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Indian weddings are festivals celebrated with pomp and show Personal Loan. However, big fat weddings also bring big fat expenses with them. Is the stress of wedding planning dampening the family’s excitement? Does the bride or the groom feel guilty about spending their parents’ lifetime savings to make their wedding memorable?
Do these troubles sound familiar? If yes, a Personal Loan for wedding from SMFG India Credit will be the saviour for such couples. Let’s explore these loans and how they help easily plan a big fat wedding.
What is a Personal Loan for Marriage?
Personal Loans are unsecured loans for the bridal couple or their families. They can borrow an amount to meet their wedding-related expenses.
Personal loans for a wedding differ from car or home loans as borrowers do not secure them against an asset.
SMFG India Credit is a leading lending institution providing these loans based on factors like the applicant’s credit history, income level, income source, and repayment capacity.
Since these loans do not involve any collateral requirement, they are extremely easy to obtain with minimal documents and formalities.
Moreover, couples can use the loan to pay for the buffet, plan the honeymoon or splurge on designer wear.
How Does a Personal Loan Help in a Wedding?
Besides major wedding-related expenses like booking the venue, paying the caterers, and buying the trousseau, these loans also cover unexpected expenses on the big day within a short frame.
Even if the family has a solid plan in place, unexpected and miscellaneous expenses may end up disrupting the budget. Here are five ways a Personal Loan from SMFG India Credit can keep the atmosphere peaceful for the family:
Instant Funds for Unplanned Expenses
During wedding planning, the family might need instant money for various expenses. If they find it challenging to meet last-minute expenses, a Personal Loan for a wedding is a godsend.
SMFG India Credit speedily disburses it to the borrowers and only takes days for approval if the applicant fulfils all formalities.
Competitive Interest Rates
Until a decade ago, personal loans were notorious for their unreasonably high-interest rates because of their unsecured nature.
However, the competition for Personal Loans has become steeper now, translating into favourable news for loan seekers. Today, finance companies compete against each other, attracting customers with attractive Personal Loan interest rates.
Some personal loan companies like SMFG India Credit even offer customized loan packages according to the borrower’s needs.
A Personal Loan interest rate calculator helps calculate the interest rate according to the applicant’s credentials and finances. Accordingly, they can choose a loan scheme suitable to their repayment capacity.
Flexible Tenure and EMIs
A Personal Loan is extremely flexible, giving borrowers all the freedom to choose. Borrowers can select a loan package that suits them best based on their repayment capacity. For instance, high-income aspiring borrowers can opt for a shorter term and pay off the loan quickly. However, those with a limited budget can choose a longer period that reduces the EMI amount significantly.
Easy Online Application
SMFG India Credit 100% digital application procedure makes Personal Loans extremely easy to apply for and obtain. The absence of collateral further simplifies and accelerates the verification and approval process.
Moreover, since there are no end-use restrictions, any excess amount left after the wedding can fund a home renovation or a 2nd honeymoon.
While looking for a Personal Loan fromSMFG India Credit, applicants can apply via the official website or the InstaLoan loan app. Loan seekers must provide their details, scan and upload the necessary documents, and get approval within minutes.
Keep the Parents Stress-Free
Parents always ensure their children receive the best education and meet their most trivial demands. The bride or the groom can fund a wedding with a Personal Loan and save their parents from all the financial stress involved.
A Personal Loan for a wedding will take the burden off the parent’s shoulders while giving the couple the freedom to plan according to their wishes.
Eligibility Criteria for a Marriage Loan
Both salaried and self-employed individuals can apply for wedding loans to meet their marriage-related expenses. Generally, the applicant’s monthly or annual income must meet a specific limit, which is ₹ 20,000 – ₹ 25,000 at SMFG India Credit.
Moreover, lenders also consider the applicant’s age, employment, citizenship, and work experience, among others. Furthermore, they check the applicant’s credit score and history to determine their repayment capacity.
The Last Words
Taking a Personal Loan for a wedding is an excellent decision that avoids over-burdening the couple and their families with financial stress.
As with a regular Personal Loan, borrowers can easily cover various expenses with the loan and repay it conveniently with flexible tenure options.
Choosing SMFG India Credit for the Personal Loan application ensures round-the-clock assistance, competitive interest rates, complete transparency, and flexible repayment terms.
Borrowers can also enjoy benefits like minimal documentation requirements, quick approvals, and easy loan disbursals.
Frequently Asked Questions
Q1: What is a personal loan, and how can it help with wedding expenses?
A personal loan is a type of unsecured loan that individuals can borrow for various purposes, including funding a wedding. It provides a lump sum amount that can be used to cover wedding costs such as venue, catering, and other expenses, offering financial flexibility.
Q2: How much can I borrow for my wedding through a personal loan?
The loan amount depends on factors like your credit score, income, and the lender’s terms. Typically, personal loans range from a few thousand to tens of thousands of dollars. It’s essential to assess your financial situation and borrow responsibly.
Q3: What are the interest rates for personal loans, and how do they impact my wedding budget?
Interest rates vary among lenders and are influenced by your creditworthiness. Higher credit scores often secure lower interest rates. It’s crucial to compare rates, as a lower interest rate can significantly reduce the overall cost of the loan, making it more manageable for your wedding budget.
Q4: Can I get a personal loan with a less-than-perfect credit score for my wedding?
Yes, some lenders specialize in personal loans for individuals with lower credit scores. However, be prepared for higher interest rates. It’s advisable to improve your credit score before applying or consider a co-signer to enhance your chances of approval and secure better terms.
Q5: What is the typical repayment period for a personal loan used for wedding expenses?
Repayment periods vary, but personal loans often have terms ranging from 1 to 5 years. Choosing the right term depends on your financial capacity. A shorter term may have higher monthly payments but lower overall interest, while a longer term offers lower monthly payments but may accrue more interest over time.
