In the past, personal loans have been already accolated for the ease of approval and disbursal it endows upon. Marriages are an extremely celebrated in India for those who are in love, live for love and love to live. It happens once in a lifetime, and people aspire to create magnificence. It’s obvious to have expectations to make it big and end up as a memorable affair. However, it’s difficult to sponsor a grand wedding without a strong financial backup.
Indian weddings have been infamous for wasteful spendings. We are generally imagining marriages to be larger than life. Talk about from jewelry, clothes, fancy venues, etc. However, a grand marriage is an expensive affair. To be able to afford high cost items, it’s equally important to have an extensive budget. Even if you have saved money for future events, it’s not sure to be adequately done. A marriage ceremony has different brackets of expenditures like house purchase & shifting, honeymooning, daily wear clothes, chores appliances, etc. A marriage event starts the string of expenses for a long term goal. So obviously you wouldn’t like your one-time affair to go for a toss, due to insufficiency of funds?
So, how much does an average Indian marriage cost you?
A decently organized marriage should cost somewhere ranging between 15-10 lacs atleast.
For a large-sized budget, it is important to have advanced planning in order. Applying your long saved deposits to organize your marriage plans will just be foolish.
We strongly recommend you to take a personal loan and straighten out your marriage plans. Typically, we tend to approach close friends and family to have financial help. This is in the expectation to avoid rejections from elsewhere.
So, why make a ‘personal loan’ decision?
It’s always said that opting for a personal loan is way better than being embarrassed. A personal loan can be easily opted for a quick disbursal of your choice. Plus, it can be paid up as per the repayment schedule, decided upon at the time of sanction. Easy EMIs can sort your life in times
Quick Approval & Disbursal
With a marriage planned on your agenda next, it’s difficult to make arrangements without a plan. However, this isn’t a child’s play! Even when you plan effectively, there are still chances for mismanagement. Here, a personal loan can offer you instant money at a click. It offers quick approval and fast disbursal.
The best thing about a personal loan is its flexibility of use. The loan amount can be used for wishful thinking. Let’s say, you dreamt of a designer lehnga on your marriage. A personal loan can be easily allocated to this, ofcourse in satiating other uses too.
Eligibility to get a Home Credit Personal Loan for Marriage
Age: Typical age limit predefined by the banks and agencies is somewhere between 21-25 years of age. However, Home Credit accepts age above 19 years of age only.
Employment: The individual must be self-employed for at least a year or 2 in service.
Credit score: A nominal credit scores out of the borrower to expected take an instant loan. However, this may vary for other lenders in the market.
Income: A prospective borrower must have a monthly salary of Rs. 10,000 as regular income for Home Credit Instant Loan. Some banks may offer it at a minimum salary of Rs. 15,000 also and some may want more than 20,000 as well.
Loan amount: Personal loan for marriage purposes can be upto 2 lacs. Other banks may like to give as high as 30 lacs.
Duration: The tenure can vary as per the loan amount is taken and the EMIs will be decided accordingly.
*All the above-mentioned information are specific to Home Credit Personal Loans.
Required documents for Quick Personal Loan
To confirm identity and safety, we require certain proofs to be readily available. Under is the list of documents that are often necessary:
- PAN card of the individual
- ID proof- voter ID, passport, driving license, etc.
- Address proof- passport, driving license, passport, aadhar card, utility bills, etc.
- Bank statement of the income account with active net banking
All to know about Marriage Loans
Marriage loan has a lot of similarity with personal loans but stands true to their name as they are used for financing the marriage ceremony.
- Low EMIs therefore easy repayment
- Early loan approval, early disbursal
- Flexible duration of repayment
- Pre-payment option available
- Customized offers
- The interest rate varies from 10% to 20%. The range is variable.
- Minimal extra charges
- No guarantor