Marriage is one of the most important occasions in a person’s life. It marks the embarking on the most memorable journey together, with common goals. To make the event the most memorable affair of life, we plan for days in advance. No matter how much we clench our fist in keeping down the wedding costs, it is a given, it will cross the budget. To help you with such additional costs to plan your important day, Wedding loans have emerged in a great way. A wedding loan is nothing but a personal loan, which you can avail to manage for the unavoidable additional costs of marriage functions.
Now there are few factors to keep in mind while availing a personal loan for your wedding. Let us analyze it, to avoid becoming it a financial burden.
Evaluate the loan offers carefully
There are various banks and lenders offering personal loans at attractive interest rates. Before zeroing down on the loan, it is important to evaluate the features and benefits offered by them, to get your hands on the best deal. Many banks offer personal loans at discounted rates during the festive season. As most of the marriages are scheduled in and around the festival time, it can be a great opportunity to grab the best deal.
Maintain a good credit history
Good credit history is one of the most important factors, which the financial institutions take into account while assessing your loan application. It is important to keep updating your CIBIL score frequently if it is not up to date. A good credit history reflects how well you manage your financial prospects and builds the trust factor in the eyes of the lender.
A personal loan is an unsecured loan and does not require any collateral to be put up as security, hence the credit history plays an important role in the assessment of the loan application. The interest rates offered to you of personal loans also are influenced by the credit score. A good credit score of 800 and above, will help you in getting a personal loan at affordable interest rates.
3. Plan the wedding budget well
To avoid the unnecessary burden of getting into the higher loan amount, it is significant to plan your wedding expenses well in advance. From selecting the venue to choosing the best caterer, making the list of gifts to be given to the invitees, the purchasing of attires, jewelry, and the list goes endless. The available funds should well be prudently divided according to the expenditures. Only the required necessary amount should be availed as loans and not for the loan amount you are eligible for. It will help you avoid getting into unnecessary additional debts. You should only borrow, how much is required.
4. Clear off other existing EMIs
The chances of getting a loan get slim if there is an already existing loan. To approve any loan application, the lender will evaluate your repayment capacity. If there is an already running loan, the chances become low, as the lender will have to consider your loan application looking at your monthly income. Therefore, it is vital to clear off the existing EMIs and any other debts, before applying personal loan. You should not go overboard with EMIs, with loans to pay for.
A personal loan comes with a lot of benefits, and hence it has become the most sought out option in recent years. The day to day expenditures are ever-increasing and the requirement to cater them also is becoming a matter of big concern. To arrange for the grand affair of life, without putting ourselves in the pains of debt, is no less than a challenge. Especially when it comes to managing the expenses of the grand day of life.
IndusInd Bank personal loan is available at an affordable interest rate starting from 11% p.a. and can be your great financial aid, in times of your requirement. To turn your plans into action in a smooth way, applying personal loan online becomes the need of the time. It has a shorter application process and requires minimal documentation. The best part is that it does not ask for any collateral to be put up as security.
You will have to submit the required documents to establish eligibility, in availing funds from IndusInd Bank for your most important day.
Documents for Salaried
- Identity proof – PAN Card/Aadhaar Card/ Voter ID/Passport/ Driving License etc.
2. Address Proof – Aadhaar Card/ Voter ID/ Driving License/Passport etc.
3. Last 6 months bank statement.
4. Last 3 months salary slip/salary statement/latest form 16.
Documents for Self Employed
- Identity proof- PAN Card/Aadhaar Card/ Voter ID/Passport/ Driving License etc.
2. Address proof – Aadhaar Card/ Voter ID/ Driving License/Passport etc.
3. Business continuity proof
4. Last 2 years ITR along with computation of income. Balance sheet, Profit and loss account all certified by CA.
5. Last 6 months bank statement.
The bank will assess your eligibility for the same and based on it will approve your loan amount. You can utilize the fund thereafter, to incur those additional costs of the wedding, without digging on your savings.