Marriages are an expensive affair. From the venue to the catering, there are a lot of things that need to be taken care of. If you don’t want to fall short of cash and compromise on festivities, consider taking a Personal Loan for Marriage, also known as a Marriage Loan, to finance your big day.
This article discusses everything you need to know about taking a marriage loan, from eligibility to personal loan offers, keep reading to learn more!
Why Take a Personal Loan for Marriage?
Let's be honest: All of us have looked at wedding reels and imagined our own wedding. And to be fair, almost everyone wants a dream wedding - cold fireworks, a revolving stage, a flower shower, a special entry with dancers, customised gift hampers for guests and what not! If you’re thinking the same but also believe your current finances won’t allow it, you could always consider a quick and affordable Personal Loan for Marriage and have yourself a day to remember. Here are some reasons why these loans have curried so much favour recently:
- The flexibility of fund usage
Personal Loans are unsecured loans with no end usage restrictions, their risk-free nature makes them well-suited to meeting exceptional one-off expenses. Marriage loans can cover various wedding-related expenses, including the engagement ring, the wedding dress, the flowers, the reception, and more
- Favourable Loan Terms
Personal Loans often come with low-interest rates and favourable repayment terms, making them an attractive option for easy repayment. Just make sure you do your research and compare offers before making a decision
- Eligibility
Financial institutions have simple loan eligibility criteria. The criteria differ for salaried people and the self-employed. Do visit the bank's website to find out more. You can also use the personal loan EMI calculator on the bank's website. Enter the loan amount, tenure and interest rate to get an idea of the monthly EMIs and total interest payable
- Quick approval
Financial institutions provide quick approval to make loan applications hassle-free for all. Once approval is done, you can get the money you need quickly and easily so that you can focus on making your big day perfect
- Flexible Repayment
A personal loan for marriage is also beneficial if you want to pay off your wedding expenses over a longer period. Depending on your repayment plan, you can spread out the cost of the wedding over several months or even years. This makes it easier to manage your budget and ensure that all your wedding costs are fully covered without affecting your day-to-day expenses
- Bigger loan amount approval
Don't compromise on your honeymoon or wedding day due to financial constraints. You can take bigger loan amount approval to plan this once-in-a-lifetime occasion just the way you want. You must meet their eligibility for marriage loans and have a good CIBIL score to get a bigger loan amount approval. Banks such as ICICI Bank offer Personal Loans for Marriage of up to Rs 50 lakh
- Pre-approved personal loan offers
When you have so many planning tasks on your platter, why clutter it more with bargaining on better loan rates? Financial institutions extend the best pre-approved personal loan offers to their existing customers. The loan amount is instantly disbursed in the customers’ account and doesn’t require any documentation either
How to Take a Personal Loan for Weddings?
A Personal Loan for Marriage can be a great way to finance your big day. It can help you cover costs quickly and easily without worrying about arranging all the funds yourself. However, it is important to understand the process and ensure you are taking the right loan.
- Select a financial institution
Choosing a reliable financial institution is important to ensure you get the best loan for your needs. Do your research to find a lender that offers attractive interest rates, flexible payment options and has a good customer service record. Compare loan terms and interest rates from different lenders to find one that suits you.
- Fill out the personal loan application
Once you've chosen a lender, you'll need to fill out an application and provide proof of income and other documents to verify your identity and financial information. After the lender approves your application and documents, you'll receive your loan quickly and can use it to cover all your wedding expenses. When submitting a loan application, provide accurate and complete information. This will help you get the best terms for your loan.
Conclusion
A Personal Loan can be a great way to finance perhaps the most significant day of your life: your wedding day. With it, you can get the funds you need in a lump sum and spread your loan payments over a suitable period. With the right financial institution, you'll be on your way to having the wedding of your dreams!
