In Indian wedding ceremonies, the sangeet and Mehendi, replete with colourful clothes, have been a part of most Indians throughout their lives. Additionally, the trend of destination weddings and candid photography has raised the benchmark to an entirely different level. Hence, when it is your big day, the temptation to splurge to make your wedding dreams come true is undeniable.
No doubt, marriages in India generally are an expensive affair. The fun and enjoyment of a big fat Indian wedding are often followed up with a hefty bill. How do you get finance for your wedding? If you have a steady income, you can apply for a Marriage Loan to cover your expenses. A Marriage Loan is a Personal Loan type. It is a collateral-free Loan, meaning you do not have to provide security against the Loan amount disbursed to you.
The lender does not have a say in how you wish to use the funds that are disbursed to you in the form of a Marriage Loan. This makes it a very popular financial product among the younger generation today.
Top benefits of taking a Marriage Loan
Swiping your Credit Card to pay your wedding bills is the easy way out. However, accumulating a significant amount of Credit Card debt and paying it off in one go may be a challenging option for many young adults. Therefore, applying for a Wedding Loan instead is a prudent and wise move that helps you to manage your finances better in the long run. Some of the key advantages include:
- Collateral-free: A Marriage Loan is like a Personal Loan, where you do not need to pledge an asset as security against it. Being a collateral-free Loan makes it more accessible to a wider group of applicants.
- Minimum documentation: When you apply for a Marriage Loan, the documents required for a Personal Loan of this type are very basic. You can fill in the online Loan application form and upload soft copies of the documents necessary for processing.
- Simple and easy processing: Marriage Loans can be easily applied for online. Lenders like SMFG India Credit offer a completely online process of applying for Marriage Loans on their website. After opening the online application form, fill it out with the required personal, financial and employment details to start the process. Click on the “Apply now” button and begin your journey right away.
- Quick turnaround and disbursement: Lenders often do a quick turnaround of the Personal Loan for Wedding application. If the application form, paperwork, and credit history are in order, the Loan will be processed within one to three working days. The Loan amount is directly disbursed to your registered Bank Account.
- Long repayment tenure: Generally, Marriage Loans come with a flexible repayment tenure, which is from 12 to 60 months*. Applicants can determine the monthly instalment amount and select a repayment period that does not put additional pressure on their finances during this tenure.
- Affordable interest rates: Any form of debt can put a little pressure on your overall finances. Hence, lenders offer affordable interest rates on their Marriage Loans, ensuring you can pay off your monthly instalments without any occasion to default.
Conclusion
Applying for a Marriage Loan is easy and quick. Navigate to the appropriate Marriage Loan application form on the lender’s website, fill in your personal, financial, and employment details, and submit it online. You can upload soft copies of your KYC, employment and financial documents online to process the Loan. If your paperwork is in order, your Loan will be approved, and the amount will be credited to your Bank Account shortly.
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