A wedding is one of the auspicious occasions wherein huge funds are required for the marriage purpose. The personal loans can be taken from any of the lenders which the borrower wishes. The loans can be taken at an interest rate starting from 9% per annum. The banks offer personal loans up to Rs.25 lakh for the borrowers. And the bank does not ask for any proof for the expenditure. Only the CIBIL score should be more than 750 points & also proper documents should be submitted for the approval of the loans. Personal loans are offered for 15 years. The people who plan a destination wedding at exotic places like clubs, resorts are the ones where the destination weddings can be done are more likely to take personal loans for marriage purposes. The installments start with immediate effect, and thus the borrower should be ready to start paying the installments for the personal loans being taken. The people from poor families are also over-burdened with the excessive budget compared to their income and are also more likely to take personal loans. There are multiple loan providers amongst the banks, NBFC’s and small finance banks who provide personal loans.
There are also NBFC’s who exclusively deal with personal loans. Also, there are facilities wherein the personal loan applicant can download the mobile application, upload the documents, do their own E-KYC, and opt for the personal loans up to Rs.5 lakh instantly, which gets credited to the bank account. There are many such facilities of instant loans service being available for the borrower on smartphone service. The amount demanded by the bank gets instantly credited into the borrower’s bank account as soon as the documents are uploaded or submitted to the bank. Some popular personal loans lenders like Bajaj Finance, Navi personal loans, Home Credit finance company LTD.etc. These are some of the popular NBFC’s that provide loans to borrowers specialized in personal loans. Marriage means there are multiple expenses during marriage like food, decoration, hall rentals, Pooja, gifting, transport expenses & many more. On average, many weddings in India cost Rs.5 lakh -25 lakh in India. Some weddings, which are grand ones, also cost more than Rs50 lakh. Thus there is a very common trend of spending largely on weddings in Indian ceremonies.
Features for the personal loans
- Personal loans for wedding purposes can be provided for a maximum tenure of 15 years for repayment.
- Also, the maximum amount which can be funded is Rs.25 lakh, beyond which if expenses are required, then, in that case, the bank does not sponsor the loans.
- Also, the loans should be repaid on time, failing which banks may charge the borrowers a hefty penalty.
- As the personal loans are small, the bank easily approves the personal loans to the borrowers.
- Interest rates are charges starting from 9% – 15% per annum, depending on the lender.
- The borrower requires a CIBIL score of a minimum of 750 to approve the personal loans.
- Loans can be taken from the bank or an NBFC.
- No tax benefit is being provided to the borrower in the case of personal loans.
Benefits of taking personal loans for marriage purposes
- It helps the borrower slip the burden of the expenses for a longer-term by taking the personal loans.
- Helps the borrower increase the budget of the wedding by taking loan advances from the bank.
- Personal loans help the borrower keep the existing savings with the borrower enabling the borrower to keep the savings for future purposes and utilize the loan amount funded by the bank for the wedding purpose.
- Documents required for the personal loans:
- Last three months salary slip.
- Identity proof, i.e., pan card & aadhar card.
- Address proof & employment proof.
- Statement of the credit history, which the bank verified by themselves.
The personal loans can help auspicious weddings be more beautiful. It is recommended that the borrowers opt for personal loans for the wedding so that it helps ease the strain on the existing savings. Personal loans are easy to avail of and are available for a longer tenure of up to 15 years.