Marriage is a significant milestone in every person’s life. It demands proper planning and an accurate accomplishment. But, planning the perfect wedding can also be quite expensive. It is not always possible to have that much capital in hand. Taking a wedding loan in these situations can be quite helpful. It can help reduce the financial burden significantly.
Availing a personal loan for marriage can help finance your wedding the easy way. To avail, an individual has to meet specific criteria and go through some necessary documentation. It is therefore essential to know about the various requirements.
Eligibility criteria
The eligibility criteria for wedding loans are as follows:
- Minimum age
Availing a personal loan for marriage requires an individual to be at least 21 years old. Some financial institutions require a minimum age of 23 years.
- Maximum age
Salaried individuals who are interested in availing a marriage loan needs to be less than 58 years of age to avail a personal loan for a marriage, while the self-employed applicants should not exceed 65 years.
- Minimum net monthly income
The minimum income required to qualify for a wedding loan is usually Rs 15,000 for most financial institutions. However, some institutions may require the necessary income to be Rs 25,000. The current age, city of residence, etc. of the individual may affect the minimum income criteria.
- Credit score
A higher credit score can vouch for a successful loan application as it provides the lender with the needed assurance. It is recommended to have a CIBIL score above 750.
Now that you know the wedding loan eligibility criteria, you can effectively use the personal loan eligibility calculator to confirm a successful application.
Documents required
Following are some of the documents required.
- Valid identity proof
An applicant can submit any of the following documents as an identification proof for a marriage loan.
- Voters ID
- Passport
- PAN card
- Aadhaar card
- Driving license
- Ration card
- National Rural Employment Guarantee Act (NREGA) Job Card
- Age proof
Applicants do not usually need to provide an age proof for a personal loan. However, if there is no mention of the age in the other documents, an age proof may be needed. Following may serve the purpose.
- School leaving certificate
- Birth certificate
- PAN card
- Documents required for salaried individuals
Latest salary slips, bank account statements or Form 16 needs to be presented to avail a personal loan for wedding. It needs to show that the salary is credited.
- Documents required for self-employed individuals
P&L account, Balance sheet, and the IT returns for the last 2 years, along with bank statements of the primary account for the past 6 months.
- Loan application form
The forms need to be filled up by the applicant, and they need to submit it along with the above-mentioned documents. An individual can also download the form from the website of the financial institution.
The maximum loan amount an individual can borrow may vary according to the financial institution. It is therefore essential to compare the different options before opting for a personal loan for marriage. Also, these loans often come with various other facilities which make them an attractive financing option.
Planning a wedding may take quite a toll on an individual. A wedding loan can help take care of the finances which can make it easier. Doing so can allow the individual to accurately map out the wedding ahead of time. So, know everything about a personal loan for wedding to enjoy the most significant moment of your life without any monetary hurdle.