You get married once, so planning for a high-budget dream wedding is necessary. However, the main hurdle is that you need more funding. This is where Marriage Loans come into play. They help you to plan your wedding expenses strategically. Borrow the funds from any bank that aligns with your dream wedding requirements.
Weddings require numerous arrangements, such as banquet halls, catering, wedding attire, decorations, etc. Many families can organise lavish weddings with a Marriage Loan. Its primary purpose is to lower their financial burden and allow them to enjoy the event without worrying about the costs.
Eligibility criteria for Marriage Loans
- Age requirements
The bank requires a minimum and maximum age to apply for a Personal Loan online. Borrowers should be of legal age to enter the contract and not exceed the maximum age limit set by the bank.
- Income and employment stability
To ensure your financial stability or capability, the bank assesses your monthly income to decide whether they can repay the Loan on time. A regular income from a business or a stable job is required to meet the bank’s requirements.
- Credit score
Your credit score helps the bank check your creditworthiness and approve you quickly for an online Loan. You can plan your dream wedding in advance if you have a high credit score. It should be at least 700 and above. The higher it is, the better the interest rates and negotiation possibilities.
- Documentation
A bank asks the borrower to submit a few documents, including identification proof, address proof, income documents, and bank statements, to support the Loan application. These documents help the bank assess the borrower’s eligibility and creditworthiness.
Preparing the Marriage Loan application
Preparing a Loan application is a crucial step and requires all your attention. You need to gather all the necessary documents, which include identification proof (Aadhar card, passport, driver’s license, etc.), address proof, income proof (salary slips, bank statements, IT returns), and marriage-related documents (invitation, estimate of expenses).
Another step is calculating the Loan amount needed to cover all your expenses. According to your needs, decide how much is needed and then assess your affordability and repayment capacity so that you can repay the amount on time without any delay due to a lack of funds.
Methods to apply
You can apply for a Marriage Loan offline or online. Online processes are hassle-free and require minimal documentation from your home. You can apply from anywhere for instant approval. Conversely, offline processes require you to visit the bank branch with all your documents, fill out the application form, and submit it immediately. This process involves a lot of paperwork and time.
Conclusion
Fill out the application form accurately. Double-check all the details, such as name, income, age, tenure, Loan amount, etc., before submitting to reduce the chances of rejection.