How a Loan Can Help You Have Your Dream Wedding
Weddings are huge in India, we love to celebrate the union of two souls in absolute grandeur. Funding a dream ceremony can be quite a task. If you and your beloved’s special day is drawing closer, you might have your hands full, budgeting for the occasion. Luckily there are options that will help ease the load.
Why You Need a Loan for Your Wedding
Weddings are not cheap. You will need to finance the catering service, rings or mangalsutra, decoration, entertainment, venue, photography, clothes, and the honeymoon. This will amount to quite a lot of money and that’s part of the reason why you need to budget the entire affair.
Research says that the amount spend on a wedding usually exceeds your initial budget by almost double. Couples and their families often forget to consider post-wedding expenses (an apartment, the honeymoon, etc.) and end up strapped for cash. In this case, it would be wise to take up a loan to fund at least some aspects of your wedding. Lenders like Bajaj Finserv, offer Personal Loan for wedding to help you create a memorable day.
Availing of a Personal Loan
Applying for a wedding loan in India isn’t hard, especially since Personal Loan eligibility isn’t too strict. Any salaried individual, earning a monthly sum of INR 18,000 at a known organisation for over three years can avail of a Personal Loan. Other criteria for taking out a loan include a minimum and maximum age limit; you have to be between the ages of 21 and 60 years. You could apply for a wedding loan online with financial institutions like Bajaj Finserv that offer Personal Loan of up to Rs.25 lakh. You could also try availing of a joint loan with your spouse or parents.
If you are a parent who is now retired and wants to take a loan for your child’s wedding, you may do so against your pension. Senior citizens are permitted to take loans of up to Rs.5 lakh until the age of 70.
What are the Documents Necessary for a Wedding Loan?
If you are a salaried professional, the documents required for a Personal Loan include bank and financial statements for the last three months, identification proof from the company you work with, work experience documents, and other personal documents.
If you are a self-employed professional, you will have to submit your ITR statements for the last three years, and will be required to have posted a minimum profit of Rs.2 lakhs.
Factors to Remember
Before you take a Personal Loan, it is important that you consider two important factors. The first is your capacity to pay off the loan every month. You must be able to afford your EMIs. There are simple methods to calculate your preferred EMI on a loan and correspondingly, the total loan tenure. Once you’ve done that, you’ll be free to decide on the scale of your wedding.
The second factor is your lender and the Personal Loan interest rates that are made available to you. There is no way to know whether a given bank will offer you the best principal, tenure, and rate of interest, so make a habit of engaging in thorough market research before you fill out an application form. You could apply online for a Personal Loan at organisations like Bajaj Finserv, who offer Flexi Personal Loans at low interest rates.