Marriage is expensive, particularly in India. Big Fat Indian weddings are a typical occurrence in India. Every man wants to get the most when it comes to paying for a marriage. The only stumbling block in planning a large marriage is a lack of cash to cover the costs of all the arrangements, which may be rather costly. People in India, on the other hand, save their entire lives to cover the cost of a marriage. Apart from squandering one’s life savings, there are times when even one’s life savings are insufficient to cover all of a person’s marriage expenses. Such issues can be solved with a marriage personal loan. The only drawback is that in order to be authorised for a marriage loan, you must have a strong Credit score.
You can get a marriage personal loan to cover all of your wedding expenses so that you can have the marriage that you want. In this case, a marriage personal loan is easier to secure because it requires less documentation and no collateral. It also provides you with instant access to funds to cover your marriage expenses. However, calculating your wedding expenses before applying for a personal loan is advantageous because a personal loan’s interest rate is impacted by the loan amount as well as the loan length.
Eligibility for a Marriage Personal Loan
In order to gain approval for your marriage personal loan, you must evaluate a number of factors. The following are a few of them:
Age
To be approved for a personal loan, the applicant must be between the ages of 21 and 68 years old. Approving a loan application from someone who isn’t in this age range can be problematic for banks because they don’t know if the person will be able to repay the loan. Banks tend to approve loans to applicants in this age bracket just to ensure that the borrower will be able to return the borrowed amount or loan amount easily.
Employment Status
Individuals who are paid, self-employed, retired, students, and even homemakers are eligible to apply for a wedding loan. Although, for banks to approve loan applications, a solid job with a consistent source of income is essential. Furthermore, personal loans do not have a restriction on how the money can be used. A person who asks for a personal loan can utilise the money however he sees fit.
Maximum EMI
An applicant can choose a maximum monthly repayment amount of up to 60% of his income. The maximum loan amount that is authorised on the loan application is set at 60% of the applicant’s total income to ensure that the applicant will not default on the monthly repayment or loan EMI. This makes it easier for both the bank and the applicant to ensure that the borrower does not default on the monthly payments. Because it makes it simple for applicants to repay the loan amount.
CIBIL Score
In order to approve a personal loan or wedding loan application, banks normally look at a CIBIL Score of 750 or higher. Before approving or rejecting your loan application, banks look at your CIBIL score to establish your creditworthiness. It could be for a variety of reasons that you have a poor CIBIL score when applying for a personal loan. Banks analyse your credit history to see if you’ve ever defaulted on a loan before or if you have any outstanding debts.
These are some of the things you should think about before applying for a wedding personal loan from any bank to ensure that your loan application is approved. The most critical factor in obtaining permission is ensuring that your CIBIL score (सिबिल स्कोर) is at least 750.
