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According to a recent survey, 2 in 10 loan applications from young Indians in the last financial year were to finance a wedding. This trend indicates that millennials leave no stone unturned when it comes to planning their big day. It also attests to the accessibility of online personal loans.
Personal Loans for Weddings or marriage loans from lenders such as Bajaj Finserv offer substantial financing too. This means that you can supplement your savings to address the many wedding expenses you will encounter. Moreover, courtesy of online provisions, you can access financing in no time at all.
Here's a rundown on how you can secure a personal loan online this wedding season.
Meet your lender's eligibility criteria
Before you apply for a marriage loan from a particular lender, make note of the eligibility criteria. This eliminates the possibility of rejection and ensures that you get funds on time. While the criteria differ from one lender to the next, here are the terms that you typically have to meet when applying for a marriage loan.
- Age requirement: Lenders set this to ensure that you have sufficient working years on your side, as this adds to the guarantee of repayment. For instance, to qualify for a Personal Loan for Wedding from Bajaj Finserv, you must be between 23 and 55 years of age.
- Monthly salary: Lenders can be quite particular that your debt-to-income ratio be within limits. Additionally, a minimum salary requirement helps lenders be sure that you will be able to service the loan. However, this is a city-specific criterion. For instance, you may need to earn at least Rs.25,000 per month if you live in Lucknow and Rs.35,000 per month if you live in New Delhi.
- Type of employment: Most often, possessing income is simply not enough, you must have a stable source of income. Since you are probably going to repay the loan over a long tenor, lenders prefer that you be employed with a reputed organisation, an MNC or a public or private company.
- CIBIL score: A marriage loan is a collateral-free offering and therefore, heavy emphasis is laid on your CIBIL score. Scores of 750 or more are considered ideal and can help you secure financing at favourable personal loan rates. Slightly lower scores are acceptable too, but you may have to settle for a lower amount or higher interest rate. If your score is below 700, you may want to improve it before you apply.
Collate the documents required to support your application
Documents substantiate your eligibility and so, it's essential that you submit all of them accurately to avoid any delay in the application process. This too is a lender-specific requirement and hence, varies depending on the financial institution you choose. To understand the documents typically required, take a look at the ones that you have to submit when you apply with Bajaj Finserv.
- KYC documents
- Employee ID card
- Salary slips for the last 2 months
- Salary account's statements for the last 3 months
Apply online by visiting your lender's website
Once you have met the eligibility criteria and collated all necessary documents, you can easily apply for marriage loans online. To you obtain financing from Bajaj Finserv, here's the short, straightforward process you must follow.
- Enter your personal, employment and financial details into an online form
- Select the loan amount and tenor after using a personal loan EMI calculator
- Once a Bajaj Finserv representative gets in touch with you, submit the necessary documents
- Upon verification, the money is disbursed in your bank account in 24 hours
Now that you know how marriage loans can easily alleviate financial concerns during wedding planning, apply with Bajaj Finserv to get funding of up to Rs.25 lakh on simple terms. Bajaj Finserv allows you to split the ceremony's cost over a tenor of up to 60 months and offers the Flexi Loan feature for added flexibility.
It allows you to borrow from your sanction in parts, when a need arises, while only charging interest on the amount withdrawn. Further, the facility permits interest-only instalments for an initial part of the tenor, which helps you bring down your monthly outgo by up to 45%.
Moreover, to streamline and hasten the online application process, you can check your pre-approved offer from Bajaj Finserv. This facilitates instant approval and access to a customised marriage loan.