During a wedding preparation, there are numerous times when an unforeseen need for funds comes up. To deal with such a situation, you can opt for a wedding loan. If you are skeptical about this step, keep reading to know how you can benefit from a marriage loan.
Below are some reasons for which you can opt for a marriage loan:
You do not need to mortgage property or pledge your gold to apply for a wedding loan. This makes the application process easier. At the same time, you will not have the tension of losing your property or jewelry in case of default. You only need to maintain a good CIBIL score to project yourself as an eligible and trustworthy candidate to get approval for your loan. Once you have acquired a good CIBIL score and an error-free credit report, you can easily get approval within a short time.
During the application for a marriage loan, you will have to produce only a few essential documents such as your identity proof, address proof, and income proof. This is quite less when compared to applying for a secured loan. This happens since, in the case of a secured loan, you will need to produce property documents, arranging which may be tough or time-consuming. Additionally, the age and location of the property are important factors on which the loan amount, interest rate, and repayment tenure depend.
One of the best reasons to apply for a marriage loan is that you can decide on the loan repayment tenure at your convenience. You can choose to opt for a longer tenure so that you get to repay the loan amount with ease. Also, for a longer time period, you will have to pay less EMI. This turns out to be a win-win situation in terms of both tenure and monthly installments. On the other hand, if you can afford to pay a higher EMI, you can do so to repay the loan within a shorter time frame. Additionally, you can also opt for the Flexi-loan option to save more on your EMIs.
There can be times when you will need to make an extensive transaction or pay for last-minute expenses. These are the times when a marriage loan turns out to be your savior. Once you complete the loan application process, you can get approved almost instantly. However, you must make sure that you fulfill all the eligibility criteria mentioned and provide all the correct information so that there are no chances of loan rejection. As soon as the loan gets approved, you will receive the loan amount just within a few hours or a day in your bank account to meet urgent monetary requirements.
The application process for a marriage loan is extremely easy and can be summed up in just a few steps. This makes it easier for individuals opting for a marriage loan as they do not require much guidance for the process. Also, the entire application can be completed online from the comfort of your home. This makes marriage loans a popular option.
The eligibility criteria for a wedding loan are as follows:
If you fulfill all the eligibility criteria, you must proceed with the marriage loan application.
The steps to apply for a marriage loan are as follows:
Step 1: Navigate to the “Personal loan” section of the financial institution from where you want to apply for a loan.
Step 2: Fill in the basic details that are required.
Step 3: Add the loan amount and repayment tenure.
Step 4: Upload the necessary documents.
Step 5: Submit the application form.
The documents required for a personal loan for women and men are as follows:
Now that you know sufficiently about a wedding loan, you can proceed with the loan with confidence. However, remember to compare the interest rates and offers by different financial institutions before deciding on one so that you can avail the best deals.
