Introduction
The wedding of your child is likely to be one of the most significant events in your life. It is a time when the entire family gathers, and each ritual is celebrated with great joy and splendor. However, as a parent, you may be concerned about managing your finances to host such a big occasion and not overstepping into your savings.
You may continuously tap into your savings to meet the necessary expenses for a wedding. However, this could jeopardize your long-term financial planning while emptying your savings. Some might even consider taking out a cash advance on their credit card. However, if you do not repay within the interest-free time frame, you will be charged a substantial fee, including a 40% interest rate.
Given these disadvantages, obtaining a personal loan is the wisest way to support your child’s wedding. You could look at various loans, but a wedding loan would be appropriate in this situation as the expenses are exorbitant and the requirement for funds is urgent.
Factors to Consider Before Availing a Wedding Loan
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Now that you’ve decided to take out a wedding loan to cover your child’s wedding expenditures, Live Enhanced explores a few things to think about.
Eligibility to apply for the loan:
- First, you should look for a lender that offers the best personal loan in India with low-interest rates and flexible repayment tenure to avoid surprises later. Once you’re done with the research, go to the lender’s website and look at the personal loan eligibility conditions.
- If you’re approaching retirement age, it’s a good idea to double-check the age requirements first. Although different financial institutions have varied age requirements, most lenders give wedding loans to those falling between the 23 to 55 years age group.
Monthly Earnings
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The next step is to determine your monthly income and job status. A salaried employee may be required to have one year of consistent work experience and a minimum of 15000 and 18000 INR monthly income in non-metro and metro cities. These conditions, however, change from lender to lender, and it is a good idea to check with your chosen lender to know the exact status.
Credit Score
A credit score of 700-900 might significantly boost your loan eligibility. If your CIBIL score isn’t in this range, strive to raise it by making timely payments on credit cards and past loan EMIs, if applicable. You’re also more likely to acquire a competitive interest rate and favourable loan conditions if you have a higher credit score.
Required Documents
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After that, you should get your documents in order as the document required for each lender varies. However, with most loan apps and NBFCs taking the digital route, applying for a personal loan has never been this easy. All you need is soft copies of income proof, residence proof, and essential KYC documents to submit, along with the personal loan application online. After verifying documents and credit profile, the loan application is approved, and funds are disbursed to your bank account within 24 hours.
Why should you take a wedding loan?
Here are some of the benefits to reinstate the fact that taking out a personal loan for a wedding is the smartest choice:
- You can avail of a personal loan for a wedding within just 24 hours following an easy online loan application process.
- The document requirement is next to none as the essential documents required to avail of a wedding loan are available with most of us at all times.
- You can avail yourself of competitive interest rates on wedding loans if you do your research correctly. Scan, research, and compare to find the best personal loan in India.
- Yet another benefit of a personal loan for a wedding is that you get ample time for repayment. You get the option of a flexible repayment tenure to decide for yourself what works for you.
- Given the wedding loan process and the entire ecosystem around it, it is a wise choice for those looking for instant funds.
Conclusion
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A wedding loan is essentially a personal loan, and you are approved for one depending on your creditworthiness, just like any other personal loan. Check to see if your credit score is within typical ranges and if your existing debts are manageable. It will give you an advantage when negotiating the interest rate, and you will get a competitive rate.
It is recommended that you approach a reputable financial institution when applying for the best personal loan in India that suits your requirement. Choose a company with a national presence and an extensive network of branches. You can profit from its years of knowledge and skill by obtaining a fully customized personal loan with customized features and unique advantages.
