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Personal Loan for Wedding: Easy Financing for Your Dream Day
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.
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:
1. 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.
2. 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.
3. Compare the estimated loan amount required with the loan EMIs which you can payback comfortably every month. Accordingly, adjust the amount of loan.
4. 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.
Features & Benefits
Eligibility
Who can apply:
- Minimum ₹ 25000 monthly income in metro cities and ₹ 20,000 in other cities
- Salaried individual
- A credit score above 650
- Total work experience of atleast 1 year
Age:
- Above 23 years and below 58 years
Required Documents
Identity Proof
- Passport
- Voter ID
- Driving License
- Aadhar Card (Mandatory)
- Pan card (Mandatory)
Any of the following
Address Proof
- Passport
- Utility Bill
- Aadhar Card
- Driving License
Any of the following
Other Docs
Mandatory
- Salary Slips ( Last 3 months)
- Salary A/c Bank statement ( Last 3 months)
Calculator
Calculate your Loan EMI in 3 easy steps. Use the slider to set your loan amount, interest rate and tenure to understand your loan summary
Loan Summary
Loan Amount
₹ 100,000
Interest Payable
₹ 17,397
Monthly EMI
₹ 1,957
How to Apply
LoansJagat is a platform to offer personal loan for wedding quickly and efficiently without having a difficult application process. Our aim is to offer a hassle-free process so that no one has to wait for their dream to become a possibility. Apply for a loan right away!
- Scroll Up. Fill in the basic details about your name, number, and work profile.
- Fill in your personal details. For example, your email, company name, and DOB.
- Mention your credit score, PAN number, and salary-related information.
- Compare the offers from 20+ banks and NBFCs before applying for loans.
- Organise all the documents, like the Aadhaar Card, PAN Card, residential proof, KYC details, and past 3 months' bank account statement. Submit these documents when needed.
- After successful document verification, your loan will be approved and money will be credited to your bank account.
Tips to Avoid Loan Rejection
The following guidelines assist in improving the chances of loan approval to avoid the possibility of rejection of personal loan for wedding.
1. CIBIL Score Above 650
You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number. You have a high chance of loan approval if your CIBIL score is more than 650. So, try to increase your credit score to match this number.
2. Lower Debt-To-Income Ratio
If you majorly depend on your credit card, even after spending your monthly income, then the chances of loan approval are low.
3. Clear Existing Debts
Try to stay clear of all the outstanding debt. If you repay your loans timely, then banks will prefer to lend more loans to you.
4. Provide Verified Information
Don’t lie about your information over the tele-verification process. If found not true with supporting documents, the chances of rejection increase.
5. Stable Employment
Try to have a stable job for at least 1 year before applying for a loan. This will help you have more chances of loan application approval.
6. Credit Report of Last 6 Months
When you are planning to apply for a loan, make sure that your credit history of the last 6 months is up to the mark.
7. Timely EMI Repayments
If you pay your loan EMI on the due date/month. Then your credit score will boost instantly. This will guarantee instant loan approval.
8. Don’t Engage in Paid Fantasy Gaming Apps
Avoid getting addicted to betting on paid fantasy gaming apps like Dream 11, Ludo, Poker, etc. Remember, there is no shortcut to long-term wealth.
9. Clean Salary Bank Account Statement
Do not engage in external transactions on major stockbroking platforms. Try to keep a clean transaction history of your salary bank account.
10. Average Bank Balance
Investing in derivative products like Future and Options (F&O) trading is a very risky scenario if you are planning to avoid loan rejection.
11. Multiple F&O Transactions in the Stock Market
If you can retain 25% of your monthly income as savings in your bank account, then banks will prefer to approve your loan application.
FAQ’s