An Indian wedding is an intimate event. It is the largest family celebration and includes many ceremonies. It is also a symbol of family relations. Due to its cultural significance and detailed process, weddings are a popular event. Because they are a once-in-a-lifetime opportunity, families leave no stone unturned to make it more special.
These events are cost-driven and require cash to pay for expenses immediately. However, applying for a Marriage Loan in such cases can save you. It lets you choose the best venue and food for guests without financial constraints. It is also a Personal Loan which you can use to repay your loved ones’ expenses.
Eligibility
To apply for the Loan online, you need to meet the necessary criteria depending on many factors. It could vary between banks, but here are the details:
- Minimum age:You should be at least 21 to apply for an Instant Personal Loan in India.
- Maximum age:If you are a salaried employee, the maximum age acceptable is 58 years. If you are a self-employed professional, you should be under 65.
- Working conditions: Your previous work experience should be at least two years as a salaried applicant. You need a year of work experience if you apply for a Loan as a self-employed professional.
- Credit score:A high CIBIL score allows instant Wedding Loan approvals. Most banks prefer borrowers with a score of 700 to 900 and approve their requests without scrutiny.
- Maximum Loan amount:The maximum amount you can get as a Loan from the bank depends on your income, ability to repay, credit history, and other factors. It ranges between Rs. 5 lakh to Rs. 40 lakh with 10% or higher interest rates.
- Minimum monthly income:For such Loans, it is Rs. 15,000, but some banks may also set it around Rs. 25,000, depending on your residing city.
Documents required
The documents required for applying for Wedding Loans include:
- Certificate documents include a PAN Card, Aadhaar, passport, Voter ID, and permanent driving license.
- Address proofs, such as passport, permanent driving license, Ration Card, utility bill, and rental agreement.
- Age proofs include birth certificate, school certificate, and PAN Card.
- Financial information such as Form 16 and last three months’ salary slips or audited profit and loss statements, income tax returns of two years, and last six months’ bank statements.
Conclusion
Wedding Loans have the same eligibility criteria as Personal Loans. You need not produce any collateral to apply for them. After approval, the amount is disbursed to your account within a few hours. Remember to choose a reliable bank, assess your financial capabilities, and plan your budget wisely.