Marriage is one of the most important life event and in India, they are a big affair. It is a big expense and even with proper planning, one often feels the shortage of funds. Looking at friends and family for funds during such hours cannot just cause a little embarrassment but also ruin relationships.
Personal loans come as the saving grace during such time when you face a financial crunch to meet the unending expenses of the wedding. Personal loans are now easily available as many lenders have made it easy to apply and avail these loans. Being unsecured in nature, the lenders do not demand any asset or security to be kept against the loan. The best part is the fact that the borrower can use the money as per their jurisdiction. The lender does not offer loans based upon the usage of the loan. This makes personal loans perfect as wedding loans.
Weddings in India are big and involves a lot of money. There is extravagant shopping involved - from fancy outfits to expensive jewellery. There is no stopping when it comes to pampering the families. And adding to the expenses are the lavish menu and venue arrangements. All sort of exchanges and pleasantries also incurs a big amount of money. People in the country save for this big occasion for years. And even then when the final hour comes, one feels the shortage of funds. Instant personal loans are now available so that there is no stopping you from making your dream wedding into a reality.
Personal loans are easy to procure. The lenders only seek your credit score and financial credentials to check for the repayment capacity. Many banks, financial institutions, NBFCs and Fintech offer personal loans at a competitive rate of interest and terms. Each lender has pre-defined eligibility criteria which the borrower must comply with so as to get his personal loan application approved. Also, a good credit score gives you instant personal loan approval as it signifies your past repayment history and credibility. The lenders also take your income into check so as to be assured of timely repayment of the loan. However, some lenders also offer wedding loans even to individuals with a low credit score. But they may charge a higher rate of interest to lower their risk.
With a lot of lenders in the market, it becomes very important to choose the one which offers the best deal. Comparing different lenders thus is a smart move. Fintech enablers like LoansJagat offer an excellent platform wherein one can compare different lenders offering wedding loans on account of their interest rate, loan amount, loan tenure, processing fees and other charges. Their portal allows one to apply for a personal loan online itself without the hassle of going to the lender’s website or physically visiting the bank. Their portal acts as a perfect medium between the lender and the borrower to ensure quick loan application approval and fast disbursal.
The borrower can fill in the application form which basically asks for the KYC and financial information of the borrower. The documents can be scanned and uploaded directly on their website. Once the form is submitted, LoansJagat representative gets in touch with you to validate the information and documents. They ensure the communication between the lender and the borrower is smooth and transparent. They also ensure fast disbursal of the sanctioned loan amount in your account.
Personal loan application online is much convenient in comparison to physically visiting the bank.
Wedding loans can be availed for a period of 1 year to 5 years. With a good credit score, one can negotiate for a better rate of interest or higher loan amount. Using EMI calculator, one can calculate the EMI which one can pay comfortably each month. It is important to pay the monthly instalments on time as it could otherwise hamper your credit score. The sanctioned loan amount can be used to meet the wedding expenses. One can also keep some cash handy to be on the safer side. Wedding loans are a blessing for every Indian household who feels the shortage of money when someone gets married in the family. Weddings are a one-time affair and spending lavishly on it is now easy with personal loans.