Last Updated: January 06, 2023, 13:32 IST
Would you like a professional photographer to be present at your wedding? Would you want a customised invitation made for your special day by a designer? Would you like to get an excellent karaoke system for the sangeet? With thoughtful, personalised presents, would you like to thank your visitors for attending?
After the ceremony, why not relax with a honeymoon in Switzerland? Weddings ought to be unforgettable, right?
But it can get extravagant, given the inflation, to make a wedding special. The happy couple’s parents may experience a lot of unnecessary stress because of wedding expenses. Therefore, it is becoming more and more usual for young adults with good jobs to take out loans to pay for their weddings and honeymoons.
Each applicant’s eligibility for a personal loan for a wedding will vary depending on several factors. Although the eligibility requirements may differ from lender to lender, the following generic ones have been provided:
Minimum age: Applicants for marriage loans should be at least 21 years old. Some lenders have a 23-year-old minimum age requirement for marriage loans.
Maximum age: Salaried borrowers, who are interested in marriage loans should be no older than 58, while self-employed borrowers should not be older than 65.
Monthly Net Income Minimum: Wedding loans typically have a minimum income requirement of Rs. 15,000, while certain lenders may have an Rs. 25,000 minimum.
Employment: Professionals, self-employed people, and salaried people are all eligible for marriage loans as long as they meet the income requirements.
Employment status: To qualify for wedding loans, applicants must have a reliable source of income. To be eligible for marriage loans, salaried individuals must have worked for their current job for at least a year and at least two years overall.
Credit rating: Lenders like approving loans for applicants with CIBIL scores over 700. A marriage loan may still be approved for applicants with lower CIBIL scores, although the interest rate may be higher.
The highest loan amount that can be obtained as a marriage loan varies from lender to lender and is based on several different variables.
When requesting a loan, applicants may provide any of the following documentation as identification: ID for voters, passport, driving licence, PAN card, Aadhar card, and ration card.
Read all the Latest Business News here