Spending on Indian weddings is increasing with each passing year. Foreigners find it difficult to understand the reasons behind big fat Indian weddings. As the cost is high, many find it difficult to gather enough money on time. Fortunately, most banks and financial institutions are offering wedding loans.
These are basically personal loans that you can take and spend the money for your wedding. Not only will it offer financial support, but it will also give you some time to allocate money and spend it in the right way. If you are not aware of these loan options, you can contact your home loan agent and ask him anything about loans. People working in this field know many important aspects that will definitely help you.
At Andromeda, each and every agent comes with an benefit of learning from the experts who have more than a decade of experience in the loan industry. These experts conduct various on-job training activities to ensure that our agents are always ahead with their competitors.
What is a Marriage Loan?
Marriage loans are specialized personal loans that anyone can get. Once you apply for the loan, the bank will take its time and, in most cases, approve it. It will hardly take a couple of days to transfer the money to your account.
The amount you receive can be used where you wish. As the interest rates are not too high, anybody can have these loans and spend the money during the wedding. For example, HDFC and TATA Capital are known for their wedding loans.
Who Can Apply For This Loan Option?
After learning about the basics of wedding loans, let’s discuss the eligibility criteria for applying for these loans. People must know about the documentation. Keep reading to learn more. There are different aspects of a particular loan that we must know before applying for it.
1. Age Limitation
According to Indian banking law, a person must be of legal age to apply for a wedding loan. Twenty-one is the legal age of marriage in our country, so if you are over that limit, you can easily apply for a wedding loan. Although there shouldn’t be any upper limit to this loan, technically, if you are over sixty-five years old, it is hard to get wedding loans.
2. Income Bracket
Is your income related to the loan you are applying for? Yes, they are co-related. There are some variations depending on the bank you are choosing. A monthly salary of fifteen thousand is a prerequisite to getting any personal loan. Your bank might have some other rules that you must know before applying.
3. Is Credit Score Important?
A credit score is hugely important for any loan. No matter which loan you are applying for, you must have a decent credit score. Over 750 is considered a good credit score. If you don’t have much idea about your credit score, look for a website that can help you learn your score and then choose the loan option.
4. Loan Repayment
Getting a loan is not difficult anymore. What is difficult is the loan repayment. You need to think about the ways in advance so that you don’t feel pressure while repaying the loan. Calculate your financial situation, understand what options you have, and then fix the loan amount.
How Do You Apply For A Wedding Loan in India?
We have so far discussed the aspects we need to check before having a wedding loan in India. Follow these steps while getting the loan-
- Major documents like identity proof will be necessary for the loan application. Check SBI DSA Registration before choosing the loan.
- There are so many options in that. You can easily choose anyone and submit with your application.
- Wedding loans need to be attached to the wedding certification.
- It is better to provide a salary slip.
- Proof of age is also vital.
Once you produce these documents, you are done. The whole process is going to be online so that you can apply for any place and, after approval, receive the money straight into your account.
Important Aspects That You Need To Know About This Loan
Don’t forget to keep these tips in your mind-
- Marriage loans are similar to personal loans; you can also apply for a personal loan and spend the money for the wedding. When someone from your family is getting married, this process might help.
- Those who are self-employed can use the CIBIL score to authenticate themselves.
- You need to attach your photographs with your application. A file containing your photos and signature will be necessary.
These tips are enough to get a wedding loan in India. Always look for an expert’s help when you encounter difficulties.
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