Weddings are an expensive affair. If you are someone who is planning for a big fat Indian wedding, then managing the costs can be a little difficult. Are you dreaming of glitzy, colorful events for your big day but wondering about the expenses? A wedding loan can help you turn your dreams into reality. A wedding loan is a perfectly designed solution for your perfect wedding. From catering, decoration, attire, and venue, all costs can be covered with the loan. This personal loan comes with a variety of EMI repayment options and a flexible tenure to suit your needs.
What is a Wedding Loan?
A wedding loan is a financial product designed to assist individuals in covering the expenses of their wedding. It is an unsecured loan that can be used to cover any expenses for your wedding. This loan can provide financial flexibility, allowing couples to focus on creating memorable moments without the immediate burden of high wedding costs. However, like any financial commitment, individuals should carefully consider the terms and conditions of this personal loan.
What are the advantages of taking a wedding loan?
Instead of swiping your card at will and running up huge credit card debts, you can exercise prudence and apply for a wedding loan. Let us understand the advantages of taking a wedding loan.
Collateral Free Loan
A personal loan is collateral-free so you do not need to pledge any asset. This feature makes personal loans accessible to more people.
There is a bare minimum of paperwork needed while applying for a personal loan. The application process is simple; all you need to do is fill up an online application and upload the necessary documents.
LoanTap has a fast process for loan approvals and disbursements. After applying for a personal loan, the amount can be disbursed within 24-36 hours of your application being submitted.
No prepayment penalty after 6 months
You can take the wedding loan for the longest tenure possible to optimize the EMI. After 6 months of taking the loan, you can choose to pay off the loan in full to reduce your interest. You will not be required to pay any prepayment penalty.
Feasible Than Other Financial Options
Generally, credit cards charge 24-36% annually on the outstanding balance, while LoanTap’s interest rates start from 12% p.a. for personal loans.
Am I eligible for a wedding loan?
If you want to take a personal loan, then there are some eligibility criteria that need to be fulfilled. There are basic eligibility criteria that every applicant should fulfill else there may be rejection of loan.
If you are an Indian citizen or resident over the age of 21 years and earning more than ₹30,000 on a monthly basis, you will be eligible to apply for a wedding loan.
How do I apply for a wedding loan?
Applying for a wedding loan is as simple as applying for any other personal loan. All you need to do is fill the application form online on the LoanTap website and upload the following documents –
- PAN Card
- Aadhaar Card
- Salary slips for the last three months
- Bank statement of the salary account for the last six months
Once you submit the application, the LoanTap team will evaluate your documents, obtain your credit score, and assess the other parameters. If your application is approved, the amount will be credited to your account within 24-36 hours.
LoanTap offers wedding loans in the range of ₹50,000 – ₹10,00,000 for a period ranging from six months to five years. Interest rates start at 12% p.a.
There is no reason to hold on to your dreams because of a shortage of funds. You can always find a prudent solution in the form of a customized personal loan. A wedding is a once-in-a-lifetime event, and you should make it as memorable as possible. Finances should not affect your big day. Just visit LoanTap’s website and fill out an application now. Your funds will be credited in a short time, and you can make your D-day even more special. Making your dream a reality is just a few clicks away.