Marriages are a milestone in every person’s life. And what better way to start your married life on a wholesome note with your dream wedding?
Countless Indians are fond of lavish weddings with the best arrangement for their guests, colours and lights, music and food. They want only the finest apparel and jewellery for themselves. And today, many young couples want themed weddings and destination weddings.
Arranging funds for your wedding can be a challenge. You may not have the money at hand, and you might not want to dip into your savings that are locked in investments. In this situation, taking a marriage loan can be an excellent option for you.
What is a wedding loan?
A wedding loan is a personal loan you can take to finance your wedding and all related-activities. It is also called a marriage loan or a wedding personal loan. You can use the loan to pay for:
- Venue booking
- Catering
- Decor and other arrangements
- Wedding outfits, hiring makeup and hair artists, hiring stylists
- Hiring photographers and wedding planners
- Paying for accommodation
- Other sundry expenses
Of late, loans for marriage purpose have become extremely popular, especially among young people. This is because loans provide easy access to liquid funds. Planning a “big fat Indian wedding” is a mammoth task. There are so many things to take care of, preparations can be stressful, and a lot of things need to be managed. So, a wedding personal loan can be extremely helpful and take the burden of arranging cash off your shoulders.
Here are some reasons why loans for marriage purpose can be a good option for you.
#1 Easy application process with minimal documentation
If you are wondering how to get a marriage loan, you should know that it is an easy process you can complete from the comfort of your home. What’s more, online loans require zero paperwork.
You can apply for a wedding personal loan online through your lender’s web portal or mobile app with just a few clicks.
All you need to do is complete an easy KYC process and provide basic documents like:
- Your ID proof, such as your Aadhar card
- Passport size photographs
- Any address proof, such as electricity bill, Aadhar card, Passport
- Salary slips, income tax returns, or bank account details for the past six months
#2 Relaxed eligibility criteria and quick disbursal
Loans for marriage purpose are personal loans with relaxed eligibility criteria. So, unlike home loans or auto loans, you do not need to worry about fulfilling a complex set of conditions before applying for your wedding loan. Typically, lenders only assess your repayment capacity and your credit history.
Once you apply for your wedding loan online, it takes only a few minutes to get the loan approved. And after the lender processes your application, you will directly receive the money in your bank account.
Quick disbursal of the loan amount is one of the biggest benefits of a marriage loan. Weddings in India are time-consuming complex events and sometimes unexpected expenses may crop up. So, in such situations, it is good to have some ready cash.
#3 They are collateral-free
Another benefit of marriage loans is that they are unsecured loans. This means that a loan for marriage purpose does not require any security or collateral.
So, you can avail of funds without risking your assets. And since wedding loans are unsecured, the application process is also much simpler.
#4 You can easily repay them in monthly instalments
If you are a newly-wed couple just starting your life, you are likely to have other financial responsibilities. Fortunately, wedding loans come with convenient repayment options and flexible EMIs. You can easily repay the loan over a few years, a little at a time.
Before you apply for a wedding loan, use a personal loan EMI calculator to estimate your EMI value in advance. Simply enter your loan amount, tenure, and rate of interest. The tool will calculate how much you will have to pay each month. Now, you can adjust the variables till you arrive at an EMI value that is within your budget.
In conclusion
There are many benefits of marriage loans. They are easy to access, have relaxed eligibility criteria, and a quick turnaround time. You can use them for any wedding-related purpose, and take care of unexpected costs and last-minute expenses.
Do you hear wedding bells in your future? If you want to finance your dream wedding with a personal loan, Tata Capital is here for you. We offer easy loans at attractive interest rates and flexible EMI options. Apply for your loan through our website or download the Tata Capital loan app.
Visit the website to learn more about our offerings and check your eligibility.
11 January 2023
5 mins read
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