Wedding is one of the most significant occasions in a person’s life. When it comes to Indian weddings, the event is even more elaborate, since it’s a time for friends and family to come together. There are so many details, from invitations, photography, decorations, to venuw and food that you need to take care of. You’ll have to remember to have enough money to fund all of them.

Even if you’ve saved up money for the big day, it might not be enough. If that’s something that causes you worry, there’s always the option of taking out a wedding loan. Banks and NBFCs can help you get the money you need to ensure that the wedding is as grand and festive as you want it to be.

Today, there are tailor-made personal loans to help everyone realise the wedding of their dreams. This can range from simple occasions without much fanfare, or grand parties that last for days. Depending on what you want, plan a budget and approach a financial institution so that you can see how much it can cost you.

Why should you get a wedding loan?

Although marriages are made in heaven, the expenses are pretty worldly to say the least. No matter how much a person plans their wedding, the cost and expenses are often underestimated. It’s recommended to have a clear plan of how you want your wedding to be like. Have a clear idea of how much each service and arrangement can cost you. Categorise the costs so that you can see where you need the most money.

Personal loans for a wedding don’t need a guarantor or collateral. That’s because it’s a form of unsecured loan. This makes it much easier to apply for and get sanctioned. The wedding loan eligibility differs from one lender to another. This is why you need to ensure that you have everything you need for a marriage loan.

What are the basic requirements for a wedding loan?

The basic requirements are that you will have to be aged at least 21 years and have a minimum monthly income of Rs. 15,000. But this is dependent on your age and which part of the country you’re from. The lending authority will check your credit score during the application process. A score above 700 is preferred for obtaining a wedding loan.

But before you apply for wedding loan, it’s imperative that you do some homework. You should first chalk out a plan of the wedding which should state what you think to be a necessity in your wedding. This will help you have a clear idea about the amount of personal loan for wedding.

What are the documents required for wedding loan?

Before the bank or the NBFC decides whether or not to approve your application for wedding loan, they’ll need you to submit a few documents. These documents help the bank determine if you’re eligible to get the loan. It should contain proof of identity, valid proof of address, proof of age, and financial documents. The financial documents are different for salaried and non-salaried individuals. You also need to fill out the loan application form.

It is important to note here that interest rates for wedding loan vary between the lender and your eligibility criteria. Not everyone gets the same amount of loan at the same rate of interest for the same tenure.

But if you really need it, getting a wedding loan can be pretty beneficial to ensure that you pull off your wedding without a hitch. These loans also have easy repayment options and instant approval. This makes it easy to fund your wedding, so it can be everything you dreamed it to be.