A wedding ceremony is one of the biggest highlights of any person’s life, regardless of their background, job, state, and culture. It is among the happiest days of a person’s life. Most people meticulously plan how their wedding will take place. This requires evaluating your budget and options in your planning list. Since a wedding is a grand affair in India, most people take a marriage loan to fund their wedding-related expenses. Those who don’t have ample savings mustn’t worry because lending institutions like Fullerton India, have made it easier to avail of a wedding loan.
Now that we are aware of how easy it is to get a marriage loan, let’s address another important question that plagues people’s minds when it comes to a wedding loan. Is it worth taking a wedding loan? Well, the answer to this question lies in your assessment. How important is the wedding ceremony to you? For most of us, it is quite important given our culture and rituals. To make the celebration delightful, you need to spend money on different things and a personal loan can make it easier for you to manage your finances.
Are Marriage Loans Worth it?
A simple answer to this common question is ‘yes’. It is worth it if you are falling short of funds to immediately finance wedding-related expenses. There are plenty of advantages of availing of a wedding loan for your wedding. Most people often rely on their credit cards to finance immediate expenses. You must note that credit card interest payment charges are much higher than that of a personal loan like a loan for a wedding. You will be safe from the imminent risk of huge credit card bills. Deferring your expenses through a loan is always a good idea than failing to repay bills on time. Let’s read about some important advantages of a marriage loan.
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Collateral Free Loan
Most financial institutions offering a marriage loan categorize it under the personal loan segment. Now, these loans are unsecured, meaning that the borrowers don’t have to pledge any collateral to avail of the loan amount. It makes marriage loans more accessible and risk-free for people in need of funds.
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Minimal Paperwork
New-age financial institutions like Fullerton India have made it easier to apply for a wedding loan by limiting the essential documents required for a loan application. You can easily visit their website and navigate to the personal loan sections. Once you find the wedding/marriage loan option, just click on apply and submit the required documents.
- Quick Disbursement
Unlike traditional banking systems, modern financial institutions are quick with loan disbursements. Earlier, people had to wait for weeks, if not months to get the loan amount into their account. Today, the loans processing and disbursement process hardly takes a few days. In many cases, it is also disbursed within 24 hours. This makes it easy to manage urgent expenses.
- Interest-Free EMIs in the Initial Period
Another important benefit of marriage loans is that you don’t have to pay an interest fee on the initial few EMIs. This policy can vary depending on the lending institution you are resorting to. Personal loan interest charges are quite nominal if you have a good credit score. You must check with your lender for the latest offers on marriage loans before you make an application.
Eligibility Criteria for Wedding Loans
It is indeed easier to get a wedding loan in today’s period, but there are certain criteria put in place by lending parties to verify the user’s creditworthiness before approving the loan. Now, these criteria might differ a little depending on your city and loan service providers. However, reputed financial institutions like Fullerton India have the below-mentioned eligibility requirement to process a marriage loan application.
- The applicant must be an Indian resident citizen between the age range of 21 to 60 years.
- The minimum income for a salaried professional in a non-metro city should be INR 20,000. For residents in metro cities, it should be INR 25,000.
- For self-employed people, a profit after tax figure is taken into consideration for evaluating income
Fullerton India offers up to INR 25,00,000 as loans for marriage and the interest rate starts from 11.99%. One can opt for a loan tenure of up to 60 months, depending on their income and other requirements. A very minimal processing fee of up to 3% is levied on wedding loans and pre-payment charges can vary in the range of 0% to 7%. It is highly recommended to maintain a good credit score for getting a marriage loan on favorable terms including a lower personal loan interest rate.
