Wedding & Marriage Loans

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marriage loans

Wedding & Marriage Loans

The average cost of an urban Indian wedding is up to ₹10,00,000/-. you would like to form the foremost of your big day in spite of the increasing prices of everything around! Here, a marriage loan may be a very sensible option. The advantage of choosing this consumer loan is that you simply can fund your expenses without disturbing your fixed or other deposits to avoid the penalty and loss of interest thanks to early withdrawal. These sorts of personal loans are designed to alleviate you not only from the expenses you’ll incur during the marriage but also, relieve you from heavy EMIs; letting you agree down during a new life post wedding.

 

At LoanTap, we’ve designed products to assist you together with your wedding expenses. we provide loans with flexible repayment options at competitive rates. we provide wedding loans with a tenure of 1–2 years and amount , counting on your eligibility; you’re given the choice of paying only the interest for the primary 5 months followed by fixed EMI for the remaining tenure. This flies the pressure to start out paying off the loan from the day you begin your new life as a marriage . the thought is to offer you some breathing space to spend on candlelight dinners, romantic gifts, and impromptu weekend drives/trips during your honeymoon period.

 

Here is what you would like to understand for availing a marriage loan.

The applicant should be a salaried person with a monthly income of quite ₹30000.
You will be required to submit 3 months’ salary slips and last 6 months’ bank statements.
You need to possess valid proof of identification, residence, and age.
A higher CIBIL score improve your chances of getting a loan at great interest rates

Why take a wedding Loan?

Facility to trace all the marriage expense to at least one account.
Option of lower interest rates and more flexible repayment options.
Security of getting a hard and fast amount at your disposal; you’ll allocate funds for various events accordingly and ensure smooth planning.
No collateral is required for these personal loans.
With minimal documentation and online application, your customized consumer loan are often approved within 24 hours.

Disadvantages of wedding loans

A poor credit score may lower your chances of authorization or good rate of interest .

Some lenders may charge prepayment or foreclosure charges. (With LoanTap, the customer needn’t pay any prepayment charges post 6 months)
Weddings are getting opulent. Availability of funds could divert you from your budget. you ought to take care with extra funds in your hands.

Other sorts of loans

The overdraft facility will provide you a line of credit in your loan account from which you’ll withdraw as and when required for your wedding expense. It helps meet long-tail expenses efficiently and you’ll keep the track of the marriage expenses. the most important advantage of using overdraft rather than wedding loan is that it exempts you from paying interest on the unused amounts. Any salaried customer with a monthly salary of > ₹30,000 is eligible for a loan of ₹1,00,000/- to ₹10,00,000/-. The sanctioned loan amount varies as per your eligibility and credit worthiness. you simply got to pay interest on the quantity you employ and repay the quantity with none pre-closure charges. a serious advantage of the overdraft facility is its flexibility. Another advantage is that you simply can pay interest only on the quantity overdrawn, not on the whole amount. as an example , if you’ve got an overdraft facility of ₹1000 in your account and you withdraw ₹ 600 for 20 days, you would like to pay interest only on ₹ 600 for 20 days. there’s no pre-payment/foreclosure charge post 6 months.

Personal loans are easily available within the market at annual rate of 12%–20% counting on your credit worthiness. These loans are often used as and the way you would like . Therefore, you’ll use the private loan amount for your wedding related expenses too. People usually choose these loans to extend their financial bandwidth when needed. Unanticipated expenses can arise during weddings and private loans are perfect solution for handling these expenses. At LoanTap, we offer personal loans starting from ₹50,000–10,00,000 as per your eligibility. Our interest rates are low, loan disbursal is quick, and therefore the application process is transparent and smooth. So, if you’re planning your wedding, you recognize where to seem for a financial friend.
Explore Marriage Loan From LoanTap

 

Conclusion
Marriage may be a beginning of a replacement journey. Planning and executing a marriage in your budget might be overwhelming. Taking a marriage or consumer loan will put an ease to the financial aspect of your planning thus helping you specialise in making your big day memorable.

 

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