Though the cost of living is sky-rocketing and so is the rate of inflation, most individuals still plan on having a grand wedding. Consequently, the wedding industry in India is the 2nd largest in the world with an estimated worth of over $50 billion.
The reason for the same can be acknowledged to the ease at which substantial credit is being made available as a personal loan for wedding finance. Hence, it serves as a viable option to meet the expenses of planning a dream wedding.
Features and benefits to look for
To make the most of personal loan for wedding one should opt for a credit facility that comes with these features and benefits –
Opting for a financial institution that offers simple eligibility would enhance your chances of having your loan approved. Generally, resident Indian citizens between the ages of 23 years to 55 years with a healthy CIBIL scores and income stability are considered eligible for such loans. You can check your eligibility with the help of a trusted personal loan eligibility calculator.
Simple application and documentation
Further, by opting for an NBFC that follows a simple application process online and requires minimum documents makes the process smooth. Typically, individuals are required to submit their proof of income, proof of job status and KYC documents to process the loan application.
High loan value
Additionally, personal loans offer high value that is substantial to plan your dream wedding. Moreover, there is no end-use restriction on the funds. It means borrowers can use the sum to meet other ancillary expenses effectively.
Convenient tenor with convenient rates
The flexible tenor with the opportunity to repay the loan EMI through a convenient EMI option further makes personal loans suitable as wedding finance. Additionally, a feasible rate of interest is a bonus for borrowers.
Quick approval and disbursal
Planning a wedding is hectic and time-consuming, which is why a personal loan is an ideal choice. As the loan application is processed quickly, this facilitates the subsequent process of approval and disbursal significantly.
Hence, avail a personal loan to finance your dream wedding. Subsequently, make it a point to take these features into account to choose a suitable option.