Every person thinks of having a royal wedding. The current financial situation is such that even a simple wedding can burn a hole in the pockets of the person who has to pay for the wedding. So organizing a royal wedding will affect a person’s financials by a lot. It is highly impossible for a person with a middle-class family background to manage a royal wedding on the basis of his savings. In the recent times, there is a trend that the bride and the groom finance the weddings but still, they keep some hope from their parents. In these cases, the demand for the financial backup falls short and the gap feels harder to cover. To cope up with this scenario, you can avail a wedding loan from the bank.
The Eligibility Criteria for a Wedding Loan
To avail a loan you must have a job history of working with an organization for at least 3 years. You must have a salary of INR 18, 000 and above. The loan is only granted to the individuals between the age group of 21-60 years. You can increase your chances of loan approval if you apply for a joint loan with your parents or spouse. For people who are self-employed, you need to have the ITR statements up to 3 years. Your business should show a profit of minimum INR 2 lakhs a year.
Important Things to Keep in Mind While Applying For a Loan
While availing a personal loan for a wedding, you need to consider your repayment capacity. You need to make sure that the EMI’s are not beyond your afford limit. If you do not consider your EMI amount, you may end up defaulting on your monthly payments. You can take the help of an EMI calculator, using which you can easily calculate your monthly payments. It is easy to use an EMI calculator, to find out your monthly payable amount. You just have to enter your rate of interest, tenor, and the principal amount. Nowadays, these calculators are available on the websites of banks.
Secondly, you need to be sure about the bank through which you are going to apply wedding loan for. You cannot be certain that the bank which holds your account will give you the best perks for the loan. You need to consider the rate of interest, the tenor and the charges that will be levied on you while you apply for the personal loan. Hence, it is necessary to do a market survey while applying for a loan. You must look for a lender who provides you a loan at lower rate of interest and lesser charges.
The banks might also provide you better perks based on your credit score or the company you are working with. These factors affect the eligibility of an individual for applying for a loan. If you have bad credit score or a job history that is unstable, you can avail the personal loan from the Non-banking Financial Companies (NBFCs). These companies will provide you unsecured loans but with a higher rate of interest. Royal weddings can cost a lot but they can be managed with the help of the banks. All you need is a bank and proper guidance that can help you get your personal loan approved.