Why A Marriage Loan Could Be Right For You
A marriage loan is like a personal loan. The fun & enjoyment of a big fat indian wedding ends up in a hefty bill. Here are the reasons how a marriage loan will help you!
Most people don’t mind spending on a lavish wedding, which could cost them more than they can actually afford. Not only do people want the finest outfits, jewellery, food and wine that money can buy, they also sometimes take their families and friends off to exotic locales for destination weddings. All this can be exorbitantly expensive.
But many young couples and middle-class families often fall short of the money needed for such lavish affairs. That is when a personal loan can come in handy, to bridge the gap and to fund that dream wedding.
Key Reasons To Take A Marriage LoanPlanning a wedding can be very time-consuming and even stressful. This is more so when couples and their families have to worry about money constraints. At such a time, a personal loan to fund the wedding can be a blessing in disguise. Here are some ways how a loan for wedding can help couples and their families.
Ease Of Application:Borrowers can apply for a personal loan online, with just a few clicks. All they have to provide are their basic details like name, ID proof (PAN and Aadhaar numbers), address proof, date of birth, salary slips, income tax returns and other similar details.
After applying to a regulated lender for a personal loan, their executives will take care of the rest of the paperwork and couples can get busy focusing on planning their wedding.
Quick And Convenient:With established lenders, borrowers do not need to complete lengthy processes to become eligible for a personal loan to fund their wedding. The criteria for eligibility are simple and straightforward. As long as they are not overleveraged, have a good credit history and have paid their loans in the past timely, they can easily get a personal loan.
It takes only a few minutes to get the loan approved after they have submitted their application online. Once the lender has ascertained their eligibility, all that the borrowers have to do is upload theirs documents online, including bank account details. The loan is typically disbursed within minutes into their accounts. It is that simple.
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No Collateral:A personal loan taken out to fund a wedding can be availed without any collateral. This is essentially an unsecured loan that does not require you to pledge any assets, such as residential or commercial property or land or gold with the lender. All that the borrowers need is a good credit history and a healthy credit score. This is why the process to get a personal loan for a wedding is simple, hassle-free and very quick.
Repay In Monthly Installments:Most lenders allow easy repayment options to borrowers via monthly installments. This helps the newly-wed couples manage their finances without having to worry too much about repaying the loan soon after their wedding.
Meet Last-Minute Expenses:Indian weddings are often very hassled affairs, with an almost certain chance that couples or their families will have to incur one or more unforeseen expenses at the last minute. A seamless personal loan will make sure the couples are covered for what will arguably be the most important event of their life.
ConclusionIf you are planning that big, fat wedding, a personal loan can have you covered. Moreover, the entire process from loan application to disbursement and then to repayment is online and mostly paperless.
However, make sure to approach a good, regulated lender like IIFL Finance so that the process is quick and seamless. IIFL Finance sanctions and disburses personal loan up to Rs 5 lakh within a few hours. It also allows you to check your loan account details via its mobile app and repay via a variety of options including UPI-enabled apps such as Google Pay, PhonePe and Paytm.
And then, you can get busy with your wedding plans, and make your big day really special.
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