Marriage is that once in a lifetime event when you want everything to be perfect and the best. It is a celebration of two individuals coming together and comes with its own thrills, excitement and of course the bills. With easily available personal loans for marriage, you can stop worrying about the bills part of the wedding and make the most of the thrills and excitement.
A wedding in India is a grand affair that involves celebrations, entertainment and lots of expenses, requiring the need for additional finance. A personal loan proves to be the right choice to fund a wedding because of the following reasons.
A wedding involves many different kinds of expenses. As a personal loan is not tied down to any strict end-use. You can make use of the personal loan for any of the expenses related to a wedding.
A personal loan is an economical option compared to availing wedding loans from unorganized lenders or even using a credit card. The rate of interest on a personal loan is much lower.
Document requirements for loans like a home loan or a vehicle loan are on the higher side. But a personal loan comes with a much lesser requirement of documentation making it easier to avail.
You don’t need to provide any guarantee or collateral to avail a personal loan.
Many individuals often use up their entire savings to fund their wedding expenses. On the other hand, a personal loan works better here, as it can help you retain your savings and build up some financial discipline as you will have to pay the EMIs regularly.
There are thousands of arrangements to be done to ensure the wedding goes on smoothly from invitations to catering to the venue, etc. Finance is an important requirement for all of them. So we present to you certain important factors that you should keep in mind while going in for a personal loan for your wedding.
Depending upon your plans for your wedding, create a budget taking into account the expenses planned. Always make sure to plan your expenses well within your range of budget.
Once you have your wedding budget in hand, estimate what portion of it will be funded out of your savings and what portion would come from a loan.
Once you are able to decide about the figure of the personal loan, it is good to make sure that the amount is in sync with your income. When you apply for a loan, lenders look at your income and other commitments like loan and credit card payments to ensure you can comfortably pay back your EMI.
Credit Score is a reflection of your earlier and current creditworthiness and is one of the key determinants of your getting approval or rejection of your loan. A good credit score has become a mandatory requirement off late. So it is important you check your credit score and ensure you have a good credit score before applying for a wedding loan.
The interest rate on a wedding loan assumes great importance as it determines your EMI amount. So in a hurry to avail of a personal loan for your wedding do not forget to compare and look for a loan that offers the best interest rates and processing charges so that it doesn’t add a burden to your finances.
You must have realized that personal loans are the best option for funding wedding expenses. Among personal loans, the one from Money View comes loaded with features and benefits that make it very accessible and easy for anyone to avail.
Some of the advantages of applying for a personal loan from Money View for your wedding are:
The rate of interest, processing fees, and other charges plays a big role while availing a wedding loan as it can have an impact on your outgo and increases the cost of the loan.
Personal Wedding Loans from Money View comes with a highly competitive rate of interest and processing charges that it hardly feels like a burden.
Marriage loans can take off a huge burden off the shoulders of many who are looking to have a wedding of their dreams but can’t afford to have one without financial aid. However, as with other loans, wedding loans also come with certain eligibility criteria.
Our eligibility criteria are easy and clear to understand.
* Please go through the detailed monthly income criteria with respect to your credit score and area of residence
The application process for a Money View Personal Loan for a wedding is pretty simple. It takes just four steps and some details from your end to avail the loan needed for your dream wedding without any hassles.
Read on to know the process involved:
To avail, a Money View Wedding all you need to do is submit three documents. As our entire process is digital, we do not require hard copies of any documents. The documents required are approved copies of Identity Proof, Address Proof, and Income Proof.
The income proof documents requirements differ between salaried and self-employed individuals. Please go through the details of approved document proof.
What is a marriage loan?
A personal loan is a loan that does not need any particular reason attached for availing the loan. So a personal loan can be easily used for as a loan to meet marriage expenses of self, siblings or your children.
Are wedding loans available for self-employed individuals?
Banks and other financial institutions are sometimes hesitant to allow loans to the self-employed. However, Money View allows loans for marriage to self-employed individuals too as long as they meet our eligibility criteria and the loan gets approved through our process.
Can I avail a personal loan from MoneyView to meet the marriage expenses of my daughter or son?
Yes, if you meet our loan eligibility criteria and our processes approve your loan, you can use our instant personal loan to meet the marriage expenses of your daughter or son.
Is marriage loan available for individuals with bad credit?
Money View wants to make credit accessible to as many individuals as possible. Our minimum credit score requirement is 650 on the CIBIL and 750 on Experian Score. In addition, we have our own alternate credit scoring model that determines the creditworthiness of our loan applicants.
Will I be allowed to choose my repayment tenure if I go in for a wedding loan from Money View?
We understand that each individual has his/her own financial needs and commitments. Hence we give our applicants the liberty of choosing their tenure of repayment depending on their comfort. Our personal loans come with a repayment tenure of upto 60 months.