Everything You Need to Know About Wedding Loan - Loan Trivia


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Tuesday 16 November 2021

Everything You Need to Know About Wedding Loan

Luxury wedding traditions are not unfamiliar to us, and they undoubtedly have a significant financial impact on those who are not well-off. A typical Indian wedding costs between Rs.20 lakhs and Rs.5 crores. One could consider taking out a wedding loan for such a large sum.

What exactly is a wedding loan, and how much should you take out?

A wedding loan is an unsecured personal loan used to finance a wedding. If you take out a large loan, such as Rs.20 lakh, you would be granted a lengthier payback period. Although the monthly payment is reduced, you may wind up paying more interest in the long run. As a result, it is always recommended to take out a wedding loan, or any other personal loan, for as little money as possible and for a shorter period of time. The total amount of interest paid is lower using this technique.

After meeting the following requirements, you can apply for a wedding loan:

Citizenship - You must be an Indian citizen who lives in India. Age - Must be between the ages of 20 and 60. Employment - Working in a public, private, or multi-national (MNC) firm is required. Minimum salary – You must meet the minimum salary requirement as mentioned by your preferred lender. CIBIL Score - You should have a CIBIL score of at least 750. With a better CIBIL score, the lender is more likely to approve your loan fast. Documents required - Your employee ID, the past two months' wage slips, your KYC documents, including your Aadhar card and driver's license, and the last three months' salary account transaction data must all be supplied favorably. Depending on the sort of loan repayment you are attempting, additional papers may be required. The above-mentioned requirement is basic and might differ from lender to lender, therefore it is important to check a detailed list of eligibility parameters and documents of your preferred lender to avoid any rejection.

Benefits of a Personal Loan–

* A high loan amount of up to Rs. 25 lakhs is available. * You have the option of taking out a Flexi Personal Loan, which lets you pay interest only EMIs for the initial tenor and lower your EMIs by up to 45%. * There is no extensive paperwork required. * As soon as all of the qualifying conditions are satisfied, the loan is granted instantly * Within 24 hours of approval, the funds are sent to your bank account. * You'll have a longer repayment period, up to 60 months.
For hassle-free financing, you can choose Bajaj Finserv and get a personal loan of up to Rs. 25 lakh with minimal paperwork and instant approval. This NBFC also provides pre-approved deals on their financial products for faster processing.

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