Marriage marks one of the most joyful and memorable events for any individual. While marriage spends vary among people based on their tastes and spending capacity, most weddings overshoot the planned budget. Marriage loans are specially designed personal loans to efficiently finance marriage expenses with some of the popular schemes being:
One might budget for a wedding but one can definitely not plan for everything to work as envisioned from the beginning. From the venue details to catering requirements, from accommodation of guests to decorations around, every little change in detail comes with added cost requirements and many decide against making these changes and compromising on their grand event.
Factors to keep in mind while going for a Marriage Loan
Here are five useful tips that can help you, while planning to take a marriage loan:
- Plan your wedding budget meticulously and estimate your loan requirement
- Take a stock of your existing savings and monthly income to estimate the amount of EMIs that you can comfortably service
- Compare your estimated loan requirement with the loan EMIs you can service and adjust the loan amount accordingly
- Always compare offers from multiple banks to choose the offer most suitable for you. Remember that even if some banks do not offer special wedding loan schemes, they often extend personal loan for wedding. There can be significant savings in interest, processing fees and other charges by comparing and choosing the loan scheme carefully
- Remember to follow a prudent approach while taking a decision to avail a personal loan as these loans come at high interest rates and any over the budget spend may land you in a financial soup
Documents Required
- Pan Card Number
- Passport Photo
- Address Proof
(Valid Driving License / Valid Passport / Aadhar Card) - ID Proof
(Valid Driving License / Valid Passport / Voter’s ID / Aadhar Card / Pan Card)
Interest Rate and Tenure of Personal Loan for Marriage
The rate of interest charged will be depended on various factors such as your income, credit score and your profession. In general, the interest rate on personal loans for Marriage can range from 10.75%-36%, while a typical tenure will be 1-3 years.
Benefits of Personal Loan for a Marriage
1.No Collateral Required
In contrast to home and auto loans, personal loans are normally unsecured loans which means that they do not require collateral such as a house or car. This allows you to maintain the flexibility to take a home loan or car loan later on if you need to.
2.Personal Needs
Personal loans can be used for many uses. Consolidating debt, major purchase, paying for a vacation or wedding can all be managed through a personal loan. FinMarket works with the top lenders that provide loans with rates starting as low as 10.75%.
3.Quick Approval and Disbursal
Our lenders have the ability to provide quick approvals and can disburse funds to your account upon approval. No asset verification is required so you can count on the funds being available quickly for your intended purpose.
4. No Prepayment Penalty
Pay off your loan anytime without penalty with some of our lenders. If you decide to repay your loan before it matures, you may do so without incurring any fees or charges. This is another feature that makes a personal loan attractive and one of the most flexible types of loans.
Marriage Tips for Happy Couples
- Listen to each other
- Never share personal details or private information about them to your friends
- Compliment each other
- Go for an adventure
- Remember about the good times often