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What is a Marriage Loan?
A marriage loan is a loan under the personal loan umbrella. This loan is available to people looking to meet their wedding expenses in order to make the wedding in the family a grand success. Often, when planning for weddings the budget overshoots and the parents are sometimes forced to look to family and friends to tide them over. With our wedding loan, you need look no further as we extend to you the wedding loan with minimal formalities.
What are the current interest rates on wedding loans?
The interest rate currently applicable on marriage loans is between 11.49 and 19%. The rate is dependent on several factors such as the ability to pay back, credit score, and work experience, profession, age and past loan repayment history. To know more, you can go to marriage loan interest rates.
Why Tata Capital
We treat wedding loan as a personal loan. The formalities for obtaining a personal loan are applicable to a marriage loan as well. Our formalities are very simple because
- We don't ask for any security for the marriage loan
- We use digital platform to process the loan which involves very little paperwork
- We let you decide how you want to repay the wedding loan
- We offer you interest rates that are unmatched in the industry
- We offer loans up to Rs 15,00,000/-. Higher loan amount is possible depending on your credit score
- We seek bare minimum documents - documents that are normally available with you
- We give you instant online approval based on information furnished in your application
Are you eligible for a Marriage Loan?
You are eligible for a wedding loan if you
- Are between 21-58 years having a salary income of Rs 20,000 and above
- Are between 25-65 years having an annual business or professional income of Rs 2,00,000 and above
You can go through the detailed marriage loan eligibility criteria.
How much EMI do you have to pay?
- The EMI that you pay depends on the principal loan amount, interest rate charged and the period for which the loan is taken. We provide a wedding loan with tenure up to 6 years. You can calculate an approximate of the EMI by choosing the parameters of your loan by clicking the Marriage Loan EMI calculator.
What are the documents you need?
- Proof of identity and proof of residence
- Income documents
- ITR, trade license and ownership of business
- Salary details
You can check the detailed requirement of documents needed for a Marriage Loan.
Importance of Weddings in Indian Social Order
Weddings are an important milestone in Indian families. The occasion is celebrated in an elaborate manner spread over a number of days. There is bonhomie displayed all across family and friends. This is an occasion where families and friends get together to renew friendships and relationships and also bless the marrying couple. Unlike in the western societies weddings in India attract huge attendance. The parents have to put their best foot forward to make the guests feel at home.
Why take a Wedding Loan
Parents make arrangement to bedeck the marriage hall, organize refreshments, breakfast, lunch and dinner. They provide accommodation to outstation guests. All these arrangements cost money and often parents end up overshooting the budget. It is here that the wedding loan is useful as it is an unsecured loan obtained quickly with minimal formalities.
- Plan Your Dream Wedding
- Reasons for a Wedding Loan
- Things to Know
Plan Your Dream Wedding with Personal Loans
So you just got engaged and started planning your wedding. There must be only one question running on your mind - how much should you pay to have a perfect wedding? Financing your dream wedding can take a toll on your savings with the average cost of weddings in India hovering around a whopping 25 lakhs. To add to that, there is a pressure of funding honeymoon and other expenses like buying a house, which can lead to stress for many couples. However, with some careful planning to get a wedding loan, you can be able to ease the pressure of funding your dream wedding by stopping the costs spiraling out of control.
Most couples have a fair idea of what they want to make their wedding day special. But many times, costs of little things come up as a surprise because this is the first time they are planning a wedding. Additionally, there are several things creeping up your wedding budget list that are likely to be unexpected but essential items. Hence, managing expenses for turning that dream wedding into reality is a must for you. That's where a personal loan for marriage comes into play.
Setting a budget is the most crucial part of planning your wedding, even if you are aiming to get a personal loan for it. You have to work out a budget for how much you want to spend on your wedding. And for that, you have to take note of every little thing required for the different ceremonies plus other financial goals like honeymoon, buying a house, moving to a bigger house or even saving for starting a family. You should also consider that whatever you have planned for your wedding can actually be unaffordable in reality. That's why it is ideal to work out a realistic budget and stick to it.
Once you have set the budget, the biggest task is to get your finances together. This is crucially important before you start booking venues or buying jewellery. Think about how much money you require for your dream wedding, the amount you have saved up for it and how much you need to borrow. Once you have decided on the amount, you should consider whether or not you can afford the repayments or how long do you want to repay the personal loan for marriage. And if you have doubts about repayment, you must reconsider the wedding budget.
It is easy to acquire a loan for wedding - you just need to have a good credit score. But the key here is to get the marriage loan in the most cost-effective way. Do your research, talk to different lenders about their marriage loan interest rates and get the best deal. And once you have landed a wedding loan with the best interest rates, you can decide freely on the scale of your dream wedding.
Terms & conditions apply.
Reasons to Apply for a Wedding Loan
Weddings are fairly expensive, even if you try to have the modest low-key wedding ceremony, you are bound to spend a fortune. You have to pay for a venue and its decorations, finance the catering, photography and entertainment service as well as purchase clothes and jewellery. All of this amounts to a lot of money that can really burn a hole in your wallet.
Wedding day is one of the most enthralling and nerve-racking days of your life. A wedding loan can help you reduce the stress of paying a hefty amount. All you have to do is make a list of everything that makes your dream wedding, prepare a budget for that and decide on the loan amount you would require.
Most people save up for the big day for themselves or a family member but the amount saved is often not up to the mark when it comes to a wedding. The average amount of wedding celebrations, which is about 20 lakh, is still out of reach for many couples. By availing a personal loan for marriage, you can borrow up to 15 lakhs or even more, depending on your credit score. Whatever savings you have can easily make up the shortfall or even pay up for the expenses beyond the wedding day.
Usually, couples and their families do not take into account the expenses after the wedding such as cost of honeymoon and getting an apartment together. Spending all the saved money at the wedding celebration often leaves couples strapped for cash at the beginning of their marriage. Therefore, taking up a personal loan to fund most aspects of the wedding proves really helpful in the near future. You can rely on a lending institution that offers personal loan for weddings in order to have a memorable wedding.
A great advantage of taking out a wedding loan is that the payments are fixed, which helps you in planning budget accordingly. You can choose a loan with a term of anywhere between three to five years. And if you repay the marriage loan within a shorter period, you will pay less interest. A wedding loan is really convenient to get immediate money for your dream wedding without having to delay the big day.
Getting a wedding loan in India is a great way of financing your wedding costs. However, it is important to make the right choice when deciding on a lending institution. Find a lender that helps you get things sorted with repayments as per your requirements and budget.
Terms & conditions apply.
Things to Know Before you Apply for a Wedding Loan
To have a perfect wedding, couples nowadays are resorting to wedding loans that cover most of the expenses of their wedding celebrations. A wedding loan is basically a personal loan offered by various lending institutions at good interest rates. And as the special day draws closer, people compensate for the big occasion by getting a personal loan for wedding. If you are also considering applying for a loan, here are some things you should consider.
Acquiring a loan for your wedding may actually prove helpful in figuring out the financial status of your spouse. You can have a good look into their spending habits and see whether or not you are compatible in terms of finances.
You must know that taking a marriage loan in India has easy procedure. However, figuring out the amount needed to be borrowed is the hard part. You have to take into account your financials, the amount you can spend on your wedding, the amount you already have and how much you need to borrow.
Amount for wedding loans vary from one lender to another and range from anywhere between 10 lakhs to 40 lakhs or more, based on your credit.
Prior to approaching a lender, you must decide on the exact number you want to shell out on your wedding day. Chalk out a list of everything you want to have at your dream wedding. In case, the final amount goes beyond what you can borrow, start paring down.
You can make a list with expenses categorised as necessary, One way to get a handle on costs is to list the expenses as necessary, irrelevant but desired and trivial surplus. For example, venue is necessary but ribbons can be irrelevant and decorative lanterns are definitely a surplus.
After setting the budget, most important factor is to decide on the amount you can easily repay every month after the wedding. There is no point in getting a wedding loan that you repay for the rest of your married life. So, borrow only the amount, you can repay within three years.
The marriage loan interest rates are highly feasible and you can get great rates. That said, you must do your homework when choosing a lender to get the best rates possible. Moreover, there are generally no fee or pre-payment penalties on wedding loans so you should also find best terms along with rates as well.
You can even get a wedding loan if you have bad credit. Be honest with your lender from the beginning and get your credit report prior to applying for the loan. This will leave a good impression on the lender.
The lender will ask you to provide some documents before formalising the marriage loan application. These may include bank statements, proof of income, lawsuit settlements, tax returns and list of credit accounts. Every lender does not ask for all the documents, but a few. So, you must check with the lender beforehand.
Terms & conditions apply.
Looking for a Personal Loan? Calculate your EMI in 3 Easy Steps Using our Personal Loan EMI Calculator.
Personal Loans are originated and serviced by Tata Capital Financial Services Limited and are at its sole discretion. Flexi EMIs are applicable for salaried individuals only. Terms and conditions apply.
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