A wedding is an important event in anyone’s life. It is the beginning of a beautiful lifelong journey with your partner. We all want this day to be the most memorable day of our lives, and amidst the fruition of our dreams, finances should not become a burden.
If you’re looking to get married but feel you need a little extra financial cover, a Marriage Loan, which is essentially a Personal Loan for Marriage, can help meet those additional wedding expenses without burdening you in the long run. The loan is easy to avail, has a flexible range for repayment, and comes at a great interest rate if you have a good credit score.
You can avail of this loan from NBFCs like Poonawalla Fincorp to find loans with some of the lowest interest rates in the market. Let us see how to go about availing a Personal Loan for your wedding.
1. Check the Eligibility Criteria –
Most lending companies set age criteria along with other conditions. Some financial institutions have the following criteria for Personal Loans:
- Applicants must be a minimum of 22 years of age to be approved for the loan.
- An applicant’s age should be more than 58 years at the time of loan maturity.
- The individual should also have a minimum monthly income of ₹20,000/month and a credit score of 750 or higher.
2. Documents Required –
The next step in your quest for a Personal Loan for Marriage would be to have the required documentation ready. It will include:
- Valid ID proof
- Address proof, such as electricity bill
- Employment proof
- Bank statements from the previous three months
- Your latest salary slips
- Your latest ITR
Keeping all these documents with you beforehand will hold you in good stead when procuring a Personal Loan.
3. Research on Interest Rates –
You will need to look up various lending institutions before applying for a Personal Loan. Some lending institutions like Poonawalla Fincorp offer competitive interest rates on their Personal Loan. Make sure you calculate the entire loan through the Personal Loan calculator. Determining the interest will help you decide which one you want to go ahead with to procure the loan. The interest rate that you get also depends upon your credit score, which should be above 750 to get better rates.
4. Application Procedure –
Thanks to the internet, availing of a Personal Loan for Marriage has been made simpler, easier, and quicker. You can get your loan approved online by following the steps given below.
- Visit www.poonawallafincorp.com and click on ‘Apply Now’ under the ‘Personal Loan’ tab.
- Fill in all the required details like your Personal, Employment, and Bank details.
- Select the loan of your choice.
- Upload the required documents.
- Submit your application for further processing.
- After your loan is processed, a bank official will do formal verification.
- Finally, your loan will be approved and you will be sent for your final acceptance.
- Your loan amount will get disbursed into your account.
You can easily procure a suitable Personal Loan for your dream wedding once you follow the aforementioned steps. With the finances sorted, you will be able to enjoy your special day with friends and family.
Key Takeaways
Taking a Personal Loan for a wedding is smart if you know the right place to get it and the process of getting it approved. Take your finances seriously and choose wisely when it comes to availing of a loan. It will make your future easy and make you more responsible.
Follow the points mentioned in this article and get the best low-interest loan for planning your dream wedding!
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