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What’s a marriage loan?

Marriages are made in heaven. And they are celebrated here in India, like nowhere else in the world. Marriage is one of the most joyful and memorable events for anyone. While the cost of marriage varies from person to person depending on their tastes and abilities, most weddings exceed the planned budget. Wedding loans are specially designed personal loans to effectively finance marriage expenses.

 

How do banks calculate the size of a prenuptial loan?

Eligibility for a Wedding Personal Loan depends on your monthly income, interest rate and the length of the loan. Usually the EMI for unsecured personal loans is limited to 35% of your home salary, except for all other EMIs. The interest rate depends on the following factors:

  • Your monthly income or income from taking home after deducting your fixed obligations and other EMIs.
  • Your credit history and your credit score. Usually banks are looking for a credit score of 750 or higher for a personal loan.
  • Your profession, as loans for hired clients are offered at a lower rate than for self-employed professionals.
  • Your company, where you work. Banks implement special attractive interest rate schemes for large reputable corporations.

Here are five useful tips that can help you when planning a wedding loan:

  •  Carefully plan your wedding budget and assess your need for a loan.
  •  Take an inventory of your current savings and monthly income to estimate the number of EMIs you can comfortably maintain.
  •  Compare your anticipated loan needs with the loan you can serve and adjust the loan amount accordingly. Always compare offers from several banks to choose the one that suits you best.
  • Remember that even if some banks do not offer special wedding loan schemes, they often give you a personal wedding loan. By carefully comparing and choosing a credit scheme, you can save a lot on interest, handling fees and other payments.
  • Remember to take a cautious approach when deciding whether or not to take out a personal loan, as these loans are available at high interest rates and any extra-budgetary expenses can put you in a financial pit.

 

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Frequently asked questions

The citizens of India aged 20 to 65 years old.

It depends on the conditions of the particular bank or MFI. On average, from Rs.1000 to Rs.10 Lakh.

You need to submit an application on the website of the company or in a mobile app.

Processing of the application will take from several minutes to several hours, and crediting of money to your bank account will take from 1 to 5 days, depending on the selected company.

You can spend this money for any purpose: holidays, weddings, the latest gadgets, higher education, buying a car or even repairing a house.

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