As much as 20% of all loans in 2018-19 by young Indians were for their marriage. This is because there is almost a certain chance of unexpected expenses at a wedding. Couples often wish to enjoy the flexibility of stretching their budget too. And a middle-class family may want to throw a lavish affair since it is arguably the most important day of their lives! A personal loan truly makes sure all the desires are fulfilled.
You can easily convert it into a wedding loan. This way, you can be reassured even if some factors, like venue or attire, are expensive. Bridge the gap between your wishes and cash crunch with a loan. The application process for disbursal is online, reducing the hassle of paperwork or physical visits.
Features of a Marriage Loan
Consider a fintech company to opt for a loan. It eliminates the complexities of a traditional bank loan with no collaterals, flexible EMIs and grace periods. The process becomes a lot simpler, easier and quicker. Read in detail.
- Borrow between ₹15,000 to ₹4,00,000 as per your eligibility (income).
- The approvals are instant, and the amount is sent to your account.
- Documentation is digitized. Upload the necessary information.
- EMI plans are in 90, 180, 270, 360 and 540 days.
- No collateral or security is required to be pledged against the loan.
- The agents do not monitor the fund usage.
- A 5-day interest-free grace period to avoid EMI defaults.
- It lets you prepay the loan, which improves your credit score.
- EMI pay options are in the form of NEFT, IMPS or auto-debit.
Apply for a loan online via a secure app on Google Play Store and App Store. This saves plenty of time and effort amid the marriage flurry. Keep documents like PAN card, income proof, identity proof, permanent address proof and the latest bank statement readily available. Upload information that is true to your knowledge.
Things to Remember
A marriage loan can be your go-to option for wedding expenses. But make sure you have a good credit score (670-739), a decent payment history and an impressive SLQ. These can help to increase the chances of getting the loan approved. The lender is assured of your credibility and offers the desired fund on time. Make sure to borrow only as much as you need. Else, a 0.7% penalty is charged for EMI delays. Learn the processing fees and charges of the personal loan. Being careful of all the above factors can ensure a pleasant borrowing experience.
Conclusion
It is necessary to read the fine print before applying. Clear all doubts and work with an expert to avoid costly mistakes. Rest assured, there are fewer chances of finance-related disruptions on your special day.
0
