Personal Loan for Marriage: Find the Best Way to Fund Your Wedding
Indian weddings are massive events that involve several traditions and rituals. However, the expenses quickly add up to increase the event’s overall cost. Planning a wedding takes several months, yet the final price often overshoots the budget. It can significantly affect your finances, mainly if you use your savings to pay for the wedding expenses.
Credible NBFCs offering wedding loans in India help you organise your dream wedding while keeping your savings and investments intact. They enable you to fund your wedding-related expenses without any end-use restrictions and ensure that you do not use up your savings.
Let’s learn the reasons why personal loans are the best way to fund your wedding.
Ample Loan Amount:
Most lenders offer generous loan amounts to fund wedding expenses. Whether you are planning for a royal wedding or a destination wedding, you may get a suitable loan amount from your lender and cover the costs successfully. However, the amount you qualify for depends on several factors, including your credit score, income, and other financial obligations.
Freedom of Use:
Unlike other loan types that you can use for a specific purpose only, there are no end-use restrictions for personal loans. For instance, when you get an instant personal loan for a wedding, you can fund any expense that falls short, whether venue, caterer, photographer, outfit, honeymoon, decorations, invites, gifts, or anything else.
Simple Eligibility Criteria:
NBFCs have straightforward eligibility criteria that most borrowers can easily fulfil. The eligibility conditions include the applicant’s age, income, employment status, credit score, and debt-to-income ratio. If you meet the minimum requirements, you are eligible for their wedding loan.
Applying for a loan no longer requires extensive paperwork. Simply provide your identity, income, and address proof, and you are ready for the loan approval.
Easy Online Application:
Thanks to the fintech advancements made over the last few years, most NBFCs support 100% online loan processing. From loan application and approval to documentation and EMI payment, you do not need to visit the lender’s office even once. You can apply for a loan online, scan and upload the required documents, and immediately get approval and disbursal.
As mentioned earlier, NBFCs these days support 100% online loan processing. They enable loan applications through their website or loan app. You do not need to submit any papers at the lender’s office when it comes to documentation. You can simply scan the required documents and upload them through the lender’s website or app.
No Collateral Requirement:
Wedding loans are collateral-free loans, which do not require any collateral, guarantor, or security for approval. NBFCs make their lending decision based on your credit score, DTI ratio, and other eligibility conditions.
Online loan application makes loan procedure much faster than before. Since there are no collateral and documents involved, everything happens digitally. As a result, the lenders are able to deliver quick processing time to their borrowers. Consequently, applicants get access to their needed funds within hours, which they can use to fund any of their wedding-related expenses. If you are stuck in an emergency, an instant loan for a wedding makes funds readily available so that you don’t need to compromise with anything on your big day.
Flexible Repayment Terms:
One of the best things about wedding loans is their flexible repayment terms. Lenders do not force you to repay the loan instantly or within a few days, weeks, or months. They give you several months, even years, to repay the loan in easy instalments. You may use a personal loan EMI calculator to find the loan term that has EMIs most suitable to your budget. So, you may avail of a wedding loan without worrying about its repayment and use it to plan your wedding the way you desire.
With all the reasons mentioned above, getting a personal loan for marriage makes more sense than using up your savings and investments. A personal loan safeguards your present without affecting your future by giving you financial security. Get an instant personal loan at competitive interest rates, and avail the benefits of easy online application and flexible repayment terms.