A wedding is one of the most beautiful moments in life. It’s a time to celebrate love and commitment, but it can also be an expensive endeavor. That’s why many couples turn to loans for their big day. These loans can be used to cover many different expenses, including the venue, catering, honeymoon, wedding dress, jewelry, and other related costs.
The best way to find a personal loan for your wedding is through research of lenders who specialize in this area. You will want to look into payment plans, terms, interest rates, and more before making any decisions about which loan offer you are going with. There are many lenders who offer personal loans for weddings. But before you start the process of applying, there is something important that you should know.
Reasons to Take a Personal Loan for Wedding
Since a wedding is a much anticipated event in a person’s life, most people start planning for it several years in advance. However, ensuring that everything goes as per the plan when the day arrives is a different game altogether. Several unforeseen expenses can pop up and the prices and rates for different items may be more than what you had initially accounted for. This is where a personal loan for wedding can help.
Essentially, a personal loan for wedding is nothing but an unsecured loan that you can use to meet your wedding-related expenses. Instead of liquidating your savings and investments or borrowing from friends/ relatives, a personal loan from an NBFC is always a much better choice. Although there is no one-size-fits-all solution for wedding loans, you must go ahead with a personal loan due to the following reasons:
No End-Use Restrictions
When you take a personal loan for wedding, the lender puts no restrictions on how you use your sanctioned loan amount. You can use your approved loan amount to cover venue, decorations, gifts, jewelry, honeymoon, wedding dress, food, and catering, and other wedding-related expenses.
Easy and Fast Application Procedure
With easy internet access, applying for a personal loan has become extremely easy and quick. All you have to do is fill out the loan application form and follow some quick steps to get your loan approval.
Instant Approval and Disbursal
While applying for a personal loan, you do not need to submit piles of paperwork and wait for days to get your loan approved. With the entire process done online, you may get your loan approval in as little as 15 minutes*. Once approved, your sanctioned loan amount is disbursed quickly.
No Collateral Requirement
Since personal loans are unsecured, no collateral, security, or guarantor is required to apply for your loan. The lender may approve your loan application based on your credit score, income, and repayment capacity.
Customized Repayment Plan
Personal loans have flexible repayment terms that you can choose as per your budget and repayment capacity. Clix Capital gives you 12 to 48 months to repay your loan in easy EMIs. You may use a personal loan EMI calculator to get an estimate of your EMIs and choose a loan term with EMIs that you can easily afford.
Things to Consider While Taking a Personal Loan for Wedding
While a personal loan for wedding can be your one-stop solution for all wedding-related expenses, you must not accept any loan offer that you come across without due diligence. Keep the following points in mind while applying for a personal loan:
Interest Rate: The interest rate applicable on the loan is a significant determining factor you must check while applying for it. Take your time to research the market and select a loan offer that charges the lowest interest rate.
Eligibility Criteria: Have a look at the lender’s eligibility conditions and ensure that you fulfil them before applying for their personal loan. No matter how simple they are, you need to meet them to be able to avail the loan.
Documentation Requirements: Although this is the age of completely paperless loans, you still need to share a few documents to prove your identity, address, and income. You don’t need to upload them anywhere, provided that your KYC is updated with your PAN. The entire process is conducted online and takes only a few minutes.
Credit Score: Since personal loans are unsecured loans, lenders largely base their approval on your credit score. Check your credit score and ensure that it is more than 725 before applying.
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