Marriage is a blissful union, which is celebrated rather pompously in a lot of Indian families, making the entire wedding festivities very heavy on the pocket. Indian marriage functions can turn out to be a costly affair for some of us, starting from Mehndi and Sangeet ceremonies to Bridal showers and finally the D-day along with its reception. Not to forget, travel and tourism expenses attached with destination honeymoon packages add a lot of expense to the overall wedding budget.
Middle-class Indian parents end up liquidating their life-long savings in order to meet wedding-related expenses. Premature liquidation, especially in case of fixed deposits invites penalty. Arranging for the needed money has now become convenient with marriage loansand multiple other credit options that are available these days. With credit line sources like MoneyTap Marriage Loan that have tie-ups with banks, you can avail for a marriage or a personal loan simply by meeting their criteria. Here is a quick guide to some of the key questions like age limit, salary requirements, documents, etc. that may pop up while exploring marriage loan options.
Ages 23-55 are all eligible for most credit providers.
Minimum Salary Requirements
Any Indian citizen earning a minimum of INR 20,000 a month, via self-employment or professional services, is eligible to apply for a marriage loan. However, self-employment cannot include blue-collar jobs. You can find an entire list of non-eligible professions on these loan service portals.
Banks or credit service portals that offer marriage loans require basic KYC information and supporting documents like Aadhaar card, pan card, proof of employment and salary slips along with bank details like your account number. Keeping your ID and address proof handy is more than enough in order to meet the KYC requirements.
Agencies determine the credit limit for loan sanctioning based on income, credit history, and other key financial details. After evaluating these factors, agencies can either upgrade or downgrade the overall credit rating of an individual and accordingly sanction the loan amount.
Interest Rates and Repayment
With an annual interest rate ranging between 15% and 18%, you can avail a monthly EMI to make repayment of your loan. Interest rates also vary depending on the tenure of the loan repayment that you want to opt for. Auto-debit is the easiest way to ensure on-time EMI payment and thereby, timely loan closure.
Marriage loans are a form of personal loan does not require any collateral commitment. Hence, individuals applying for the same need not be worried about a future claim by loan providers.
With more young Indian couples opting to fund their own weddings instead of relying on their parents’ savings, credit options like marriage loans play a key role in providing them with financial liberty. No bureaucracy, ease of approval and online services are the key features of availing an easy and hassle-free marriage loan.