Plan the Wedding of Your Dreams in a Grand Way with a Wedding Loan

Marriages are made in heaven, but celebrated on earth! But you will certainly want your wedding worth cherishing by making it happen the grand way. There hasn’t been enough saving for the celebration so what about the expenses? Parents do save for their children’s marriage, but with changing lifestyle and cost of living gradually going high, the proposed budget may overshoot. Here lies the importance of planning the wedding of your dreams with a Wedding Loan. No borrowing from friends or family! Right from booking of the banquet hall to jewellery shopping and more, the entire wedding itinerary can be planned effortlessly and without worries.

Do you know Marriage Loan falls under the category of personal loan? Hence, applying for either will denote the same. Before you apply for one, you should take into consideration several factors. If certain criteria aren’t met, the interest rates may go up to 19% or your loan may not be approved at all! Repayment will then seem an expensive affair.

Many a bank charges interest rates starting from 10.99% per annum. With minimal documentation and almost zero security, you can avail such a loan of an amount up to 20 Lakhs. The loan amount, benefits offered, and various terms and conditions may differ from bank to bank. The easiest way to make a comparative analysis is at a portal that hosts several banks. The easy interface for calculation will help you Take the Right Personal Loan buying decision. The plus point of such a type of loan is that banks put no restriction on the purpose or use of your borrowed funds for, provided it isn’t in violation of any law.

For existing customers of a particular bank, the loan application process may seem an easy affair. With numerous banks offering competitive interest rates and every lender facilitating online application with few easy steps, getting a Wedding Loan is no challenging affair. Check your eligibility criteria before you proceed.

Factors for fast approval of a Wedding Loan:

1. To be eligible to apply for this type of loan, your age should be 21 or above.
2. You should be salaried with a specific minimum monthly income. Your current income will be assessed. The amount of loan your lender shall provide will depend on your debt-to-income ratio.
3. For your loan to be approved, you should have a good CIBIL score that represents your creditworthiness. Through the credit score, banks will know your financial behavior. Generally, a score of above 700 facilitates fast and hassle-free approval. Some lenders also agree to provide a Personal Loan to the borrowers having a credit score of less than 700, however, the interest rates could be higher in that case.
4. As this type of loan is considered insecure, banks tend to look at your account’s repayment history. This helps them check your ability to pay back your loan. If you have any unpaid debts or have a history of making late payments, your eligibility may be affected.
5. Work experience is one of the key factors considered by banks when approving a wedding loan. Established proof of employment stability and steady income is what they will consider from your work experience.
6. If you have taken any other loan, lenders will consider its repayment history.
7. Your profession also determines the approval of your personal loan.