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Everything You Need To Know About Marriage Loan
We Indians are known for our big and grand weddings. And even though some couples may not want such a big wedding, they would still want to have a memorable one that they will reminisce about forever. But a wedding costs quite a lot, even if you’re planning a small one. You don’t have to worry too much though, there are marriage loans that you can take to help plan a beautiful wedding.
There are many benefits of taking a marriage loan. And there are also some aspects that you need to keep in mind before applying for a marriage loan like marriage loan eligibility criteria and marriage loan interest rate. We, at Finnable, can help you get a marriage loan according to your needs.
Why Should You Take a Marriage Loan?
Apart from the need for money, there are many other aspects for which you might want a marriage loan. Here are some reasons why you should consider taking a marriage loan.
- One of the major reasons for taking a marriage loan is your dream of having an unforgettable and magnificent wedding function that will be talked about for years. And to make this dream come true, you need money. That is when the option of taking a marriage loan comes to our rescue.
- It’s a financial tool that is available to every working individual who has a tight budget. The loan empowers the couple to explore the intricacies of their wedding plans.
- With a marriage loan, you can book the wedding venue you desire, choose the caterer you’ve been eyeing on for a while and curate your lovely wedding cholis and sherwanis.
- You can also plan a getaway, aka your honeymoon, to wherever you want with the funds from your loan.
- Of course, when considering a loan, you have to think about various aspects like where to apply for the loan, the varying interest rates and many more facets. With Finnable, you can get an affordable loan at suitable interest rates with ease.
Things To Consider Before Taking a Wedding Loan
Before applying for a wedding loan, you have to gather information about different things, just like you do for any other loan. Here are a few important things to keep in mind before you apply for a marriage loan.
Marriage loan eligibility criteria
Since the marriage loan comes under a personal loan, there are certain criteria that the individual needs to be eligible for to successfully apply for the loan.
- You have to be a citizen of India to apply for a loan.
- You should be employed in the private sector or a government sector. And you have to be a full-time employee in your company or organization.
- You must have at least 6 months of minimum work experience and you should be working at your current company or organization for more than 3 months.
- So, if you’re living in a tier 1 city, the metropolitan city like Mumbai, then your salary must be above Rs. 20,000 per month. And if you’re living in a tier 2 city, the cities with a population of 50-100k like Kochi, then your salary must be above Rs. 15,000 per month.
- Another thing that is important to remember is that you should be receiving your salary in a bank account that is in your name.
Marriage loan interest rates
This is another important thing we see when applying for a loan. There are varying interest rates. The interest rates usually range from 16-28%. At Finnable, you can select the interest rate you want in our EMI calculator and choose the best plan for yourself.
The option of EMI payment
If you’re planning on repaying your loan in EMIs, then you can use an EMI calculator to check how much you will have to pay per month. Finabble provides you with a feasible marriage loan EMI calculator to check the amount. You just have to put in the principal loan amount, select the interest rate, and the months of tenure which is the period in which you will repay the loan. After filling all these out in the calculator, it will show you the exact amount that you need to pay per month.
Marriage loan documents
When you’re applying at Finnable, there are certain documents you need to prepare beforehand.
- To get a loan, first, you have to prove that you are a citizen of India. So, for identity proof, you are required to provide a PAN card.
- Your Aadhar card is also needed to provide proof of your residency.
- To show proof of employment, you need to prepare the salary slips of a month.
- The account statement of your salary bank account is required as well. This document is needed to make sure that you have been receiving your salary to the same bank account for the past three months. And also to confirm that this account is where the loan amount will be sent.
Benefits of Taking a Marriage Loan
For many people across the world, marriage would be one of their most precious moments. But apart from it bringing tremendous happiness, it also brings copious expenses along. In contemporary society, every couple works harder to fulfil their dream of having a memorable wedding. This enables them to take a prompt decision to apply for a marriage loan to cover all their extensive wedding expenses. Applying for a marriage loan is about making a huge commitment which can obviously be daunting too. One may start thinking that taking loans can render solutions to all your questions. But it’s obligatory to have a deeper insight into the pros and cons of marriage loans.
Here are some of the benefits of taking a marriage loan.
The limits of the loan amount
There are factors like your income, employment history, credit history and other factors that are necessary to check when you’re applying for a loan. With Finnable, you can apply for a loan up to Rs. 10 lakhs. This availability of the loan amount helps in planning your desired loan amount carefully.
No need of collateral
Another amazing benefit of this loan is that you don’t need to provide any property documents or jewelry as a security to the lender. You just have to be eligible for the lender’s required criteria, and you’re good to go.
Flexible and convenient repayment tenure
When applying for the loan, you can choose the length of the period, according to your convenience, in which you wish to repay it back. Finnable provides you with a range starting from 6 to 60 months.
You can apply online with ease
With Finnable, you can easily apply for a marriage loan. You just have to log into Finnable’s website or in our personal loan app. After registering yourself and creating an account, you just have to select the type of loan you want, and the amount you’re applying for. Then all there is left is for you to fill in the application with all the required documents. Then you will be shown the loan eligibility based on the information you enter. After you meet all the requirements, you just submit your application.
Cons of Marriage Loan
You will need a high CIBIL score
Since a marriage loan doesn’t need any collateral, it falls under an unsecured loan. And to apply for an unsecured loan, you need to have a high CIBIL score. This makes you look trustworthy in the eyes of the lender.
Selecting a longer tenure period
If you choose a longer period of tenure for the repayment of the loan, then the interest rates will also increase. This can become hefty for you.
Comparing the interest rates of different lenders
It is important to research the varying interest rates that the different lenders provide. You might end up paying more than you are capable of if you fail to select the right lender.
Conclusion
Marriage loans are a saviour that makes our plan of having a dreamy wedding a reality. And to apply for this lovely potion of dreams, you need to have the correct documents and meet the eligibility criteria. Marriage loans have many benefits as well as some cons that you need to keep in mind.
These loans don’t require any collateral for you to show as security. You can repay your loan in the time period you choose. You can apply for it online with ease. But it has its downsides as well where you need to have a high CIBIL score and have to thoroughly research the different interest rates available out there. But most of the time, the pros outweigh the cons, they want to have a wedding you yearn for becomes more important than the obstacles you face while achieving it.
