An Indian wedding is an expensive affair. Prudent savings might help you in financing your dream wedding, but even then you might face a cash crunch.
Planning and financing each wedding event can help you to reduce the financial burden to a great extent. A personal loan for a wedding or a home equity loan or a credit card is amongst the options available in the market.
The most feasible of all these borrowing options is a marriage loan. A wedding loan is an extension of a personal loan that you can borrow from a bank or a financial institution for a wedding purpose.
A personal loan for a wedding has its features and benefits. Read on to know the documents required for a wedding loan and the reasons for availing it to cover your wedding expenses.
Documents Required For a Wedding Loan
- KYC documents
- Employee ID Card
- Last 2 months bank account statements for the salaried account
- Salary Slips for the last 3 months
Reasons For Taking a Personal Loan For a Wedding
Easy application and minimal documentation
It is very easy to apply for a personal loan for a wedding. You can make an application online, which saves both your time and effort. Unlike other secured loans, it has minimal documentation. This helps you in using this time saved in planning other things for your wedding.
Affordable and accessible
Looking at the huge costs incurred on a wedding affair these days, a personal loan is quite affordable to cover the wedding expenditure. Wedding loan interest rates are lower as compared to other loan options and credit cards. You are also not required to submit any collateral asset to the bank as a security for the wedding loan as required in home equity loan. Hence, these loans are accessible, as well.
Flexible loan tenor and amount
You have the flexibility to fund the entire wedding event or major wedding events depending on your choice and take a wedding loan accordingly. At the same time, you can also customize your loan repayment schedule based on your cash flow and choose the repayment period as per your desire.
It is essential to set a wedding budget before you kick-off for the preparation of the wedding events. Once you have set the wedding budget, it is easy to take a quick personal loan and plan the wedding expenditure. It prevents over-spending and helps you to stick to the planned expenditure.
Easy and smooth planning
If you avail a wedding loan, you can plan all the events properly. Taking a personal loan for a wedding ensures the easy and smooth course of all the wedding events. The wedding expenditure should not feel like a burden at the end of the day. For this to happen, it is better to take a personal loan and enjoy the wedding events.
Before you plan for the wedding events, it is important to understand your wedding budget and take a personal loan accordingly. Yet, it is always important to research all the personal loan options available in the market before availing one. So, go for one and enjoy the wedding hassle-free.
Bajaj Finserv brings to you pre-approved offers on its various financial products like personal loans, home loans and many more. It is to simplify the loan procedures to make it less time-consuming.
You can check your pre-approved loan offer by sharing some basic details like your name and mobile number.