Weddings are, without a doubt, the most momentous days of brides’ and grooms’ lives. Indian weddings often last three to four days. They are extravagant celebrations that are dubbed “Big Fat Indian Weddings.” Some couples prefer sumptuous ceremonies, while others desire intimate gatherings. Nevertheless, it is said that Indians typically allocate one-fifth of their overall savings for marriage expenses alone!
In today’s day and Age, couples long for a wedding that leaves an unforgettable impression. To accomplish this, they take control of all the planning to guarantee every detail is tailored to their tastes, from individualized invitations to theme and decor. Furthermore, some opt-in for professional planners so they can lighten the load. However, it does come at added expense. Most recently, destination weddings have become increasingly popular, contributing more money. So, how can couples raise money to cover their expenses during their most significant moments in life? Taking a personal loan for wedding is an excellent way of covering wedding expenses.
A Guide on How You Can Get a Personal Loan for Wedding with Ease.
Make your dream wedding a reality by taking out a marriage loan. Financial freedom is within reach when you use your lenders’ personal loan for weddings. It is a simple and stress-free way of financing your weddings without exhausting all your savings or investments. Learn how to finance your wedding through a personal loan and ensure that every detail will be included during your wedding.
Step 1: Check if You Are Eligible Online Loan
Before applying for a Personal Loan, it is wise to ensure you meet all the necessary criteria. Luckily, lendingplate’s eligibility parameters are minimal and straightforward.
Below are some eligibility criteria:
1. Monthly Income Requirements
To secure a personal loan for wedding expenses, the minimum monthly income necessary is Rs 20,000. Nevertheless, some banks may raise this to Rs 25,000, depending on your city of residence.
2. Employment Type
You can apply for a personal loan for a wedding whether you’re self-employed or a salaried worker.
3. The Status of Employment
Employed candidates must have been in their position for at least two years. On the other hand, independent professionals must be running the business for at least one year to be eligible for a personal loan for wedding.
4. Minimum Age
To be eligible for a personal loan to finance your wedding, the minimum age requirement is set at 21 years by most banks, though some may require 23. Salaried applicants must have at most 58 years of Age when applying. However, self-employed individuals may apply until they are 65 years old.
5. Loan Amount
Some factors are taken into consideration by your bank when deciding on the maximum loan amount to cover your wedding costs. Your credit score, income level, repayment capacity, and loan history are instrumental in determining how much you can borrow.
Step 2: Enter Your Loan Requirements and Personal Details
Applying for a Personal Loan to fund the wedding of your dream is made more accessible by renders. Head to their official website, access the online application form under the “Personal Loan for Wedding” tab, and provide all relevant personal information. Remember, you can utilize their free-to-use loan calculator as well. It’ll help you understand how much monthly EMIs work best depending on loan tenure!
Step 3: Upload the Required Documents
If you’re looking for a straightforward way to apply for marriage loans, lendingplate is the right choice. All you have to do is fill out your personal and professional details and submit the application. Afterward, your lender will evaluate your profile accordingly and approve it if you meet its eligibility criteria.
Step 4: Receive the Money
After going through the verification and approval process, your bank will offer you a loan amount based on your profile. If it meets your needs and expectations, accept the proposed loan sum and get access to quick funds without visiting any branch!
Tips for Getting Your Personal Loan for a Wedding Approved
Before applying for a Personal Loan, make sure you think over the following points to guarantee that you get the optimal loan offer:
1. Have an Excellent Credit Score
An individual’s credit score is an essential factor to consider for loan approval. It outlines your ability to repay the debt you accumulate. With a good credit score, your lender will be more likely to accept and approve your loan application!
2. Check Pre-approved Offers
If you have previously obtained a loan through your lender, take advantage of their convenient pre-approved loan offers. Quickly verify if any special deals may apply to you!
3. Make a Good Plan
All expenses, large and small, should be itemized. This will enable you to discern where it’s wise to spend money and areas in which additional caution must be exercised during expenditures. Subsequently, based on these predetermined costs, you can apply with lendingplate and secure an attractive Personal Loan at competitive interest rates.
Conclusion
Personal loan for weddings is the perfect way to ensure your wedding is taken care of. Their process, eligibility criteria, and accessibility are simple and fast. Ensure you check if you’re eligible for a marriage loan or go with the pre-approved personal loan option to access your wedding funds easily.
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