Marriage is one of the most celebrated events in our country. And when we say the event, we mean it. People spend a huge amount of money on their wedding as per their budget since it is one of the most special days in their life. However, what if someone does not have enough money to fund their marriage-related requirements? Well, in this case, a marriage loan can be a perfect option for them instead of borrowing money from someone else. Wondering what this is? Well, we will be answering some of the most important questions related to the marriage loan facility so that you can understand better. Let’s start with the most basic question…
What is a Marriage Loan?
You must be wondering about this in the last paragraph. Well, a marriage loan is a type of personal loan that lenders provide to users so that they can fund their marriage requirements. With a personal loan for your Shaadi, you can get the required money at the lowest interest rates starting and repay the loan amount in flexible tenure. One of the best things about the marriage loan is that you don’t have to submit any kind of collateral or security against the loan amount.
Things for which You can Take a Marriage Loan
As we said earlier, marriage is nothing but an event in our country. And an event has a wide range of things happening simultaneously. But if we were to make a list for which people take a personal loan for marriage, it would look like this.
- Book their Wedding Venue or Banquet Hall
- Hire a Wedding Planner
- Buy Wedding Outfits
- Purchase wedding jewellery
- Get an Expert Wedding Photographer
- Pay Wedding Decorator
- Hire Caterers for the delicious Shaadi food
- Book Hotel Rooms for their Guests
- Book Flight/ Train Tickets for their Honeymoon
- Hire Makeup Artists
- Pay Miscellaneous Overheads
These are some of the most common and major expenses that happen in a Shaadi. Besides these, you can also go for a marriage loan to buy appliances, a vehicle, plan your honeymoon travel, etc.
How to get a Marriage Loan?
Now that you have understood what a marriage loan is and where you can utilize the loan amount, you must be wondering how to get the same. Well, several lenders in India provide marriage loan. You can also apply with the help of Betterhalf. You only need to provide your details (required loan amount, monthly income, contact number, etc.). Once you do that, the lender will check your eligibility. And if everything is alright, you will get the loan amount directly into your bank account. Do remember that your eligibility for a marriage loan changes from one lender to another.
How much I can Get with a Marriage Loan?
We understand that you must be wondering how much money you can get with a marriage loan. Well, it depends on several factors — your monthly income, credit score, employment status, employment type, the ratio between EMI & NMI, etc. A lender will check several factors before deciding the final loan amount. So, you cannot know how much money you will get.
What Documents You Will Require for a Marriage Loan?
A lender will ask for several documents to validate your authenticity and eligibility. And documentation is one of the important aspects of your personal loan for the marriage application process. You will need the following documents to apply for a marriage loan.
- Recent passport-sized photographs
- Identification proof (Aadhar Card, PAN, Driving Licences, Passport, etc.)
- Address Proof ( Voter ID Card, Passport, Ration Card, etc.)
- Income Proof – Salary slips for the last 3 months or ITR for the last two years
- Address proof of the office in case you’re self-employed