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A wedding loan is a personal loan that one can opt to meet all marriage-linked expenses. Once you determine your eligibility for this loan, you can use an interest rate calculator to decide the right tenure that suits your capacity. 

How Does a Marriage Loan Help to Avoid Unexpected Wedding Costs

Indian marriages involve a series of rituals and occasions that continues for several days. This makes the event significantly expensive. Instead of exhausting your savings to meet these expenses, opting for a marriage loan is a prudent choice.

Following are the benefits that you can enjoy by taking a marriage loan to reduce unexpected wedding charges:

  • Covers multiple expenses

A marriage loan is a personal loan with no end-use restrictions. This means you can apply for a personal loan to fulfill any purpose, which include meeting a financial crisis, medical emergency, repaying borrowed money from a friend, buying a car, marriage and so on. In case of a marriage, plenty of expenses include venue, decoration, lighting, jewellery, catering etc. To tackle such a situation, you can obtain a marriage loan.

  • Hassle free application

Managing the expenses involved in marriage is quite overpowering for the person who hosts the event. However, when you are availing of a marriage loan, you can manage the entire process without burdening yourself. All you have to do is to select the right home loan offer that can provide you with maximum benefits alongside other features. 

Moreover, the application process for a wedding loan is very easy. You just have to visit the respective website, see the terms and guidelines, upload documents, and wait for approval. 

  • Quick funding

Since a marriage loan is a personal loan, it does not require any collateral. Hence you can apply for it without any headache. A marriage loan is a kind of small loan that possesses a fast turnaround time. As a result, you can get the credit amount very quickly. 

In general, you can get approval on a marriage loan instantly soon after your documents are verified. In addition, within a day or two, the loan amount will be credited to your account.

  • Improves CIBIL score

A marriage loan is a perfect option not only for covering wedding expenses but also for building a solid credit history. For example, if you borrow Rs. 5 Lakh personal loan, paying it off as per terms will boost your credit score while improving your creditworthiness. Thus, you will be in a better position to avail future loans when needed.

  • Covers addtional charges 

The taxes and GST are extra costs that increase the basic expenses considerably. These types of costs add on to every single luxury item used in a marriage ceremony, thus making the entire marriage event quite expensive. However, when you opt for a marriage loan, handling taxes will become easier.

  • Lessens the burden of overtime penalties 

When you hire a marriage venue and a caterer, you book them for a certain period. However, the event may extend beyond the specified time. Under such circumstances, you have to pay penalties for the extra time. Such overtime penalties are quite common in Indian weddings, and a marriage loan will help you bear these charges with ease.

What are the Eligibility Criteria of Marriage Loan

Following are the eligibility criteria you must meet to get a marriage loan:

  • The applicant must be an Indian citizen
  • Must be associated to a public or private company 
  • The applicant must earn at least Rs. 25000 per month
  • The borrower should have 2 to 3 years of working experience
  • Must retain a CIBIL score of at least 750 

What are the Documents Required for Marriage Loan

Following are the documents needed for marriage loan:

  • Identity proof (includes PAN card, Aadhaar card, driving licence, voter ID card, and passport)
  • Address proof (includes Aadhaar card, voter’s ID, passport, electricity bill, driving licence, telephone bill)
  • Income proof (bank statements of last 3 months)

How to Apply for a Marriage Loan

Below here are the steps to apply for a marriage loan:

Step 1: Visit the lender’s website and fill out the online application form.

Step 2: Enter your income information and KYC data.

Step 3: Enter your details accordingly and verify yourself with an OTP.

Step 4: Choose your loan amount and submit the form.

From the above points, the concept of a marriage loan should become quite clear to you. Before applying for the loan, all you have to do is read its necessary terms and conditions to ensure that you meet the eligibility criteria.

Disclaimer: This article is a paid publication and does not have journalistic/editorial involvement of Hindustan Times. Hindustan Times does not endorse/subscribe to the content(s) of the article/advertisement and/or view(s) expressed herein. Hindustan Times shall not in any manner, be responsible and/or liable in any manner whatsoever for all that is stated in the article and/or also with regard to the view(s), opinion(s), announcement(s), declaration(s), affirmation(s) etc., stated/featured in the same.

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