How to Get a Personal Loan for Marriage With a Low Income
A wedding is a very special occasion, and one would naturally prefer a seamless and unforgettable experience organising it. However, keeping your wedding affordable is also very much required along with making the D-day worth the memories. If you have limited income, you will definitely be intimidated with the wedding expenses, but then you can opt for the best wedding loans in such circumstances.
Taking a loan is not over-spending. Choose the amount you can afford to pay back. A wedding is the beginning of something, and you shouldn’t set yourself up for heavy debts. Instead of holding an over-the-top wedding and being stuck for repayment afterwards, you can set a realistic budget for yourself.
You should decide the sum for the loan that will allow you to settle your debts immediately. Having short-term will save you from the troubles caused by debts for the long term. Proper planning will make you begin your marital life from the right financial base.
Why Opt for a Personal Loan to Plan a Wedding
A personal loan is a flexible financing option that can be used for any purpose, including wedding expenses. Unlike other loans, a personal loan does not require you to disclose the reason when applying. This makes it a convenient choice, allowing you to plan your wedding as per your needs without restrictions. You can use the loan amount for any wedding-related expense, from venue bookings to decorations, without specifying details to the lender.
Features and Benefits of a Marriage Loan
A marriage loan can help you manage wedding expenses without putting too much strain on your savings. Here are some key features and benefits:
Competitive Interest Rates
Marriage loans are available at interest rates starting from 9.99% p.a. The actual rate depends on your credit score, income, and lender policies.
No Collateral Required
Personal loans are unsecured, meaning you do not need to pledge any asset as security. This makes it easier to access funds without financial risk.
Easy Online Application
You can apply for a marriage loan online through various lending platforms. Financial marketplaces like Bajaj Markets allow you to compare lenders and choose the best option.
Loan Amount of up to ₹50 Lakhs
You can get a loan of up to ₹50 Lakhs, depending on your eligibility and the lender’s terms. However, it is always better to borrow only what you need. A well-planned wedding within a reasonable budget can help you avoid unnecessary financial stress.
Flexible Repayment Tenure
Personal loan repayment tenures are flexible and can go up to 96 months. However, choosing a shorter tenure with a realistic budget can help you repay your loan faster and reduce overall interest costs.
Foreclosure Facility
If you have extra funds, you can close your loan early by paying a nominal foreclosure charge, as per the lender’s policy. This helps you become debt-free sooner.
Eligibility Criteria for Marriage Loan
You can opt for a personal loan and the funds can be used to plan a wedding. To get this loan, you need to meet some basic eligibility criteria set by lenders.
Here’s the list:
- Age Requirement
You must be at least 18 years old at the time of application
- Credit Score
A CIBIL score of 600 or above is usually required. A higher score may improve your chances of approval.
- Minimum Income
You should earn at least ₹10,000 per month to qualify
- Employment Status
You must be either a salaried employee or a self-employed individual with at least one year of work experience
Documents Required for a Marriage Loan
When applying for a marriage loan, you need to provide the following documents:
- Identity Proof (Any One) – Aadhaar Card, Voter ID, Passport, PAN Card, or Driving Licence
- Address Proof (Any One) – Aadhaar Card, Passport, Driving Licence, or Rental Agreement
- Income Proof:
- For Salaried Applicants – Bank statements or salary slips from the last six months
- For Self-Employed Applicants – Income tax returns from the last two years
Steps to Apply for a Marriage Loan
You can apply for a personal loan and use it for wedding arrangements. Marketplaces such as Bajaj Markets provide a secure platform to compare various lenders and apply for a loan in simple steps.
Here’s how you can apply through Bajaj Markets:
- Visit https://www.bajajfinservmarkets.in/personal-loan to compare loan offers
- Click on the loan application option and enter your personal and professional details
- Choose a suitable lender, loan amount, and repayment tenure
- Review all the details and submit your application
- Once approved, the loan amount will be credited to your bank account
Conclusion
A personal loan can help you manage wedding expenses without financial stress. However, borrowing within your means is important to avoid unnecessary debt. Choose a loan amount that suits your income and repayment ability. Opt for a shorter tenure to clear the loan faster and reduce interest costs. By planning wisely, you can have a beautiful wedding without any financial burden.
