How can a Personal Loan help covering Wedding Expenses? - PowerPoint PPT Presentation

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How can a Personal Loan help covering Wedding Expenses?

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The wedding is considered to be a form of the festival in India. These wedding celebrations include many expenses starting from the wedding dress to return gifts, which can be overwhelming sometimes. In the past, people used to borrow money from friends and relatives. But there is a chance of getting quick personal loans for your wedding from banks. It is considered to be unsecured loans, and factors like interest rates will be different for secured loans. Your credit score can help you in getting the low-interest personal loans. – PowerPoint PPT presentation

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Title: How can a Personal Loan help covering Wedding Expenses?


1
How can a Personal Loan help covering Wedding
Expenses?
  • The wedding is considered to be a form of the
    festival in India. These wedding celebrations
    include many expenses starting from the wedding
    dress to return gifts, which can be overwhelming
    sometimes.
  • In the past, people used to borrow money from
    friends and relatives. But there is a chance of
    getting quick personal loans for your wedding
    from banks. It is considered to be unsecured
    loans, and factors like interest rates will be
    different for secured loans. Your credit score
    can help you in getting the low-interest personal
    loans.

2
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3
Eligibility
  • ? The couple must be around 23years for
    getting the personal loan eligibility regarding
    their wedding.
  • ? The factors related to the credit score,
    income source and bankruptcy will be considered.
  • ? You should be an Indian resident for
    acquiring the loan.
  • Required Documents
  • ? You can get quick loan approval and receive
    money within 3-5 working days. (This depends on
    how clarity you maintain in your documents)
  • ? The minimally required documents will be
    proof of identity, age, and residential address.
  • ? You must submit your bank statements and
    the payslips as proof for your income source.
  • ? The requirement of other documents depends
    on the bank you approach for the instant cash
    loans.

4
What to do before taking a Personal Loan
  • Budget There will be many expenses when it comes
    to planning a wedding. The expenses may vary from
    few lakhs to few crores. You need to divide all
    the expense into categories like venue, clothes,
    gifts, caters, etc. Check what all categories you
    can handle with your savings and take a loan to
    cover up other expenses. Having a budget plan
    will solve half of the problems
  • Credit Score Check with your credit score before
    applying for a loan. A low credit score can lead
    you to high-interest rate loans.
  • Charges Before confirming the loan get to know
    about the hidden charges like late processing
    fee, prepayment penalty, late payment penalty,
    and EMI bounce charge.
  • Jobs Banks do consider a stable job holder as
    creditworthy. It is better not to change jobs
    frequently if you are planning for personal
    loans.
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