Weddings in India are synonymous with bling jewellery, several guests, and lavish buffet spreads. This larger-than-life event is a week-long affair where massive money is pumped by the couple and their parents. Numerous costs are associated with a wedding, often running into crores of rupees. People may go overboard with their wedding expenses, and they cannot stay true to the budget.
Hence, a Marriage Loan is a boon. Banks offer such Loans that can help you fund your dream wedding. Here is everything to know about a Wedding Loan.
About Marriage Loans
The Loan application process to cover the numerous wedding expenses is an easy one. Banks offer Loan amounts ranging from a few thousand to several lakhs, depending on your repayment tenure. You can even apply for them online. You can also visit the bank branch physically to apply. Such Loans are ideally processed and disbursed within hours and the documentation is also minimal.
You need to provide ID and address proofs, salary slips, and bank statements. Besides these, you also need to present some additional documents.
Loan types, interest rates, and tenures
Banks offer both Secured and Unsecured Instant Personal Loans, depending on the amount you require. Unsecured Loans are typically offered to those requiring a smaller Loan amount. However, the interest rates on unsecured ones are higher. Secured Loans come with lower interest rates. But if you cannot repay the Loan in the stipulated tenure, you may lose the asset. The Loan tenure ranges between one to five years.
Benefits of applying for Marriage Loans
Meet unexpected expenses
As with any grand event, unexpected expenses often crop up. A Wedding Loan helps you deal with these unexpected expenses in a timely manner.
Flexible usage
Banks have no restrictions on how you spend the Loan amount. You can use the entire amount to cover whatever expenses you wish to fulfil, be it trousseau shopping, jewellery shopping, paying for the venue, decorators, caterers, or other miscellaneous expenses.
Minimal documentation requirements
You need to provide online a few and general documents to support your Loan application process as mentioned.
Easy to procurement
You can apply for Wedding Loans online. Just fill out the application form and attach photocopies of the listed documents. Such Loans are processed within a couple of days and the amount gets disbursed instantly.
