amount and make a repayment plan to pay it back on time.

Gone are the days when weddings were synonymous with liquidating family assets. A Personal Loan for wedding is an easily accessible funding option that makes funds available within hours and helps plan the marriage accordingly.