Sure, the ongoing Covid-19 pandemic has put the best-laid wedding plans on hold for couples who intended to tie the knot this year. But, with the gradual easing of lockdown restrictions and the number of positive cases dropping, you can un-pause your fairy-tale wedding plans after all.
If you are considering a wedding loan to kickstart the celebrations, we have you covered. Read on to find the documentation requirements and eligibility criteria for wedding finance.
Availing wedding finance includes submitting the loan application and required documents for proof. To help you save time and hassle, here is the list of wedding loan documents you need to file your application with Tata Capital.
- Photo identity proof – A copy of your voter ID card, passport, driving license, or Aadhaar card
- Proof of income – A copy of your last 6 months’ bank statements and previous 3 months’ salary slips
- Proof of residence – A copy of your electricity bill, ration card, or passport
- Employment proof – An employment certificate stating one full year of continuous employment
Eligibility criteria for wedding finance
Lending institutions typically have unique eligibility criteria for marriage loans. To avail of a personal loan for wedding with Tata Capital, you must fulfil the following conditions.
- Age limit – You must be between 21 to 58 years of age.
- Total work experience – You must be working with your current organisation for at least 6 months. You should also have a minimum of 2 years of work experience.
- Minimum income – You should be earning a minimum salary of Rs. 20,000 per month.
Now that you are up to speed with the list of marriage loan documents and the eligibility criteria, here are a few things to consider before applying for a loan.
Additional Read: Is taking a Personal Loan to Fund Your Wedding the Right Choice?
#1 Settle on a budget and stick to it
You must know how much you are ready to spend on your big day. Besides, with funds earmarked for different events, you can effectively decide on a theme, the guest list, the venue, wedding menu ideas, and more.
#2 Research everything
Make sure to meticulously research potential wedding vendors and services, including your florist, photographer, cake, invitations, décor, music, wardrobe, hair and makeup, and more. This will help you stay within your budget. Also, before applying for wedding finance, compare different lenders to get the most attractive personal loan interest rates.
#3 Track your finances
Since Indian weddings often comprise dancing and singing events, traditional ceremonies, and lavish parties, they can drill a hole in your pocket. To stay on top of your budget, maintain a wedding expense tracker. Besides, use a personal loan EMI calculator to plan for future instalments and interest payable in advance.
Additional Read: 4 Additional Ways a Wedding Loan can Save Your Big Day
Over to you
Now that you are ready to apply for wedding finance, it is time to find a credible lender. And, Tata Capital is it! We extend collateral-free personal finance for weddings at customisable repayment terms and minimal documentation.
To know more about our wedding finance offering or for starting an online application, click here.