November 28, 2021

Should You Opt For Personal Loan To Cover Wedding Expenses?

Wedding ceremonies in India are always grand. It is an important event in any Indian family, especially for the relatives of the bride and the groom. Everything about a wedding is elegant – be it the engagement ceremony, or the reception, food, decoration, and the preparation, everything grabs attention.

However, the cost of a wedding can be beyond ordinary. And sometimes, funding a wedding can be one of life’s biggest challenges. If there is a wedding around the corner, worry no more, as a personal loan through a personal loan app or an instant loan app can provide you with funds whenever you need it.

Why Should You Opt For a Personal Loan?

A personal loan through an online loan app not only gives you funds instantly but also offers several other benefits.

Here are the various reasons why you should apply for a personal loan to meet your wedding expenses:

  • Personal loans are collateral-free loans, and you do not need to deposit an asset to receive the amount.
  • Personal loan interest rates start from a low 11.99%.
  • You may get a loan of up to INR 25 lakh.
  • You can get the best interest rates if your credit score is above 750.
  • You can choose a repayment term of anywhere between one and five years.
  • You can use a personal loan app to know your eligibility, calculate the EMI, and check the loan application status.
  • If your application is flawless and you are financially stable, you can get the loan amount within a few hours.
  • You may apply for a personal loan online, by using an instant personal loan app, like the Fullerton India Instaloan App.
  • You may choose a fixed or floating rate of interest.
  • Some lenders do not charge a prepayment penalty if you clear off the unpaid loan EMIs before the end of the term.
  • Paying your loan EMIs before the due date can be an excellent way to increase your credit score.

Additionally, you may use the loan funds not only for the wedding but also for sponsoring your honeymoon trip. Since there are no limitations on how you use the funds, you can spend it on anything that seems important to you.

How Can You Apply For a Personal Loan in India?

Indian lenders allow you to apply for a personal loan in three ways.

  1. You may visit your nearest lender, fill an application form, attach documents, and submit the form. However, you may have to come back after a few days to enquire about the status of your loan application.
  2. You may visit the lender’s website and fill the application form online.
  3. The most convenient way to avail a personal loan is by downloading an instant loan app. It takes around five minutes to submit your loan application.

What Documents Do You Need to Submit?

The documents you’ll need to submit depend on your status. If you’re a salaried professional, you will need to submit PAN, Aadhar, two months’ salary slips, bank account statements, and income tax returns. If you are a self-employed professional, the lender may ask you to submit PAN, Aadhar, proof of income, business details, profit and loss statement, tax statement, and bank account statement. An online loan app allows you to submit the required documents and get instant loan approval.

Conclusion

By using a personal loan app, you can conveniently get cash to sponsor a wedding. After all, your marriage is a one-time event, and you can seldom make compromises with it.

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