The thought of a royal wedding at a special destination with the best of the arrangements, lavish food, a good photographer, and gorgeous outfits, is a dream seen by many. But hearing about the cost of such weddings will make us look at our bank accounts and savings. These things for a wedding can cost a lot and cannot be afforded by a middle-class person, with just his salary and savings as a financial backup. If the person falls short on the budget during the wedding, it might be an embarrassing situation and a marriage without funds is not possible.
If you look from a different perspective, your dreams of a royal wedding can be managed. Now the question falls is how? The best thing to do in these situations of financial gap is toavail for a Wedding Loanfrom the financial institutions. The lenders and financial institutions provide loans to people for the wedding expenses, in the form of a wedding loan.
A wedding loan is a form of a Personal Loan which the lenders offer to the individual to finance their wedding expenses. You need to plan well before applying for a loan and you also need to make sure that you know about Personal Loan for weddings.
Features of a Personal Loan
Easy to Avail:A Personal Loan is easy to obtain as you just need to have a good credit score. A credit score of 750 points is required for the banks to approve your Personal Loan application. If you have a credit score below 750, that doesn’t mean that you will not get a loan; you can apply for a Personal Loan through NBFCs as they provide a Personal Loan to people who have a credit score below 750 points.
Interest Rate:The interest rate for Personal Loans depends on the market rates, but if there is a chance of a festive offer or any Personal Loan offers, the lender might slightly lower the Personal Loan interest rate.
Low Documentation:Personal Loan does not involve much documentation; you just need to submit your application, with a credit report and other KYC documents. You can also apply for a Personal Loan online through the lender's website.
Faster Approval and Disbursal:Typically, the process takes up to 72 hours for approval and 5 working days for disbursal. But, if you apply through an online process the loan gets processed faster.
Things to Consider While Applying for a Personal Loan
Expenses:You need to calculate the expenses for the wedding loan before you apply, as the loan amount should be sufficient and should cover the expenses of the loan.
Documentation:Some lenders might ask for less documentation, while some lenders are stringent when it comes to documentation. You must avoid making errors while filing a loan application form, as even a slight spelling mistake can get your application rejected. The lenders might also ask for other documents apart from KYC and credit score. These documents consist of:
Job History: While approving your Personal Loan, the lender might check your employment history, as employment history is one of the basic criteria for theeligibility for a Personal Loan. You need to have a job history of 3 years to be eligible for a Personal Loan. If you are self-employed, then your business should be running for at least 5 years.
Banking History: A proper bank account history can get you a Personal Loan faster. A proper bank account history means you should not have any returned or bounced cheques in your banking history, you should not have any unpaid due of your previous loans, and you should have a bank account which is active with running transactions.
While wedding loan can be a relief, but a planned loan is better for you in the long run. All the expenses should be well calculated before applying for a loan.