Personal Loan for Wedding Helps Cover the Unexpected Expenses
Your wedding is a new beginning and to make it special your budget should be high too. And if you had everything planned, you don’t have to worry about anything. But what if the financial planning comes a cropper in the face of tall wedding expenses? In this case, you need a Personal Loan for Wedding. Read this page to know further about this loan product.
What is a Personal Loan for Wedding?
An unsecured loan using which you can borrow up to INR 50 Lakh from the bank. Plus you won’t have to provide any collateral. The loan amount will be based on the applicant’s repayment capacity which is determined by his/her income and credit score. So, do check your credit score before applying if you haven’t checked it recently.
Who is Eligible for a Personal Loan for Wedding?
The below criteria need to be met for a Personal Loan for Wedding –
An applicant should be at least 21 years old, the bank won’t lend money to you if you don’t meet this age criterion. The maximum age limit to borrow a Personal Loan for Wedding is 60 years. So if your father is looking to get a Personal Loan for your Wedding, make sure he checks the age criteria.
There is a minimum income requirement that the applicant must meet to get Personal Loan for Wedding. This is necessary to ensure that you’re capable of repaying the loan amount. Because an applicant with a low income can’t afford to get a Personal Loan for Wedding amid the daily expenses. In such a case, there will be a high risk of EMI default.
A credit score which is a three-digit number shows how well you have managed your previous repayment. When you have a score of 750 or above, it means that you have managed the repayment quite well. And this will be taken into consideration while checking your loan application. A good credit score can also help you negotiate for a low rate of interest.
Note – The eligibility criteria for a personal loan may vary depending on your lender.
Is Personal Loan for Wedding Affordable?
Yes, this is the most convenient and affordable product for you at a time like this. As here, you can repay the borrowed amount in equal installments. It means there won’t be much stress on repayments. To know your Personal Loan for Wedding EMIs, use the calculator online. You can use it by visiting the bank’s official website. Check out the example below to see how this tool works.
Neha’s wedding is just 2 weeks away and there has been a lack of funds to pay the caterer. Well, in situations like this, Neha considers getting a personal loan. After searching she came across a lender that offers her a loan amount of INR 5 Lakh at an lowest personal loan interest rate of 12% per annum. And as she was new to this loan product, she wasn’t able to decide on the tenure. So, Neha takes help from Personal Loan EMI Calculator for wedding planning.
For a one year tenure, the EMI is INR 44,424
For two years, the EMI is INR 23,537
For three years, the EMI is INR 16,607
For four years, the EMI is INR 13,167
For five years, the EMI is INR 11,122
Neha chooses the tenure of three years in which the EMI is affordable and the repayment period isn’t long either.
How Can You Apply for a Personal Loan for Wedding?
You can visit the bank branch or the official website and apply for the Personal Loan for Wedding. During the procedure, you’ll be needing KYC and income documents. So, keep near while applying for a personal loan.