What is a Personal Loan for Wedding?

A personal loan is a type of unsecured loan offered by almost all of the leading banks and NBFCs in India. One can take a personal loan to fulfill their various personal needs. But mostly a personal loan is taken to sponsor a wedding. The wedding business in India is a billion dollar industry. One needs hefty funds to sponsor a wedding as it involves many pre-wedding ceremonies, wedding day celebrations, shopping for jewellery and dresses, paying bills of caterers and decorators, paying for honeymoon and much more. All these things can drill a pocket in your hole if you decide to pay for it using only your savings. Thus a personal loan for wedding is ideal if you are planning to have a lavish dream wedding.

You can purchase designer clothes and seasoned gold or diamond jewellery with the funds you get from a personal loan. You can pay for a DJ at your sangeet, have a multi-cuisine menu for all your wedding functions, can enjoy a destination wedding venue, have a themed wedding by decorating by your choice with an easy personal loan. Even after the wedding, your honeymoon expenses can be covered by taking a personal loan. You can travel to international destinations or enjoy the serenity of local charm in your budget with your partner by taking a personal loan on Ruloans.

The personal loan amount starts from merely Rs. 1 lakh. The loan is approved by a bank or NBFC as per the loan applicant’s financial history, credit score and ability to pay it back. The personal loan for wedding is approved in 3* working days after submitting all the right documents and 1* working day for disbursal.

What are the eligibility criteria to avail a Personal Loan for Wedding?

Banks and NBFCs offer a personal loan for wedding for salaried as well as self-employed professionals in India. Following is the eligibility criteria required by the banks/NBFC to approve a personal loan for wedding:

Particulars Salaried Borrowers Self-Employed Borrowers
Age 21 years to 60 years 23 years to 60 years Income
Income Rs. 15,000* (Rs. 20,000 in metros) Turnover of minimum Rs. 24,00,000* (differs for professional and non-professional)
Minimum Loan Amount Approved Rs. 75,000* Rs. 75,000 to Rs. 3,00,000*
Maximum Loan Amount Approved Rs. 15,00,000* Rs. 15,00,000 to 20,00,000*
Loan Tenure 12-72 months 12-48 months

*The eligibility criteria differ from lender to lender. The above details are generic, not specific.

What are the documents required to avail Personal Loan for Wedding?

Particulars Salaried Borrowers Self-Employed Borrowers
Identity Proof Passport, Driving License, Voters ID or PAN Card Passport, Driving License, Voters ID or PAN Card
Address Proof Passport or utility bills Passport or utility bills
Bank Statement Rs. 75,000* Rs. 75,000 to Rs. 3,00,000*
Maximum Loan Amount Approved Latest 3 months of Salary Account Last 6 months
Additional Documents Salary slips for last 3 months Proof of highest professional degree
2 year employment continuity document Latest Income Tax Return Balance sheet
Profit and Loss for last 3 years certified by CA

*The list of documents differs from lender to lender. The above given list is generic, not specific.

How can you repay the Personal Loan for Wedding?

You can pay back the personal loan for wedding by opting for EMI (equated monthly installment).

Banks and NBFCs charge a minimum fees if you miss an EMI or opt for pre-payment of the personal loan for wedding.



How to Apply For a Personal Loan for Wedding?


Applying for a Personal Loan for Wedding on Ruloans involves few easy steps:


STEP 1

Go to the Personal Loan for Wedding page on our website and click on Apply Here button

STEP 2

Fill out the initial personal and financial information. Once completed, our loan calculator checks your eligibility with its highly efficient algorithm.

STEP 3

Our loan calculator presents you a list required document, processing fees, interest rates etc.

STRP 4

Our loan calculator presents you a list required document, processing fees, interest rates etc.

STEP 5

Your application will be sent electronically to the bank you selected. You will be informed about the status of your application via SMS, email or you can track it via website too.

FAQ's

A. You pay the loan via EMI i.e. equated monthly installments.
A. It is not mandatory to apply for a bank account before taking a loan from it. But if you have an account with the bank, you become eligible for a relationship discount. Some banks also provide you additional services along with relationship discount.
A: Yes, you can track your application via SMS and email. We also provide the facility to track your application on our website via login menu.
A. For your loan-related queries, you can call our representative on 1800 2667576 or mail us at support@ruloans.com

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