Creating Memorable Moments: Take a Marriage Loan To Fund Your Dream Wedding
Are you ready to take your relationship to the next level by making the eternal vow? Alongside preparing for the numerous tasks that come with organising your wedding, finance is also an important factor you need to think about.
While you can use your savings for this purpose, getting a marriage loan may be the better option. Let us discover more about these loans and how they can help take care of all the expenses involved in organising your luxurious wedding ceremony.
How Does a Marriage Loan Work?
Marriage loan can help you fulfil all your wedding-related expenses. This form of a personal loan falls under the unsecured category and thus, does not require you to submit a collateral. You can usually borrow up to ₹50 Lakhs for tenures ranging up to approximately 6 years. This loan can be used to pay for the following:
1. Wedding Outfits & Jewellery
Grand outfits and the perfect wedding ring are some of the most essential and expensive requirements for a wedding. Getting designer clothes and expensive jewellery can deplete your savings instantly. You pay for such heavy costs with the help of a marriage loan.
2. Venue & Decorations
Planning a destination wedding can be hectic. Right from choosing the location to finalising a venue for the ceremony, requires you to plan extensively and pay close attention to your budget. The same is the case with decorating your venue. Right from the flowers to the lights, all the costs can add up to a huge amount. Such large expenses can be shouldered easily with the help of a marriage loan.
3. Photography
Saving the memory of the grand ceremony is essential. Booking a photographer for pre-wedding shoots and for recording all the wedding ceremonies can be a costly affair. Opt for a marriage loan and pay for the photography and videography costs.
4. Guest Accommodations
Your much-awaited moments become more special with the presence of friends and family. For those special people travelling from far away, you may want to book hotel rooms. You can pay for such accommodation expenses with the help of a marriage loan. This can be especially helpful when planning a destination wedding.
5. Entertainment
Keep your guests entertained and enjoy your big day with the help of this loan. You can book a DJ or a live band, and even arrange games for the children attending your wedding. The costs for these can be paid with the help of a marriage loan.
With a marriage loan, you can also pay for other additional costs for lighting, sound systems, catering services, invitation cards, and so forth.
Benefits of a Marriage Loan
Here is a short list of some of the benefits of a marriage loan.
1. Instant Funds
With the help of a marriage loan, you can get the required funds almost immediately. This quick availability and easy accessibility make it a great choice for funding your wedding. No matter what amount you need, you can get a ₹3 Lakh loan or even a ₹30 Lakh loan, disbursed to your bank account within a couple of hours. Amounts sanctioned under a marriage loan are usually high, which means you can plan a grand wedding ceremony. You do not need to worry about the various payments to vendors, designers, and caterers. All of these payouts can be made on time with the help of an instant loan.
2. Flexible Usage
Be it to purchase gifts, or book the venue for your destination wedding, you can do it all with a marriage loan. Furthermore, you can arrange for lighting or catering services, and pay the vendors with the help of this loan. You can use the proceeds of this credit for multiple purposes, as long as those expenses are associated with your wedding ceremony.
3. Easy Repayment
When you apply for a marriage loan, lenders usually offer flexible repayment options. This helps you repay your loan at your convenience, giving you better control on your finances. You can plan and budget in advance to repay your loan on your terms to avoid any drastic impact on your funds.
4. Compare & Choose
With the rise of multiple lending institutions like banks and NBFCs the competition in the financial services market has increased. As a result, you are offered loans by multiple lending institutions at varied interest rates and loan terms. You will be offered loans with lower interest rates and other charges like processing fees and so forth. Estimate the cumulative cost of your loan repayment by taking into account these additional charges as well. You should compare and choose the plan that suits your requirements the best, prior to applying for the loan.
5. Additional Benefits
You can get additional facilities like foreclosure and prepayment options, which can help you close the loan sooner. This can help you become debt-free faster and manage your credits better. Managing your loans well makes it easier for you to get another credit service like a new credit card or a new loan in the future. Some lenders may also provide you with pre-approved offers, which can help you get the required funds faster and more seamlessly.
How To Get a Marriage Loan?
If you are looking to get a loan to finance your marriage expenses, the first step is to check the eligibility criteria. Given below is a comprehensive list of some of the common eligibility requirements you are asked to meet by most lenders. Note these and see whether you are eligible to get a marriage loan.
- Age limit – 21 to 60 years
- Employment type: Self-employed or salaried
- Work experience of at least 1 year
- Credit Score – 750 and above
In addition to this, you should also keep some of the essential documents handy. Here is a short list of documents most lenders require you to submit when applying for a marriage loan.
- Identity proof – Aadhaar card, PAN card, passport, or voter ID
- Address proof – Utility bills, Aadhaar card, PAN card, passport, or voter ID
- Salary slips of the last 6 months for salaried applicants
- ITR filings of the last 2 years for self-employed applicants
- Bank statements of the last 6 months
Get a marriage loan and make your celebrations grander. With the right planning and proper budgeting, celebrate your once-in-a-lifetime event in style. Apply for a Marriage Loan today!
