You must know that a personal loan can be used to meet any personal purpose such as a travel loan, student loan, or for that matter to meet all the urgent financial needs. It is a collateral-free loan; this means you can avail of a personal loan without any guarantor or security against the loan amount. 

Nowadays people are acquiring a personal loan for a wedding. That has made it popular and led to an ample number of personal loans offer in the market. Indian wedding is full of joy and enjoyment likewise need a handful of money. So, if you are worried about falling short of funds then forget of all your tension and focus on preparations as a personal loan for a wedding is here for you. You can easily get a loan to fund your marriage. It is not necessarily having to be your wedding it can be your daughter, sister, brother, or any family member. Whether you are salaried, cash salaried, or self-employed – you can easily acquire a marriage loan with or without documents.

Interest Rate of Personal Loan for Wedding

As mentioned above various personal loan offerings are available in the market. And the personal loan interest rate may vary based on Banks, NBFCs, and other factors. Generally, the personal loan interest rate starts from 10.90% p.a. onwards. Below is a list of some popular and preferable personal loan for wedding lenders with their generic interest rate.

Eligibility Criteria for Personal Loan for wedding

• If an applicant is salaried employed, then his/her age should be between 21 years to 60 years
• A self-employed applicant’s age should be between 25 years to 65 years.
• An applicant should have a minimum net monthly income of Rs. 20,000
• The business should be profitable for the minimum last 1 year.

Documents Required for Wedding Personal Loan

Salaried Class –

• Proof of Identity – Aadhaar Card /Voters ID/Passport/Driving License /PAN Card
• Address Proof – License Agreement/Utility Bills (maximum three months old)/Passport
• Proof of Income – Last 3 months salary slips along with the bank statement showcasing the salary transaction
• Two passport size photographs

For Self-employed 

• Proof of identity
• Age proof
• Address Proof – License Agreement/Utility Bills (maximum three months old)/Passport (if you own one)
• Last 1-year ITR for income proof
• Official Address Proof
• Testimonials of the last 1 year to show the continuity of business.

Common reasons for availing Personal Loan for a Wedding

• Affordability 

Nowadays personal loans have become more affordable; interest starts at 10.90% p.a. A few years back, the interest rate on personal loans was comparatively higher since there was less competition in the lending business. But due to heavy demand for personal loan the new lenders and fin-tech concept, has widened the arrays of options for the loan seekers.

• Flexible Loan Tenure

Usually, the flexible repayment tenure offered with a personal loan for a wedding ranges from 12 months to 60 months.

Tips to Avail the Best Personal Loan for a Wedding 

No matter how meticulously you made the wedding budget but there will be something which will be left out or may emerge at the last moment. As the list of expenses is never-ending for marriages. And to manage these last minutes financial requirements personal loan has been a great support for a long time now.

So, it becomes very important to choose the best suited personal loan. And to help you out a few steps or tips are mentioned below which one should look at before acquiring or deciding on a personal loan.

• Planned Expenses

Weddings are supposed to be a function of complete happiness and should be  tension free. But there are times when marriage expenses make it very hard for the people those involved in the spending to be happy. But if you plan the expenses and stick by to the budget, then you will know exactly how much is needed for the wedding. Knowing beforehand how much you are ready to spend on your big day will help you to plan it more effectively. This will act as a framework that will guide you while deciding the wedding theme, the venue, the guest list, and even the wedding dress.

• Maintain the Wedding finances

You may have dreamt of the wedding day since you were a little girl or a boy, but making a dream into reality comes with a cost. To stick with your wedding budget, it is very important to maintain and track of the wedding expenses.

• Do a Detail Research 

It is the biggest day of life and everyone wants it to get everything right. Research has the potential to get the best personal loan deal. Although going with the existing bank or the first offered loan deal would be easy but may not be beneficial. Try to do deep research about the lenders offering personal loans for the wedding. As research can give many benefits like a low rate of interest, required loan amount, flexible repayment tenure, low processing fees, and many others. By researching meticulously, you will be able to come up with the options that may help you to stay within the budget.

Conclusion

Lastly, there are also some apps offering loans to the cash salaried applicants like Indiabulls Dhani App, where you can apply for a personal loan without income documents. You just require the basic KYC documents. That’s it! So, avail of a personal loan for a wedding and have your dream wedding.