Indian weddings are extravaganzas that include celebrations and festivities for several days. While they are joyous affairs with colours, dances, and smiling faces, they bring an exorbitant cost for the host. Still, it is a day when one wants to fulfil all their dreams and wishes. It calls for a personal loan for weddings that provides funds to plan the wedding the way one wants. Individuals planning a wedding can take a loan to fund the expense and repay it in EMIs over time. Let’s look at the steps involved in getting a wedding loan in India.
Decide the Loan Amount: The first thing to decide is whether one wants a loan or not and how much. To determine the loan amount, the individual must make a wedding plan beforehand and calculate the expenses. The key is taking the minimum loan amount sufficient to cover the costs. Over-borrowing is unnecessary as it adds to the loan cost and increases the financial burden.
Compare Lenders: After calculating how much to borrow, the prospective borrower must compare a few lenders to get the best loan offer. Apart from the interest rate, compare them based on their customer service, additional loan charges, repayment terms, eligibility and documentation requirements, processing speed, etc.
Check Credit Score: The lenders determine an applicant’s personal loan amount and interest rate based on their credit score. A high credit rating indicates timely repayment, low risk, and responsible credit behaviour. That is why most lenders have a minimum credit score requirement that applicants must fulfil. The applicants must check their credit scores and meet the lender’s minimum requirement.
Fulfil Eligibility Conditions: Although NBFCs have simplified their eligibility conditions to make wedding loans accessible to all, checking and fulfilling them before applying is crucial. They might be related to the applicant’s age, income, employment, financial obligations, etc. If an individual applies for a loan they are ineligible for, the lender will reject their application, which will hurt their credit score.
Fill Out the Application Form: Many lenders these days support 100% online loan procedures. Some even have loan apps, allowing applicants to apply online through their smartphones. After finalising a lender, visit their website or download their loan app to apply for a personal loan. Find their online loan application form and fill in the required details, including personal information, income, and bank information.
Submit Documents: Applicants must submit a few documents to prove their identity, residence, and income. Some essential documents include an Aadhaar card, PAN card, bank statements, etc. Those who have their KYC updated are not required to submit or upload their documents anywhere. They can have their documents verified online within seconds and proceed with the loan procedure.
Select a Repayment Tenure: Most lenders have flexible repayment terms for their personal loans. Applicants may use a personal loan EMI calculator to select their repayment tenure suitable to their budget and keep EMIs easily manageable.
Accept the Loan Offer: Once the applicant applies for a wedding loan and the lender checks all details, they share a loan agreement that the applicant is free to accept or reject. If they agree with the loan offer, they receive the loan amount in their bank account in 24 hours.
These are the steps to get a personal loan for weddings in India. Follow them carefully and get the required funds to plan the marriage according to your dreams.