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.
| 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:
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