A wedding is an auspicious occasion in India which sometimes costs very high. It does not matter whether you are financially stable or not, you have to spend a large amount of money on the complete wedding ceremony. You could reduce this burden by applying for a personal loan. In India, numerous banks and financial institutions grant personal loans to cover heavy wedding expenses at a competitive interest rate. Here, we are going to discuss the few major reasons behind applying for a personal loan to manage wedding expenses.
- Absence of restrictions imposed on usage: — Certain types of loans like vehicle and property loans involve a specific purpose. It implies that an individual could not utilize the loan amount for other purposes than for what it was availed. Therefore, when you apply for a personal loan, the concerned lender hardly imposes any restrictions on how the disbursed loan amount could be utilized, and this is best suited for wedding-associated expenses. It can be used for payment of wedding venue, honeymoon trips, renovation of a property before the wedding, etc.
- Multiple online portals: — An individual does have the option to apply for a personal loan either offline or online. Today, the majority of banks and financial institutions enable borrowers to apply for a personal loan through their official website. It is highly recommended to compare lenders via third-party financial websites before choosing a reliable one.
- Minimal documentation process: — The borrowers are required to upload only minimum documents before applying for a personal loan. The procedure of online loan applications is quick and simple. Those individuals who are considering applying for a personal loan could carry out the document submission process in a hassle-free manner. This helps avoid the need for paperwork thereby ensuring a 100% paperless transaction.
- Flexible loan repayment period: — Today majority of the banks and financial institutions are providing loan repayment tenure between one year and five years. You do have the option to choose a loan repayment period at your discretion.
- Absence of collateral security: — One of the major highlights concerning personal loans is that applicants are not required to attach collateral security. Even the borrowers need not hold a guarantor while applying for a personal loan to fund a wedding. Unlike other types of loans, a wedding loan is much easier to avail.
- Liquidation of assets not necessary:—- People often liquidate some of the valuable assets such as investments, recurring deposits, and fixed deposits to secure extra funds for weddings. It could be avoided by applying for a personal loan as it offers essential funds to finance wedding expenses. By doing so, your investments, savings, and assets are kept untouched.
- Sensible EMI’s:—- Lenders would initially go through the debt-to-income ratio along with monthly income before approval of loan amount. By considering the above-mentioned factors, EMI’s are most likely to be budget-friendly. Even though you have borrowed a huge volume of cash, repayment could be carried out in small amounts at your convenience.
The application process for a Money View personal loan
- Check your eligibility:—- An applicant could check their eligibility for a loan amount for a wedding within two minutes
- Choose a reliable plan and repayment period catering to your financial needs
- Upload essential documents to the official website
- The loan amount will be credited to your account within two hours
Documents required to apply for a marriage loan through Money View
- Identity proof
- Address proof
- Income proof
Some of the crucial points to be taken into consideration before applying for a personal loan to fund a wedding are as follows:-
- Rate of interest: — Normally rate of interest charged for a wedding range between 10% p.a. and 24% p.a. If in case you are provided with a lower interest rate, then there will be a drastic reduction in the cost of the loan. As a result, it is mandatory to compare loans provided by various lenders in the existing Indian market. Then you may consider applying for a loan with a competitive rate of interest.
- Make use of an EMI calculator: —- It is highly recommended to leverage an EMI calculator to compute payable EMI before applying for a personal loan for a wedding. You would come across this tool on numerous financial websites like HDFC. Make sure that the payable EMI stays within your budget to prevent any sorts of repayment hassles amidst loan tenure.
- Loan amount: — It is quite important to pay close attention to your financial needs and choose a lower loan amount to avoid paying hefty EMI’s.
- Loan tenure:— Although the lenders offer a flexible repayment tenure to pay the loan amount, it is up to you to choose a loan tenure that is neither too short nor long. If you happen to pick low loan tenure, then you might need to pay higher EMI’s. Likewise, if you are planning to opt for lengthy loan tenure, you might have to raise more funds as the overall interest paid amidst loan tenure is high.
- Reliability of a lender:— It is crucial to determine the reliability of a lender before applying for a personal loan. Therefore, you are required to perform comprehensive research such as going through the online reviews of lenders. Check whether they respond to customer comments and feedback.
Eligibility criteria for availing a personal loan through Money View
- Applicants should be either a salaried professional or self-employed individual
- Earn a monthly income of Rs. 13,500
- Income should be directly credited to the bank
- Maintain a CIBIL score of 650 or Experian score of 750
- Age must be between 21 years and 57 years.
Apart from the above-mentioned, applicants are required to furnish bank statements for the last six months.
Money View Interest rate and additional charges:–
Personal wedding loans availed through Money View are worth as they provide an attractive rate of interest and minimum processing charges. The rate of interest charged by Money View is 1.33% per month and the processing charge is approximately 2.5%-6%.
If your wedding is around the corner, then it is advisable to execute research on several personal loan options that are readily available. An applicant is required to compare the loan amount provided, rate of interest charged along with penalties and additional expenses. Also, focus on improving or maintaining a good credit score to secure a marriage loan at a competitive rate.