The wedding season in India is right around the corner, and if you have been planning to get hitched for some time now, this is by far the perfect time. But there is a lot more to a wedding than finding the perfect life partner, and one of them is figuring out the financing options available to you.
Since for most of us, our weddings are a one-time affair, it is only natural that we want to splurge on our weddings. But with the rising cost of materials, weddings are only getting more and more expensive with every passing day.
But there is a way to organize your dream wedding without burning a hole in your pocket and that is by taking out a personal loan.
Thus in today’s article, we will share with you exactly how you can take out a personal loan for your big fat Indian wedding, this festive season.
What Is a Personal Loan?
One of the first and most important aspects for us to understand, before we take out a personal loan, is the meaning of one.
In simple terms, a personal loan is a financial instrument through which you can borrow a certain amount of money in the range of ₹10,000 to ₹25,00,000 and pay it back via a flexible repayment plan while incurring low and competitive rates of interest.
Although the concept of personal loans is not exactly new in India, it has been getting significant traction in recent years thanks to the many lenders who now specialize in rendering this service.
Along with this, personal loans in India are distinctly different from other traditional loans across a variety of factors, starting from the low rates of interest, all the way to flexible repayment plans and also instant approval and disbursal.
Additionally, unlike traditional loans, personal loans are generally unsecured loans, which means that you do not need to pledge any asset or put forward any collateral to get the loan.
How to Get a Personal Loan for Your Wedding?
Now that you know what a personal loan is, let us better understand how you can get a personal loan for your wedding.
Step 1: Research on Available Lenders
The first and most important step to secure a personal loan for your wedding is to conduct your research. Go on to Google and search for the term “personal loan for wedding India” and you will come across a variety of offers from different lenders.
Take a close look at the offers available, along with the intimate details of each, starting all the way from the total loan amount available all the way to the interest rates and repayment plans.
Step 2: Choose a Lender Who Meets Your Needs
Now that you have gone through all the individual offers from the different lenders, it is time to choose a lender who meets your needs. A couple of things to keep in mind, while making a choice is to take note if the loan amount you need is available with the lender, how much interest they will be charging on your requested loan amount, how long will be the repayment tenure and most important their eligibility criteria.
Once you have settled on a lender who meets your needs and you also meet their eligibility criteria, go ahead and start the application process.
Step 3: Start the Application Process
The first step in starting your application is to visit the official website of the lender or download their mobile application. Most lenders these days have both the features available, to make it easier for the borrower to get the money they need.
Start the application process by sharing your email address and phone number linked with your Aadhar card and PAN card with the lender. This will initiate the process, and the lender will share an OTP on both your email address and phone number to create your account.
Step 4: Fill Out Your Details
In the next step of the process, share the OTP with the lender and proceed to the next step of sharing your personal information. This includes your first and last name, residential address, correspondence address, pin code and monthly income.
Once these steps are completed, click on next and proceed to the following step.
Step 5: Share Your Income Information
In the next step, you need to share your income information with the lender. Start by selecting your employment type that is salaried or self-employed. Please take note of the fact that depending on whether you are self-employed or salaried, both the loan amount and the interest you pay will change.
After choosing your employment type, the next step is to choose your monthly income. For most salaried employees, lenders need a minimum monthly income of ₹13,500, and for self-employed professionals, a minimum monthly income of ₹20,000. Once you have shared your monthly income, proceed to the next step and upload relevant documents to prove your income.
Depending on your employment type, this can include salary slip, bank account statement, ITR returns, income certificate etc.
Step 6: Share Your eKYC Details
The last step in the process is to share your eKYC information. eKYC or electronic Know Your Customer is a process through which the lender can access your credit history, and this is especially important given the fact that this is an unsecured loan.
In this step, share your PAN Card and Aadhar Card number and click on complete. The lender will now assess your application, and upon approval, you will receive a notification both on your phone as well as on email.
After you have got the approval, you will be redirected to a page where you can enter the loan amount you require. Enter the amount and take a close look at the offer extended to you by the lender.
Make sure you check the interest rate being charged, the tenure offered by the lender and also any other charges if applicable.
Please note that some lenders offer the additional feature of fine-tuning both the loan amount as well as the tenure so that you can reduce some of the financial burden. So if on offer, make sure to take advantage of it.
Ending Lines
Now that you know how to get a personal loan go ahead and apply for one from a lender of your choice and get the amount you desire, for your dream wedding.
