How to Get a Personal Loan for Marriage?

Indians are famous for their grand weddings celebrated like a festival. But these weddings cost quite a lot, even if you are planning for a small one. To meet the finances, one tends to take a personal loan from friends or family and end up losing more. But don’t worry there are several NBFCs that offer an instant personal loan with an affordable rate of interest so that you can plan the beautiful wedding of your dreams.

Table of Contents

• Things to Consider When Taking a Wedding Loan
• Step-by-Step Process to Apply for a Personal Loan for Marriage
• Advantages of Personal Loans for Marriage
• Conclusion: Is a Personal Loan for Marriage the Right Choice for You?

Marriage loans can offer several advantages, but it's crucial to consider factors such as eligibility criteria and interest rates before applying for one. These aspects can significantly impact the loan's affordability and your ability to pay it back. So, it's essential to take the time to assess your situation and make an informed decision.

Things to Consider When Taking a Wedding Loan

Here are a few things that you must keep in mind before applying for a marriage loan:

• Eligibility Criteria: To be eligible for a personal loan, several factors are taken into consideration. Your age, employment status (whether salaried or self-employed), duration of your current job, and other such factors play a crucial role in your eligibility. The fundamental criteria for availing a personal loan is that you should be at least 18 years old and a resident of India. It is relatively simple for salaried individuals, those working in government and public sectors, and self-employed individuals to obtain a personal loan. Nonetheless, people who are neither salaried nor self-employed can still avail a personal loan if they offer 100% collateral security. Collateral security can be provided in the form of RBI bonds, LIC policies, fixed deposit certificates, national savings certificates, or other tangible or government securities.
• Loan Interest Rate: Personal loans are usually granted with a fixed interest rate that remains constant throughout the loan term regardless of any fluctuations in the market. The interest rate for personal loans can vary from one financial institution to another and even from one borrower to another depending on their eligibility. Lenders may offer different interest rates to personal loan applicants based on their individual financial profiles.
• Loan EMI Calculator: If you're planning to repay your personal loan in EMIs, you can use a personal loan EMI calculator to figure out how much you'll need to pay each month. The calculator requires you to input the principal loan amount, select the interest rate, and choose the tenure period in months, and the calculator will show you the exact amount you need to pay per month. This way, you can plan your budget accordingly and avoid any unexpected financial surprises.
• Vendor’s Credibility: When you are planning to apply for a personal loan, it is important to ensure that the vendor you are considering is credible and trustworthy. Before you proceed, you should conduct thorough research on the vendor, check their credentials and reputation, and read reviews from other customers who have worked with them in the past. This will help you make an informed decision and avoid the risk of falling prey to fraudulent vendors who may exploit your personal and financial information.
• CIBIL Score or Credit Score: Getting an instant personal loan without checking your CIBIL score is not recommended. This is because the CIBIL score determines your creditworthiness. So, it is suggested to check your CIBIL score before applying for an instant personal loan. With a higher score, your personal loan eligibility will be better, thus, increasing your chances of getting the loan instantly.
• Loan Documents: When filling out a personal loan application, salaried individuals should also include their salary certificate. Additionally, applicants should prepare their IT returns for the past three years, along with their ID proof, address proof, and any other documents requested by the sanctioning authority. It's important to have all of these documents ready to ensure a smooth and efficient loan approval process.

Step-by-Step Process to Apply for a Personal Loan for a Wedding

• Step 1: Start the process by applying for a personal loan. You can apply online through the iMuthoot app, on the Muthoot Finance website, or by visiting the nearest Muthoot Finance branch.
• Step 2: Choose the loan amount and tenure with care. A longer tenure means lower EMI but more interest to be paid and vice versa. You can use a personal loan calculator to get an idea of the EMI each loan amount and tenure choice will result in.
• Step 3: Make sure you have the required documentation ready. You will need to submit KYC and financial documents.
• Step 4: The documents will be verified. Personal loans are only approved after the applicant’s credit worthiness, local, standing, integrity, and repayment capability are verified.
• Step 5: After the review of the application and document verification, the loan amount is disbursed directly into the applicant’s band account.

Advantages of Personal Loans for a Wedding

• Collateral-Free Loan: Personal loans are unsecured loans which are sanctioned based on the credit worthiness and repayment capability. There is no need for you to liquidate your investments or to put your assets as collateral for securing the loan.
• No Limit on End Use of Funds: The loan amount can be used to fund a number of expenses related to weddings. The funds can be used for anything, from booking the venue or buying wedding dresses to buying jewellery or planning a honeymoon.
• The Loan Is Approved Easily: As long as proper documentation is submitted timely the loan amount is disbursed quickly to the applicant’s account. With Muthoot Finance, you can even apply for an Instant Personal Loan, which is disbursed very quickly.
• The Loan Application Can be Made Online: Apart from visiting the nearest Muthoot Finance branch, you can also apply for a personal loan online. You can start your application on the Muthoot Finance website, or you can apply through the iMuthoot app.
• Repayment Flexibility: Not only can you repay the total loan amount over a period of time in affordable equated monthly instalments (EMI), you also have the freedom to choose the exact loan amount you want to borrow and the loan tenure over which you will repay the loan and interest.

Conclusion: Is a Personal Loan for a Wedding the Right Choice for You?

Yes. A personal loan can be a great way to finance the wedding of your dreams. However, it is important to apply for the loan only if you are in need and are sure that you will be able to repay it without unnecessary financial duress. Then, it is important to consider all the associated expenses to figure out your budget is, so you can distinguish between what you can afford, what you need to borrow, and what expenses may be unnecessary. It is also important to put in some research into different personal loan schemes and interest rates before making a borrowing decision.

At Muthoot Finance, we believe in making financial services accessible to everyone. That's why we offer the best personal loans that are collateral-free, come with affordable interest rates, and are processed quickly with minimal documentation. With flexible repayment options, a simple online application process, and speedy disbursals, we strive to provide our customers with a hassle-free experience.