Weddings are a once in a lifetime affair and people leave no stone upturned to turn the event into a dreamy affair. Especially when getting a daughter married, parents tend to do everything in their capacity to ensure the D-day is celebrated grandly. As we know, Indian weddings are extravagant with various ceremonies and rituals being celebrated for weeks and months. Not just this, the wedding event also demands to call family and friends to bless the newly married couple. Each ceremony added with arranging food and accommodation for the guests can cost you anywhere above 10 lakhs depending on how grand you want each event to be. Not just this, the wedding also requires you to take care of various expenditures including jewellery purchases, wedding dress, venue, purchase of gifts, honeymoon costs and others. Compromising on daughter’s wedding would not be something that any parent would like to do. On the other hand, utilizing all the savings to fund the wedding would not be the right idea for many. At such times, applying for a marriage loan would be the right thing to do. If you are planning to make your daughter’s wedding a dreamy affair, then here we tell you why you should avail a marriage loan.
What is a marriage loan?
A marriage loan is an unsecured personal loan that you can avail to take care of all the wedding-related expenses. Since the loan is of unsecured type, you don’t have to offer any security to the lender to get the loan. Similar to other loan products, the marriage loan can be repaid in easy EMIs for tenure chosen. Personal loan for marriage comes in handy to handle emergency financial situations such as making payment to the caterer, booking venue, paying for jewellery, purchasing a wedding dress, buying gifts, booking honeymoon ticket as estimating wedding expenses is not easy. Depending on your credit score and eligibility, the loan amount and interest rate are decided.
Advantages of availing a wedding loan for your daughter’s marriage
Collateral-free: One of the primary benefits of getting a marriage loan is that the loan is unsecured i.e. you don’t have to keep any of your assets as security to the lender to get the loan amount disbursed. Based on your credit score and eligibility, the loan amount is offered. However, in case of non-repayment of the loan, your credit score decreases which can further make it impossible for you to secure more loans in future.
Minimal documentation: Due to technological advancement, it has now become possible for you to apply for a marriage loan as you can easily upload the documents online to proceed with your application. The documents can be uploaded online on the lender’s app or the website. To get a marriage loan, you have to submit your address proof, identity proof and income documents.
Easy repayment options: Marriage loan EMIs can be paid off easily in easy EMIs with tenure ranging from 6 months-60 months. The repayment tenure may vary from lender to lender. Ideally, the EMI you pay should not exceed more than 50% of your monthly income.
Attractive interest rates: Personal loan lenders in India offer you marriage loans at EMI starting at Rs. 2500/lakh. The interest for a personal loan is generally high in comparison to other loans. However, the interest rate for this type of loan may vary from lender to lender and may depend on your credit score and loan eligibility. It is important to note that high credit score attracts less interest rate, whereas, a low credit score is likely to lead to loan rejection or approval of the same at a high rate of interest.
Speedy loan disbursal: On approval of all the loan details and documents, the loan amount is directly disbursed into the customer’s bank account. The loan amount is disbursed instantly or within 24-48 hours depending on your eligibility. Getting speedy loan disbursal helps you manage and plan your wedding expenses accordingly.
Use the funds for any purpose: The wedding loan amount can be utilized for any purpose including the purchase of wedding gifts, booking honeymoon tickets, shopping, buying gifts and others. You can also hire a caterer, makeup artist or a wedding photographer. There is no such restriction on the purpose of usage of the funds.
You can get the required financial support for your daughter’s wedding by applying for a marriage loan online with Upwards. The simple application process combined with instant disbursal helps you make your daughter’s D-day nothing less than a fairy-tale. With a personal loan for the wedding, nothing can stand in your way as you can easily get a loan up to Rs. 40 lakhs to meet your wedding expenses and make the day a memorable one for your beloved daughter.