Find out how you can apply for a Personal Loan to finance a wedding
A Personal Loan is a type of loan that an earning individual can apply to meet his or her financial needs. A Personal Loan can be sought without any collateral or security. The best part of a Personal Loan is that it is disbursed quickly, requires minimal paperwork, and can be asked for a variety of different expenses. Personal Loans taken for marriages are also called wedding loans. Whether it is your son’s wedding, your daughter’s, or your own, we all want a wedding that one has fond memories of. A Personal Loan for wedding can help you achieve those memories. Read on to find out what you must do to get a marriage loan.
Marriage loan eligibility
- Credit score above 600
- Regular salary of Rs 25,000 and above per month. Typically, the Equated Monthly Instalment (EMI) calculated should be about 35% of your salary.
- If you work for a large corporate firm, then you are likely to get a better loan deal.
Calculate your wedding expenses
The first priority on your list, before you apply for a Personal Loan for marriage, should be to calculate how much the wedding will cost. Enquire about all the expenses and note them down in a tabulated format. The basic expenses should cover marriage hall or lawn expenses, catering services, wedding garments for the bride, groom and close family, car services to carry guests to the location and others. It is a good idea to add about 20% more to the final figure that you calculate.
Find out how much you can contribute
Yes, you’re looking for a Personal Loan for marriage purpose, but if you do have some savings, it is always great to contribute some portion of it for the wedding expenses. This will bring down your loan amount and will reduce your monthly EMIs when you repay the loan. Also, when you’re taking out a loan for a wedding, it is important that you have enough savings to help you pay your EMIs.
Build your credit score
Since a Personal Loan doesn’t require a collateral, all the lender asks for is a good credit score on your part. A score of 600 or more is ideal for a Personal Loan. If you have taken prior loans or use a Credit Card, make sure you pay your bills and EMIs on time. This will ensure that you have a good credit score that will eventually help you secure your wedding finance.
Do your research
Before you approach a bank for a Personal Loan, do some research online to help you choose your lender. You can look around on various websites for the loan deals most suited to your needs. Check your eligibility and credit score online by providing some basic details.
Apply for the loan
Once you’ve carefully chosen your lender, organise the required documents that are to be submitted for the loan. These usually include your Income Tax (IT) return papers, salary slips, bank statements, ID proof and proof of residency. If all goes well, your loan will be approved and the amount will be disbursed to you, mostly within 48 hours. Once you have the funds, you can start putting your wedding preparations into motion.
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