India is a country with a firm belief in the institution of marriage. And weddings in our country are not a low key affair. It is big and fat in all possible ways. From planning including hotel bookings, jewellery, clothes shopping, wedding invitations, catering to decoration and much more, there is no end when it comes to marriages in India. Although everyone spends as per their pocket and spending capacity, the wedding budget usually shoots up to more than expected. And with weddings getting exuberant by the day one should certainly have ample funds in hand so that there is no looking back. But what if your less savings is creating issues to meet the lifetime memorable activities of your dream wedding? Fret not! Because marriage loan is available to make your wedding grand.
Marriage loans are specially designed personal loans to take care of the financial expenses of the wedding. Fintech players like LoansJagat offer an excellent platform wherein they put forth the best of terms and conditions along with the lowest rate of interest so that you can make your pick easily as per your requirements. Some of the popular schemes offered by banks and financial institutions are:
- Axis Bank Wedding Loan
- ICICI Bank Loan for Weddings
- HDFC Lifestyle Loan
- Tata Capital Wedding Loan
- Corp Shubh Vivah Scheme
- SBI Saral Loan
How do banks calculate marriage loan eligibility?
Marriage loan in India is sanctioned once you are through with the eligibility criteria wherein banks undertake your monthly income, interest rate and loan tenure into consideration. These loans are unsecured in nature and the rate of interest offered varies from banks to banks. The rate of interest is usually dependent upon your credit history, credit score, and employment status - salaried or self-employed. The loan for salaried persons is offered at lower interest rates in comparison to self-employed. Employees of large corporates also have an advantage as many banks run schemes with an attractive rate of interests catering to these employees. If you have a good credit score which is over 700, then the chances of your loan application approval increase tremendously.
What are the key factors to keep in mind while going for a wedding loan?
Wedding is one big event wherein many aspects need to be considered. Before going in for a wedding loan, it is imperative to keep the following things in mind:
- Plan your wedding appropriately and budget every small detail so that you are aware of your actual loan requirement. Meticulously calculate the funds you would be requiring so that all your needs are met. It is very important to correctly calculate the loan requirement so that you don’t end up taking more which means you will have to pay more interest and if you take a lesser amount, then your needs won’t be fulfilled.
- Keep a tab on your current savings and monthly income, plan and estimate the amount you can comfortably pay out every month as monthly instalment without getting burdened.
- Compare the estimated loan amount required with the loan EMIs which you can payback comfortably every month. Accordingly, adjust the amount of loan.
- Do prior research and compare offers from different banks and financial institutions on LoansJagat to grab the best deal for you. Discuss with their representative about your needs and requirements and get the best wedding loan. Apply for wedding loan online and choose from the most suitable option. Comparing and choosing the loan appropriately helps in significant savings in interest rate, processing fees, and other charges.
WHY CHOOSE LOANS JAGAT?
Loans Jagat is an excellent platform which brings forth the available options in terms of marriage loan in India by comparing the offers and schemes of different banks and financial institutions. It allows you to compare rates, check eligibility criteria, calculate monthly instalment, apply online and get the best possible options available in the market. LoansJagat caters to your loan needs by helping you throughout the loan process to provide you hassle-free loan management service. Having association with over 40 Banks and NBFCs, the platform offers a dedicated relationship manager to its customers who ensures your loan approval process is smooth and fast to ensure your wedding chores can be planned accordingly.
Leave the wedding loan management onto LoansJagat and get all set for embarking on the new journey of life.