Ameerpet is an established residential hub located in the North-Western part of Hyderabad, Telangana. Ameerpet was once a place with empty plots and lands which were undeveloped. With the change in technologies, it then grew into a commercial and business center especially known for its software training centers such as C-DAC (Center for development of advanced computing) in Hyderabad. The tremendous growth in infrastructure, educational institutes, hospitals has also increased the cost of living and lifestyle of people. This in turn has given rise to the demand for personal loans to meet sudden financial requirements, especially for wedding expenses.
A wedding in the Indian context is a culture-rich tradition that unites two souls and the families. With changing times, a wedding has become a dream event having Engagement, Mehendi, Sangeet Ceremony, Haldi, and so on. Every girl has a dream of how her wedding should be. Even if parents save money for a wedding in advance, changes in lifestyle and inflation can increase the costs beyond the savings, especially in a commercial place like Ameerpet.
Cost of a typical wedding in India
On average, a wedding can cost starting from 10 to 12 lakhs approximately. Therefore, it is important to calculate your wedding budget in advance so that you will have a clear picture of your savings and how much is required for getting a personal loan in Hyderabad for your wedding expenses.
Here are some important factors that impact the cost of your wedding:
- Venue of your wedding: In a place like Ameerpet, the cost of the venue for accommodating 1000 to 2000 people will be somewhere around 1 lakhs to 3 lakhs. This range can vary depending on the number of guests you invite for the wedding.
- Wedding Decorations: Decorations play an important role in your wedding expenses. For a typical wedding, a simple and elegant decoration can cost you ranging from INR 50,000 to INR 1,50,000.
- Catering Services: Good quality food is important to satisfy your guests. Vegetarian food costs around INR 600 per plate and Non-vegetarian food costs around INR 1000 per plate.
- Wedding Attire: For Brides, a lehenga starts from INR 25,000 to INR 1 lakh. Jewelry will additionally cost around INR 40,000. Bridal makeup can cost around INR 15,000. For other events such as Mehandi, Sangeet, and Haldi, the cost of the attire for each event can cost you anywhere around INR 1,00,000. In the same way, for a Groom, the Sherwani, Dhoti, turban, etc can cost you around INR 40,000 on average.
- Invitation Cards: A wedding invitation card starts from INR 50 per card. Depending on your preference and requirement, it can cost even more.
- Photos and Videos: Arranging a photographer and a videographer will cost around INR 40,000 to INR 50,000 per day.
- Accommodation for guests: Arranging hotel rooms for your guests to stay in can cost you around INR 1,000 per room approximately.
Thus, planning your wedding budget well in advance can save your time and can help you make an informed decision about your wedding loan.
The cost of a typical Indian wedding in Ameerpet can be overwhelming. Hence, the best solution is to take a personal loan for wedding expenses. Before going deep, let’s first understand what a wedding loan is.
What is a Wedding Loan?
A wedding loan is a type of personal loan that does not need any collateral from the borrowers to be submitted. Nowadays, many banks and NBFIs offer wedding loans online making the process much quicker. Likewise, Buddy loan is also a platform that offers instant personal loans online for different categories. It is one of the best third-party aggregators that offer loans with an interest rate of 11% per annum with no collateral and flexible loan tenure starting from 6 months to 5 years.
Why should you avail a personal loan in Ameerpet for wedding expenses?
- No Hidden Charges: There are no hidden charges or any other prepayment charges.
- Collateral free: There is no need to submit any collateral to avail of a personal loan.
- Instant Sanction: The loan gets approved instantly if you have met the required eligibility and have a good credit score.
- Minimum documentation: You only need a few documents to verify your identity, address, and income such as your Aadhar card, PAN card, bank statement, etc.
- Tenure Flexibility: You can repay your loan amount through EMI options over a period starting from 6 months to 5 years.
|Age||21 to 60|
|Employment Status||Employed or Self-Employed|
|Minimum Income||INR 20,000 per month|
|Work Experience||Min 1 year completed|
|Credit Score||Above 750|
Documents Required to avail of a personal loan in Ameerpet
Proof of Identity:
- Aadhar Card
- PAN Card
- Driving License
Proof of Address:
- Electricity Bill
- Water Bill
Proof of Income:
- Salaried: Bank statement for the past 6 months
- Self-Employed: Bank statement for the past 3 months
Employment Certificate for work experience
Also read : Getting A Personal Loan In Uppal Is Now Easy
You must know this before getting a personal loan in Ameerpet to meet your wedding expenses
- Credit Score: Your creditworthiness is shown through your credit score. Therefore, have a credit score above 750 to easily avail of a personal loan. You can also get your credit score report using buddy score instantly.
- Clear past debts: Repay all your past debts to increase your credit score, thereby increasing your chance to avail of the loan.
- Take a loan only for the required amount: Plan your wedding expenses in advance and take the loan only for what you actually require. This will help you to avoid delays in repayment.
- Calculate your EMI: Calculate the EMI that you have paid using EMI Calculators available online. This will help you know the interest rates, EMI, and tenure of repayment.
- Get a co-borrower: The lender may consider giving you a loan even if you have a bad credit score if you apply for the loan with a co-borrower who has a good credit history.
- Relationship with the lender: Since you have a good relationship with your lender, they will already have all the information about your financial situation and your ability to repay the loan. This will help in processing your loan instantly without having to submit any documents.
- Debt-Income Ratio: Lenders will check your debt-to-income ratio while approving your loan without any documents. A debt-to-income ratio should be less than or equal to 50%.
Tips to improve your credit score
If you have a poor credit history and are worried about how to improve it, here are a few tips to improve your credit score to leverage your creditworthiness.
- Pay your dues on time: Pay your dues on time or you can set reminders to pay the bills before the stipulated deadline to avoid a negative impact on your credit score.
- Clear your past debts: Check and clear your past dues to increase your creditworthiness.
- Review your credit report: Keep your credit report updated by checking it once a year regularly so that if there are any errors you can clear it on time. You can check your credit report within a few minutes using Buddy Score.
- Maintaining a good credit card balance: Make sure that the credit card balance is kept below your credit limit and try not to exceed your credit utilization by more than 40%.
- Keep your old accounts open: Maintain your old credit card accounts open because this will help you in increasing your credit score.
With the cost of living being high in Ameerpet, wedding expenses can put a burden on you when it’s not well planned. Therefore, planning your wedding budget will help you know the actual cost that you will incur. And personal loans for your wedding expenses can come in handy to help you overcome this financial burden instantly. You can even apply for a personal loan using Buddy Loan. It is one of the best third-party aggregators that offer instant loans online for different categories to curb the sudden financial requirements of the people.
People also ask
What is the interest rate for a wedding loan?
The interest rate for a wedding loan starts from 11.9% per annum.
What is the maximum loan amount that I can avail of for a wedding loan?
The minimum and maximum amount that you can take for a wedding loan start from INR 10,000 to INR 15 lakhs.
What is the tenure of repayment for wedding loans?
The tenure of repayment for a wedding loan is flexible starting from 6 months to 5 years.
How long does it take to disburse the loan amount to my bank account?
Once the KYC verification process is completed, the loan amount will be disbursed to your bank account within 24 to 48 hours.
Are there any other processing fees?
The GST rate for banking services is usually 18% and the processing fee between 0.5 percent to 2.50 percent will be deducted from the loan amount.