Can I get a personal loan for marriage?

Marriage loans are simply designed to meet your wedding expenses. Pretty often, there is a concern between where can I get a personal loan for wedding or how much loan should I avail for marriage?

To avoid the confusion, Buddy Loan, one of the biggest loan aggregators in India disburses marriage loans at lower interest rate starting at 11.99%p.a. with customized EMIs.

The loan tenure stretches from 3 months to 60 months where you can enhance your credits score. Also, meet your financial shortcomings with a loan amount extending up to Rs. 15 lakhs. This article helps you reason out why you need instant personal loan over other factors to help you during financial shortcomings! 

 

Why choose a personal loan?

Marriageloans can be used in different parts of the wedding celebrations. However, there came no restrictions ever with specifically using marriage loans.

The reason to avail a personal loan is it instant and helps you cope up with financial shortcomings. Indian weddings by far have different procedures like pre-wedding rituals and post-wedding parties. The sum is never up and total until you have money handy.

Further, you can use the money to buy outfits, makeup artists, print wedding invitations, hotel rooms, booking a banquet hall, catering charges, travel and honey money planning expenses.

Buddy Loan disburses marriageloan with lower competitive interest rates and 100% digital process. They provide collateral free loans; you need not pledge any assets. Customised EMI are the best options here as one always looks forward to while availing a loan.

Buddy Loan never compromises on the safety of its applicants’ and therefore has all the processes covered by its pool of lenders. There are no prepayment or hidden charges anywhere in the journey.

 

The EMI & tenure

An instant personal loan come with interest charges and flexible EMI. Better yet a wide slot of time where you can repay back the amount is the most convenient fashion

Marriage loans have tenure from 3 months to 5 years, ass you can borrow anywhere between Rs.1000 to Rs. 15lacs. You can design your repayment procedure with the lender’s consent for more visibility on the credit score.

You can schedule so, based out on your monthly income, financial needs and cash flow. Refer to the EMI calculators that help you gauge the expenses and EMI or instalments you can endure during the repayment.

Because, EMIs and tenure are the two factors that manage your credit score and so paying on time without a record of any defaults is best.

 

Conclusion:   

Some people redeem their savings or fixed deposits to pay for the wedding expenses. By redeeming it before maturity adds extra charges to your pocket. Hence, availing an instant personal loan is by far the best choice for financing a wedding.

Points to consider before getting a marriage loan

There are key points you will need to know before availing a loan for your dream wedding. Building a relationship is challenging these days and it calls for better celebrations, when you finally find your person. Meeting wedding expenses these days is tough due to financial shortcomings.

Buddy Loan is one of the biggest loan aggregators in India that disburses loans at lower interest rates starting at 11.99% p.a. They also have customised EMI options that help you work your credit score with ease.

We wouldn’t want anything to go wrong with the series of small events in a huge wedding, do we? For instant personal loan and you can just make the most of it.

Availing a marriage loan

Anyone would want a marriage loan at lower interest rates starting at 11.99% p.a. It is an unsecured loan, where in you do not need to pledge any asset or provide any collateral to avail the loan. Covers all the expenses of wedding like reception, the actual wedding ceremony, food, decorations and other subset of events related to marriage.

There are certain factors the borrower will have to look for will applying formarriage loan. Using the EMI calculator, pre-plan the wedding expenses by roughly estimating the expenses. The EMI scale is present in every loan site to help you calculate your monthly EMIs, total sum of interest rate and more.

By doing this, you will auto check your credit score and thus it is easier to maintain that too. Research about the loan offers carefully and the EMIs that the financial institution can provide.

Eligibility criteria  

Marriage loan is nothing but a personal loan which is availed during the financial shortcomings for performing weddings and its events. There are many competitive interest rates from which you will have to pick the appropriate ones. 

Borrower should bear in mind that he/she should be min 25 years – 60 years old to avail the loan. It is more helpful if the borrower is salaried or self-employed with a minimum salary of Rs. 20,000/-. The approval rate and interest rate depend on the borrowers’ credit history.

The applicant can avail instant marriage loans up to Rs. 15 lakhs for an application. The borrower can discuss further with the lender for best EMI options in between the loan tenure of 3 months to 5 years.

EMI & Tenure

Buddy Loan disburses marriageloans for a loan tenure of 3 months to 5 years. The better option is that you could tell your lender if there are certain concerns and EMI payment can customise such that it only enhances your credit score.

Conclusion  

Marriages is a relation that all need make efforts to flourish while weddings in India are always grand. It involves hectic planning, preparing for extra expenses in the last moment. To never compromise on the food and other expenses to cherish every moment countable in your child’s wedding. Avail a loan instantly from Buddy Loan today, with lower interest rates and best EMI options.

How is EMI calculated on my marriage loan at Buddy Loan?

A marriage loan is the one you apply from one of the lenders associated with Buddy
Loan for the sole purposes of planning for your wedding. You plan to enjoy your day
with strong financial backing making sure you lack nothing you desire. Eligible
individuals access up to Rs 25 lakhs at an interest rate of between 14-25 %. The
repayment period ranges from 12 months to 72 months.
The EMI on your marriage loan is the amount you will be paying monthly to your loan
lender. This amount is computed to include the interest and the principal amount. You
pay fixed monthly EMIs for the period of the loan,reducing the loan you owe the bank.
The bank may choose to calculate the EMI using the reducing balance method or the
flat rate method.

Factors that affect the interest rate of your marriage loan
Buddy Loan marriage loan is technically an unsecured personal loan. Factors that affect
the interest rate will consequently affect the size of EMIs:
These are:
 Employment nature, there is a huge difference between the interest rates
negotiated for salaried people and self employed people.
 Customer relationship ensures they get a better deal on interest from their banks.
 Repayment history favours you if you have diligently been paying your previous
loans.
 If your income is higher, you negotiate for bigger EMIs, and so you save on
interest
Flat rate method
Principal amount+ interest on the principal = EMI
Number of periods* number of months
Method 1
Use an online calculator. If you are applying for an online marriage loan, most providers will have
an online calculator where you key in the variables and compute your EMI.
The bank computes the interest you pay using two methods. These are:

 Simple interest. This type of investment is calculated only on the amount of loan
given out.
Principal* interest rate * the number of repayment periods.
 Compound interest: In this method, the interest is added back to the amount
borrowed for you to calculate the next year's interest
Principal*interest rate= interest for year 1
Principal interest for year 1* interest rate= interest for year 2
Reducing balance Method 2
The mathematical formula to calculate EMI
P*R*(1+R)^N = EMI
[(1+R)^n-1
P =principal amount
R =The rate of interest
N = Number of repayment periods
Method 3
Using an excel worksheet
Using the same variables but the function
PMT=Rate* number of repayment periods* amount of loan

Is aadhar card mandatory for a marriage loan

The aadhar card was launched by the government as a requirement for citizens to use certain services. These are services offered by the government and the private sector. Avail the best marriage loan with www.buddyloan.in, know your credit score and get maximum benefits with it. The PAN card is used when

·         Applying for a SIM card

·         Applying for a PAN number

·         Open bank accounts

·         Apply for a passport

·         Loan application process

·         Process tax remittance among other uses

Benefits of the Aadhaar card

·         A single identity for every Indian

·         Easy Access to Financial Services

The aadhar card makes it easy to access financial services and improves the ease with which KYC is conducted by the bank

·         Single document for multiple proofs like citizenship, address, age, photo, and identity

Given the number of personal details on the card, then it can prove more information than any other document.

·         The card allows you to confirm your identity very fast and without any confusion. Therefore you will get the money credited into your account as fast, and you get on to using the money.

Impact on Personal Loans

The banks no longer require the customer to have a string of documentation when they apply for the buddy loan. The aadhar card covers up for that. The best wedding loan providers require you to link your online platforms with your aadhar card.

This document is widely accepted by all honeymoon loan providers. You may also get an aadhar card based loan which requires you to submit the following documents for salaried people

Residence proof: Passport/Ration Card/ Driving License/Utility Bill/Rent Agreement

Latest Form 16

Income Proof:

·         Last three months’ bank statements or six months bank passbook

·         Last three months’ salary slips or current salary certificate

For self-employed people, they need to submit the following

• PAN Card of the applicant or their company/firm
• Latest ITRs along with income computation, balance sheet, profit & loss statements – all certified by a CA.
• Business continuation proof
• Photographs
• Proof of Identity: Aadhar Card/PAN Card/Passport/Voter ID Card/Driving License
• Residence proof: Passport/Ration Card/ Driving License/Utility Bill/Rent Agreement
• Income Proof: Latest 6 months’ bank statements

If you don’t have an aadhar card, then you can fill Form 60, and you set in motion your aadhar card application process. The card allows you a host of advantages across all private sector and government services. The application process is easy and fast. Once you fill in the form and submit the required documents, then you are on your way to getting the number.

Marriage Loan | Shadi Loan | Wedding Loan Online

Does marriage loan work?

Your partner has said yes to your proposal, and you are super excited about your upcoming nuptials. Only one challenge, though, the funds are not sufficient. Avail the best marriage loan with www.buddyloan.in, know your credit score and get maximum benefits with it.

 This, however, should not deter you from applying for a personal loan for a wedding. Marriage loans do work and serve to make your marriage process easier.

A marriage loan is a personal loan that is used for marriage purposes. However, you don't need to prove to your financial provider that you are getting married for them to approve the instant marriage loan. So the money may be diverted to other uses. However, in light of repayments, it is prudent to use the funds for the purposes it was intended. The interest rates that accrue on marriage loans usually range from 10..25% to 24% p.a. The maximum investment that you can get may go up to Rs.25 lakh.

What determines the amount of buddy loan you will get is your eligibility and purpose for the credit. Some applicants want a loan to pay for the venue or a personal loan for the honeymoon. The loan providers also vary in terms of eligibility criteria

But there are the basic general requirements.

·         Minimum age: Most loan providers require all applicants to be at least 21 years. However, some applicants raise the necessary age to 23years

·         Minimum Net Monthly Income: In most cases, the minimum age to apply for a marriage loan, the applicant should earn a minimum of Rs 15000. But some lenders raise their minimum salary requirement to Rs 25000. They also take into consideration the current city of residence.

·         Employment type: There isn't much of a restriction when it comes to the kind of employment. Both salaried and self-employed individuals professionals are eligible.

·         Maximum age: A maximum of 58 years for salaried people and a maximum of 65 for self-employed people.

·         Employment status: When the applicant wants to avail of a marriage loan, they need to have served a minimum of 2 years with their current employer. That displays some stability in their status.

·         Credit score: With a good to high CIBIL score, the applicant is assured of getting the loan. However, with a lower score, they get the loan but at a higher interest rate.