Your wedding is a special day for you and your family. It is a significant moment in your life, and you want it to be memorable.
Do you envision a perfect day with beautiful decor, lip-smacking food, elegant clothes, and jewellery at a great location but lacking a budget? A personal loan for a wedding, also known as a wedding or marriage loan, is the solution.
Marriage Loan: A Hassle-free Funding Solution
When it comes to your marriage, you can make all your dreams a reality without worrying about the financial side of things with a marriage loan!
A marriage loan is designed to meet the varied expenses associated with a wedding – be it venue booking, catering, clothing, jewellery, make-up or choreography. The interest rate of a marriage loan is the same as that of a personal loan. Nowadays, many lending institutions offer marriage loans with varying interest rates, tenures, and eligibility.
How much loan you can avail of depends on various factors, such as your requirement, credit score, monthly, and work experience, to name a few. Lending institutions and NBFCs usually offer up to Rs. 10 lakhs at competitive interest rates for a tenure of up to 4 years.
Benefits of a Marriage Loan
The ease of taking a personal loan for weddings has yet to be discovered to many people. Did you know that now the whole lending process is online? Yes, new-age lending institutions like Clix Capital provide marriage loans online with instant approval and quick disbursal.
Let’s look at some of the benefits of a marriage loan:
- You can apply for a marriage loan online with minimum documentation.
- No collateral is required as a marriage loan comes under the category of unsecured loans.
- You can spend your loan as you like with the flexibility of utilising the funds for various, varied wedding-related expenses.
- You can choose your repayment tenure at your convenience.
Are you Eligible for a Marriage Loan?
Whether you are eligible for a marriage loan depends on many factors. Each lending institution and NBFC may have different criteria for loan approval. However, don’t be disheartened! As we mentioned above, it is fairly easy to qualify.
Let’s see some of the primary requirements:
- To be eligible for a marriage loan, you must be between 21-58 years of age.
- You should be a salaried professional with a minimum monthly salary of Rs 20,000.
- You should have an Experian credit score of 630 and above.
- You should have at least one year of work experience with six months in the current organisation.
A wedding is a memorable event, so don’t let finances spoil your occasion. You can plan a wedding without breaking any fixed deposits (FDs) or disrupting your finances with a marriage loan online. Apply with a reliable lending institution to get the most competitive interest rates and flexible repayment terms. Use a personal loan Calculator to calculate the EMIs before taking a loan decision.
About the Author
Amaira sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and busine