Marriage is not a novel concept; it has been a custom for many years. Almost everyone imagines getting married and starting a family one day. But when it comes to handling the wedding expenses, it is not that simple. Most of us dream of having a lavish wedding while some of us want to organize a decent traditional wedding. However, this involves a significant financial investment that not all of us can afford. This article will tell you what an instant wedding loan is. Also, how can you avail a marriage loan for a girl? Moreover, towards the end of this article, we will try to answer some of the most frequently asked questions about how to apply for a wedding loan in India.
What Is A Marriage Loan And What Can You Do With It?
A marriage loan is a small amount of loan that helps with wedding-related expenses. You can utilize the funds from this loan to cover the expenses for yourself or your loved ones’ purchases, travel, meals, and other costs. Many couples strapped for cash typically turn to personal loans for their wedding.
A marriage loan in India can be used for meeting the following:
- Paying for the venue
- Availing the services of the best caterers
- Spending the money on enjoyable experiences with loved ones and friends
What Are The Key Factors To Keep In Mind While Going For A Wedding Loan?
The following are the key factors you should keep in mind when taking a loan for marriage in India:
- Before choosing a loan, one should carefully calculate their wedding budget, determine how much they will need in loans, and stick to it. Then, you can adjust the loan amount following your expected loan requirement and the loan EMIs you can afford to pay off.
- When determining a borrower’s eligibility for a loan, banks consider their monthly income in addition to the loan’s interest rate and term. For example, an unsecured personal loan’s EMI is typically capped at 35 to 40% of the borrower’s gross monthly income. Therefore, before applying for a new loan, you should pay off any existing EMIs.
- Next, to determine the number of EMIs one can comfortably pay off, one should consider their current savings and monthly income. Additionally, one must be careful with their EMIs.
- According to industry experts, a person’s total monthly loan payments shouldn’t be more than 40% of their net income.
Why Take A Marriage Loan From Loaney?
You might apply for a personal loan for marriage to cover all of the additional wedding costs. Let’s look at the top justifications for borrowing money from Loaney, one of the most outstanding lenders.
- Visits in person are not necessary. Loaney offers a quick and easy online enrollment procedure. It is one of the most important advantages of taking out a personal wedding loan. All you need to do to apply is visit the official website, complete the loan application form, and then continue.
- A reliable and secure source, the online method of loan applications for weddings enables prompt delivery of loan funds so applicants can make payments on time and enhance their marriages.
- To fit your needs, you can choose various flexible payment options.
- With a marriage loan interest rate, you can obtain the loan amount without putting up any security. If you take out such a loan for your wedding, you won’t have to sell your valuables or dip them into your savings.
- You only need to submit some simple papers to obtain a personal loan for an authorized wedding.
- You need not spend a lot of time on Loaney. After confirmation, you can obtain the personal loan for marriage in a matter of hours.
What Are The Features And Benefits Of Getting A Marriage Loan From Loaney?
Here are some of the features and benefits of getting a loan for marriage from Loaney:
1. No Security Required
The most significant benefit of acquiring a loan for a wedding is that applicants do not have to give the creditor any collateral or security. Additionally, guarantors are not required for applicants to be approved for the loan. These loans are therefore easier to obtain than other types of loans.
2. Quick, Hassle-Free Disbursal
A personal wedding loan from Loaney is typically approved and disbursed within a few hours. The website and app enable quick loan disbursement. The money will be deposited into your account and then available for you to use as you see fit.
3. The Loan Amount And Tenure
The loan tenure is up to 12 to 36 months for an online wedding loan from online lenders like Loaney.
4. Online Application Process
The process for applying for a loan online with loaney is simple and hassle-free.
5. Ready Assistance
You could obtain a wedding loan online with the aid of Loaney, a simple and quick loan application tool. The application, document submission, verification, and disbursement steps of the loan application are all completed online. This helps you save a lot of time and enables you to apply for a personal loan for marriage in the privacy and comfort of your home.
6. Minimal Documentation Requirements
Making an application for a marriage loan is a simple and convenient process. The absolute minimum of documentation is required from candidates seeking a personal loan for the auspicious day. The registration and submission of supporting papers are easier when applying for a loan online. This is because all required documents are uploaded online, eliminating the need for paper and making the process entirely paperless.
7. No Asset Liquidation
Because weddings are frequently expensive, people feel pressured to sell their valuables. It’s essential to remember, though, that early redemption of any deposits may result in additional interest and fees. Your savings and assets won’t be liquidated, thanks to Loaney’s marriage loan.
8. Payments on EMIs Are Simple
The most important benefit of a Loaney’s loan for wedding expenses is that you can repay it over a flexible payback period in manageable EMIs (Equated Monthly Instalments). Depending on your wages, cash flow, and financial goals, you can also personalize your loan payback schedule.
Eligibility To Take A Personal Loan For A Wedding
While approving a personal loan for marriage, Loaney considers the following factors:
- You must be at least 21 years old and no older than 58 to qualify for the loan.
- Second, your monthly salary must be at least Rs to qualify for this loan. 15,000.
- You must have a CIBIL score of at least 750.
- Last but not least, income proof from the applicant’s parents or guarantor proving a steady income.
What Are The Documents Needed To Take A Marriage Loan?
Here are the crucial documents that are required for availing loan for marriage:
1. Valid ID Proof: To avail of a loan from an online lender, you need a valid ID proof such as a PAN card or Aadhar Card.
2. Valid Address Proof: Several forms of identification may be submitted when applying for a wedding loan as proof of address. Some crucial documents include the passport, ration card, driver’s license, voter ID, and Aadhar card.
3. Validation Of Age: PAN Cards, Birth Certificates, and School Graduation Certificates are acceptable forms of identification for age verification.
4. Salaried Applicants: In the case of salaried applicants, the received salary is shown on Form 16 or the most current bank statements or pay stubs.5. Self-Employed Individuals: The most recent P&L Account, Balance Sheet, IT Returns, and bank statements for the preceding months are necessary for self-employed individuals.
How To Apply For A Marriage Loan With Loaney?
Loaney provides small loans in the form of personal loans. It offers to lend the NBFC Apollo investment and collaboration with banks. An online application and a streamlined verification process provide a simple and rapid loan option.
The loan offers immediate loans for home renovations, wedding costs, and medical crises. It offers a free consultation, a simple EMI option, and a low loan repayment fee. The conditions may make you eligible for a personal loan with Loaney:
Step 1: First, get the Loaney app. You can download it from the Google Play Store, or you may visit Loaney’s website.
Step 2: Register to create an account. Enter your phone number and email address. It is secured and verified with the help of an OTP.
Step 3: The third step is to use the EMI calculator to calculate the EMI. Here, you can choose a loan sum of up to INR 15000. Additionally, you can select the principal amount, interest rate, and term duration using this calculator.
Step 4: At this point, you must complete the loan application by providing information about your Aadhaar card, bank account, Pan card number, and mobile number linked to your Aadhaar card.
Step 5: Next, sign in to your bank account to confirm the information for the one you frequently use for transactions. (If you are salaried, you need to mention your salary account).
Step 6: Establish your payback or e-mandate in a single tap and sign the loan agreement using a digital signature.Step 7: Compiling the data could take some time. The chosen loan amount will then be credited to the specified bank account.
What Are The Interest Rates And Other Charges For A Wedding Loan?
The interest rate for wedding loans in India are as follows:
|HDFC Bank||10.50% – 21.00%|
|ICICI Bank||10.50% onwards|
|Axis Bank||10.25% onwards|
|Tata Capital||10.99% onwards|
|Bajaj Finserv||13.00% onwards|
|Kotak Mahindra Bank||10.99% onwards|
|IndusInd Bank||10.49% onwards|
Frequently Asked Questions
Here are some of the most frequently asked questions regarding how to apply for a wedding loan:
1. What category of loans does a marriage loan fall under?
A marriage loan is a small loan that falls under a personal loan.
2. What are the tenure options for marriage loans?
The repayment period of a marriage loan generally varies from 12 to 60 months.
3. Can people having low credit scores avail of marriage loans?
Banks and NBFCs don’t have a set range for what constitutes high or low credit scores. However, people with credit scores of 750 or higher often have a higher chance of getting approved for marriage loans.
4. Can government employees avail marriage loans at lower interest rates?
Government workers can apply for personal loans to cover various urgent cash needs, including debt consolidation, consumer durables purchases, weddings, holidays, higher education, and many other things.
- HDFC Bank: 10.50% – 21.00%
- Axis Bank: 10.25% p.a. onwards
- IDFC First Bank: 10.49% – 25.00%
- ICICI Bank: 10.50% – 19.00%
5. What is the processing fee levied on the marriage loan?
Get marriage loans with flexible repayment terms, no processing fees, and an acceptable interest rate (up to Rs. 15,000).
6. How long will it take for me to get a marriage loan?
The loan money will be deposited into your account 24 and 48 hours after your loan application.
We hope we have helped you understand the wedding loan interest rate. So, you can avail marriage loans for girls from Loaney at low-interest rates. Towards the end of this article, we tried to answer questions relating to the wedding loan in India.