The wedding day is a significant day in one’s life. Whether you have an exotic venue on your mind, a lavish spread of food, designer wedding attire, candid photography, or anything else on your mind, you are not asking for much.
You can have all this and more, but are you worried about the funds required? You don’t have to anymore! A loan for a wedding in India can cover your wedding costs without burning a hole in your pocket. This article outlines everything you need to know about getting a marriage loan to make your day beautiful, memorable, and worry-free.
How To Select The Best NBFCs For A Personal Loan For Marriage In India?
The first step is to check how much you have saved so far. Depending on the amount of your savings, you may be able to request a loan more easily. Following this, you should consider the interest rate, which should be low enough to limit the monthly payments, i.e., Equated Monthly Installment (EMI). For your net loan disbursement to be higher, the one-time, non-refundable processing fee has to be much lower. Evaluate different NBFCss based on these aspects and go with the one that offers you the best deal.
How Much Will The Interest Rate Impact The Wedding?
When you put together your savings and the loan amount, your wedding expenses are covered without hassle. But, you will pay the EMI with heavy interest for the entire loan tenure. Hence, it would help if you looked for an NBFC that offers you the lowest interest in the market. You also need to alter your budget so that you don’t end up on the list of defaulters. You can do this by removing unnecessary expenses and keeping yourself disciplined in the face of temptation.
Should You Check Your EMIs in Advance?
Absolutely! You can get a ballpark figure on how much your EMI will come to using a Personal Loan EMI calculator. You only need to input three values – tenure, amount, and interest rate in the calculator. When you know how much you’d have to pay as EMI in advance, it gives you an extra bit of time to rearrange your budget or make an efficient repayment plan.
Do You Even Need A Marriage Loan?
The answer to this depends on the amount of savings you have and the overall spending you are likely to have on the wedding rituals, accessories, jewelry, guest accommodations, etc. So, you have to make a choice. Will your savings be able to withstand the pressure of these expenses? Would you rather avail of a loan and make small payments in EMI than deplete your savings in one go? If you are willing to use some of your savings, you can apply for a lower loan amount than what your marriage loan eligibility says. This will only benefit you when you are repaying the loan.
EPF Is An Interest-Free Option To Fund Your Wedding. But, Is It Worth It?
The money in your EPF has zero interest liability. But, the list of formalities to withdraw that amount and disburse it to your account is long and tiresome. If your wedding is soon, using this option can result in chaos. Another thing to consider is that you can withdraw only 50% of your share and the interest from your EPF reserves. You will also need a membership with EPF Organisation for a minimum of 7 years to be eligible to withdraw the money. A marriage loan would make a great alternative to this.
Which Documents are Needed To Get A Loan For Your Wedding In India?
There are a few mandatory documents that you need to share with your marriage loan application:
- Identity proof: Voter ID, PAN, Passport, Driving license, Aadhaar (anyone)
- Income proof: salary slips for the last three months, last six months’ bank statements
- Residence proof: Voter ID, Passport, Electricity bill, Driving license, Aadhar, Telephone bill (anyone)
- Duly filled and signed loan application with the latest passport-size photographs
Weddings are as expensive as they are auspicious. Depleting your savings to fund your wedding is unnecessary when you have the option of a marriage loan.