What are Wedding loans?

Posted by Trishya Sharma on March 3rd, 2020

Weddings have now become a load and burden for parents. Taking loans for the weddings of daughters and sisters is something too familiar that is being practiced today. People end up being in debt for years after taking loans. All their life is then spent in paying back.

Have you ever wondered what wedding loans are and why people take it?

If we calculate an estimated amount of cost that is required for a general Urban wedding India, it ranges up to ₹10,00,000/-. You plan to do everything possible within your range to make this day the best of all. A wedding loan turns out to be one of the biggest stress relievers for you in this hectic situation. Taking up a mortgage is a wise decision for a wedding instead of taking a little amount of money from different people. It ends up embarrassing you all the more in front of the world.

Pros of wedding Loan:

• The very first benefit of a wedding loan is that you do not have to trouble your fixed and other deposits.

• Usually, the interest rate remains quite low during this loan.

• Get this burden off your shoulders

• Enjoy the wedding to your fullest

• They relieve you from the EMIs

However, it has been seen that the wedding loan is not achieved casually, but a particular set of rules have to be followed to gain it and make yourself stress-free.

What are the rules for a person to get a loan?

• An individual who applies for a wedding loan must be salaried and have a good monthly income.

• A receipt of your three previous salaries from every month should be shown to achieve it!

• You should also submit a bank statement of the past six months to get every possible detail

.

• Acceptable and actual identification proof is needed with your complete bio-data that includes all the information, such as your contact number, residential address, and age, etc.

• An individual with a more excellent CBIL score might get a loan.

Why people take marriage loan?

Would you like to have all your wedding expenses in a single account to get a clear idea about your budget and regular expenditures? People generally opt for wedding loans because it gives them a sort of security with everything. The plus point is that you get to keep track of all the money by taking a loan.

It also offers decreased interest rates for people who take it and makes repayment options more comfortable and more flexible. Your amount at discordance remains completely safe by taking a loan. Hence, no sort of warranty or guarantee is given because you automatically get the security needed at your doors.

Personal loan for marriage are straightforward to achieve, as there is only a little documentation needed along with an online form that needs to be filled and sent back. Once you apply for a personal wedding loan with appropriate reasons, it gets approved with 24 hours of your application.