Is It a Good Idea to Get a Personal Loan for Your Marriage?

Is It a Good Idea to Get a Personal Loan for Your Marriage?

Since marriage is a special event to remember for a lifetime, it may be unacceptable for you to compromise with your planning simply due to financial constraints. On this occasion, you may need to pay for several expenses associated with a marriage ceremony at a single go. To afford all these expenses without struggle, you may need additional financial assistance. 

You can apply for an online instant personal loan. Being an unsecured credit facility, it lets you borrow a sizable credit without much hassle.

Advantages of Getting a Personal Loan to Finance Marriage Ceremony

You get to leverage the following advantages by taking a personal loan as financial assistance to cover your expenses for the marriage ceremony:

Flexible Usage of Credit

The personal loan comes with the facility of zero restriction on end-usage. The lending institutions also disburse the amount directly to your savings account. You can spend the money for any purpose, including and not limited to the marriage ceremony. 

No Hassle of Collateral

Since a personal loan is an unsecured credit facility, you do not need to mortgage any of your properties. This reduces the turn-around time of the credit approval, and you get the loan amount faster. This is mainly because financial institutions do not need to engage themselves in appraising any collateralized asset.

Easy Documentation

The wedding loan also lets you finish the documentation process quite easily and quickly. You can complete this process by submitting only your basic KYC documents and income proofs. 

Sizeable Loan Amount 

You can get a lump sum credit through a personal loan to fund your marriage ceremony. As a result, you can avoid liquidating your investment or assets.

Easy Tenure

You also get to choose a tenure starting from 1 to 5 years (varying across lenders). However, you need to ensure that you get an affordable instalment amount against your chosen tenure. Else, it may become stressful for you to repay the debt.

In this regard, you can also leverage an online personal loan EMI calculator to understand whether the tenure gives you an instalment amount within your repayment capacity. Most financial institutions that provide online instant personal loans house this calculator on their official websites in order to assist their customers.

Easy Online Application Process

The online application process can significantly reduce your time and effort. This is because you do not need to visit the physical branches of your preferred lender. You also can send your request for the credit anytime from the comfort of your home. All you need to do is visit the official website of your lending partner and submit the application form after filling it in properly.

How to Apply for an Online Instant Personal Loan

Here is the step-by-step process to apply for the credit facility:

Step 1: Visit the official website of an online marketplace for loans

Step 2: Navigate to the personal loan page

Step 3: Click on ‘Apply Now’

Step 4: Fill in the application form with the necessary details properly

Step 5: Enter the loan amount and select your preferred tenure

Step 6: Choose a lender after ensuring that you meet their eligibility parameters 

Step 7: Submit the documents requested by the financial institution

Upon completing these steps, your application process will be complete. You will have to wait until the lender processes your application form and documents. After they approve the loan, you will get the requested amount in your savings account.

Documents Required for a Personal Loan 

Following are some of the documents you need to keep handy while applying for a personal loan:

  • Residential Proof: Passport, voter’s ID, driving licence, PAN card, etc.
  • Identity Proof: Aadhaar card, driving licence, rental agreement paper, etc.
  • Income Proof: IT returns of the last 2 years (if you are a self-employed individual) or salary slip and bank account statements of the last 6 months (if you are an employed person)

Eligibility Standards for a Personal Loan

You also need to meet the eligibility requirements of your preferred lending institutions to get easy approval on your credit requests:

  • You need to be in the age group between 21 and 60 years old (when you will pay your last EMI).
  • Your CIBIL score must be at least 750.
  • Having a monthly income of at least Rs. 15,000 is also essential.
  • You should also have a working experience of a minimum 1 year.

To conclude, with the online instant personal loan, you can easily borrow sufficient credit and plan your marriage properly. The online application and lenient documentation processes help you get the money instantly without much hassle. You only need to ensure that you meet the eligibility parameters of your lending institution appropriately.

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