Have your dream Wedding with a Marriage Loan
Posted by Apoorv Chaudhary on December 1st, 2020
A personal loan is a multipurpose loan as it can be used for any personal purpose such as for travel expenses, studies, or for that matter to meet all the cash requirements. It is a collateral-free loan. This means you can avail of a personal loan without pledging any security against the loan amount.
In today’s time, a Personal Loan for wedding is quite popular and in trend due to which an ample number of personal loan lenders can be found out in the market. So, don’t worry if you are falling short of your funds for the wedding. As you can easily acquire a loan to fund your marriage. Whether you are salaried, cash salaried, or self-employed – you can easily apply for a marriage loan with or without documents.
Rate of Interest on Personal Loan for a Wedding
As mentioned above a large number of Banks, NBFCs, and P2P lenders can be found out there. Generally, the interest rate on a personal loan starts from 10.90% p.a. and onwards. However, the offered interest rate may vary based on various factors and from one lender to another. Following is the list of some popular and favourable personal loan lenders with their generic interest rate on a personal loan for a wedding.
Common eligibility criteria to acquire a Personal Loan
A generic list of Documents Required for Wedding Personal Loan
Why acquire Personal Loan for a Wedding?
Here are some major reasons for availing of a personal loan for a wedding:
1. It is affordable
Generally, the personal loans interest rate starts at 10.90% p.a. However, a few years back, the interest rate on personal loans was comparatively high since there was less competition in the lending business. But with the entry of new money lenders and fin-tech concept, a wide array of options is available to loan seekers.
2. Online Loan Processing
There is complete online loan processing. You can apply for the loan and upload the required documents and e-sign the loan agreement with your home comfort.
3. Flexible Loan Tenure
If you feel the need for extra financial support for the marriage, then you have an option to choose a shorter tenure for a personal loan. This means you can repay the loan amount as per your desire. Usually, the offered flexible tenure ranges from 1 year up to 5 years. As many lenders offer a wide flexible range of repayment tenure, the liberty of choosing the loan tenure lies entirely in the loan borrower’s hands.
Things to be considered while choosing a Marriage Loan
1. Low rate of interest
The interest rate is one of the most important things one should consider while applying for a marriage loan. This has a great impact on the overall cost of the loan over the loan term. The offered interest rate majorly depends on the borrower’s credit score.
2. Easy EMI
An EMI (Equated Monthly Instalments) is considered affordable when it does not impact the daily living expenses and also does not feel heavy on the existing monthly budget.
3. Extra charges
Various lenders offer personal loans with some additional charges. So, it is essential to ensure that there is zero hidden cost on a personal loan. The processing fees and other charges differ depending on the lender. You should always check the all included charges besides the rate of interest before applying for a personal loan.
4. Loan Repayment Term
A wedding might last for a day, but the loan would be repaid for a longer time. Although, Short-term Personal Loans are also available to you in the financial market. But it is always advisable to choose a loan repayment tenure that would suit you perfectly as per your comforts.
Various factors determine personal loan interest rates:
If you receive a salary in cash, there are few apps including Indiabulls Dhani, where you can apply for a Personal Loan for a wedding without any income proof. You just need the basic KYC documents. That’s it! So, acquire a personal loan for a wedding and have your dream wedding.
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About the AuthorApoorv Chaudhary
Joined: December 1st, 2020
Articles Posted: 12
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