Big fat Indian weddings are a happy affair in India, but the ones bearing the wedding expenses save for years to make the special occasion possible. Fortunately, times have changed. Nowadays, couples have the power to fund their wedding and spare their parents from financial stress. How? By taking a personal loan for weddings! Let us explore the secret behind the growing popularity of marriage loans and everything you need to know if you plan to apply for one.
Why are personal loans a popular option for marriages in India?
Personal loans are known to be an accessible, flexible, and affordable financial solution for weddings. Here are six reasons why:
- Online application: Taking on the task of securing a loan on top of the already demanding wedding responsibilities can seem daunting at first. But what if we said that you can complete the entire process from home? NBFCs, such as Manba Finance, allow online applications, letting you secure funds with the ease of a click!
- Quick approval personal loans: Did you know your loan application can be approved in just a minute? What’s more, you can get the desired funds within 48 hours. Without long waiting periods, personal wedding loans are also the best solution for last-minute financial needs.
- Collateral-free: If you are apprehensive about borrowing a loan because you fear losing your assets, you will be happy to know that marriage loans are unsecured and collateral-free.
- Multiple usages: Personal loans allow you to direct the funds for any wedding expenses without restrictions. You can use them to pay for the venue, accommodations, catering, decorations, jewellery, clothing, photography services, gifts, and honeymoon travel.
- Flexible interest rates and tenure: Lenders assess every application thoroughly to offer the most affordable interest rates and a comfortable repayment period.
- Better than credit cards or bank loans: Credit cards often fall short when covering more considerable wedding expenses. Moreover, delayed payments can lead to late fees and high interest rates. Regarding bank loans, the application process is extensive, with multiple documents, credit checks, and longer approval times. In comparison, personal loans for weddings are easy to secure and repay!
Know your eligibility for wedding loans
Financial institutions have simplified the process of personal loan eligibility. You only need to fulfil basic criteria such as age and income, have the required documentation for wedding loans, and maintain your credit score.
- Eligibility criteria: 18-60 years, Indian resident, operative bank account, salaried or self-employed individuals with consistent income
- Required documentation for wedding loans: photo ID, proof of residence, last 3 months banking transaction
- Credit score: preferably 700 and above, but individuals with lower credit scores are eligible as well
How to secure a personal loan for your dream wedding?
Here’s a step-by-step guide to securing a quick approval personal loan for your wedding:
- Plan a wedding budget: Start by deciding how much you will spend on the wedding—five lakhs, ten lakhs, twenty lakhs, or more. Proper wedding financial planning will ensure you do not go overboard with your expenses.
- Determine your funds: Once you know your budget, figure out how much funds you have available and how much extra you need to cover all costs.
- Compare marriage loan offers: Conduct thorough online research to check different loan offers and compare interest rates, repayment periods, additional charges, and other parameters. This will help you choose the best deal for your unique needs.
- Apply for the loan in advance: While lenders promise fast loan approval and disbursal, planning ahead of time and securing the marriage loan in advance can help you avoid any last-minute, unforeseen setbacks.
- Decide a repayment strategy: Prepare a monthly budget and prioritise the EMIs to avoid late payment charges. Paying off the loan on time will also positively reflect in your CIBIL report and improve your eligibility for future credit requirements.
Get personal loans for weddings with Manba Finance
Manba Finance has helped many couples tie the knot in their desired manner without digging into their hard-earned savings. We’re not saying this—our patrons are! Shikha says, “My fiance and I wanted a destination wedding in Goa without stressing out our parents. A personal loan from Manba Finance fulfilled our dream!” Rohan says, “During our wedding financial planning, we realised we were short of a few lakhs. The low-interest personal loan from Manba Finance proved our financial saviour!”
You can be our next happy customer—check your eligibility for wedding loans and fill out the application form on Manba Finance or contact us for further details.
