Weddings are an expensive affair, in general, and a big fat Indian wedding comes with a hefty bill. Watching all those glitzy, colourful events on cine screens may tempt you to splurge a bit when it is time for your big day. You have stars in your eyes and dream plans but what if you do not have enough funds to turn all your dreams into reality? Falling short of funds before the wedding can be a real crisis. The traditional Indian solution is to borrow from relatives or friends but it is time you looked at a less awkward way of doing it. If you are in a good job and earning a decent salary, you can take a personal loan to meet your marriage expenses.
If you are wondering what a personal loan is and how one needs to apply for it, read on.
A personal loan is an unsecured collateral-free loan that can be taken for any legal purpose. This means you can get a personal loan for marriage if you want to. The fact that it is a collateral-free loan makes it very popular among the younger generation.
What are the advantages of taking a marriage loan?
Instead of swiping your card at will and running up huge credit card debts, you can exercise prudence and apply for a marriage loan. Let us understand the advantages of taking a marriage loan.
No collateral – As mentioned earlier, a personal loan is collateral-free so you do not need to pledge any asset. This feature makes personal loans accessible to more people.
Minimum paperwork – There is bare minimum paperwork needed while applying for a personal loan. All you need to do is fill up an online application and upload the necessary documents.
Ease of processing – Applying for a personal loan is very easy. Online applications are designed to provide a convenient and delightful experience.
Quick disbursement – Personal loans are processed within 24-36 hours and the amount gets credited to your account.
No prepayment penalty after 6 months – You can take the wedding loan for the longest tenure possible to optimise the EMI. After you service the loan for 6 months, you can choose to pay off the loan in full to reduce your interest outgo. You will not be required to pay any prepayment penalty.
Interest-free EMIs for the first three months – LoanTap understands your need for funds in the initial days after the wedding. That is why they allow you to pay interest only EMIs for the first three months on a marriage loan. Once you settle down, you can pay the normal EMIs from the fourth month onwards.
Cheaper than credit cards – Credit cards charge 24-36% annually on the outstanding balance while personal loans are cheaper.
Am I eligible for a marriage loan?
If you are an Indian citizen or resident over the age of 21 years and earning more than Rs 30,000 on a monthly basis, you will be eligible to apply for marriage loan.
How do I apply for a marriage loan?
Applying for a marriage loan is as simple as applying for any other personal loan. All you need to do is to fill in the application form online on the Loan Tap 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 you pass on all counts, your loan will be approved and the amount will be credited to your account within 24-36 hours from the time of filling the application.
LoanTap offers marriage loans in the range of Rs 50,000- Rs 10,00,000 for a period ranging from six months to five years. Interest rates start at 18% p.a. You can pay interest-only EMIs for the first three months and normal EMIs thereafter for the balance of the tenure.
There is no reason to put off 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. A temporary shortage of funds should not be a dampener. Just visit our website and fill out an application now. Your funds will be credited within 24-36 hours and you can make your D day even more special. Remember, LoanTap is just a few clicks away.
Related Article – The Changing Trends of Indian Weddings