Having a fairy wedding requires lots of funds and time to make it memorable. Almost everyone knows how expensive Indian weddings can be, with couples and their parents spending half of their life savings. It is only because Indians strive to make this once-in-a-lifetime experience spectacular with the highest quality venue, food, flowers, designer attire, and a vibrantly decorated area for weddings.
It is a known fact that the Indian wedding industry is the second largest globally, especially in cities like Bangalore. No matter how nicely you plan your wedding, the budget will always exceed your expectations. Unfortunately, not everyone possesses the funds to plan such expenses in the marriage. Thus, you can take a personal loan to pay the part of the wedding expenses which you won’t be able to pay by yourself.
This article will explain how a personal loan in bangalore can help you not spend your whole savings account on the wedding.
Can a Personal Loan in Jayanagar be used to pay for wedding expenses?
The purpose of a personal loan is to cover all of your financial needs. Through this loan, Borrowers will receive immediate funds into their bank accounts with the option of repaying in flexible installments. The Personal loan in Bangalore allows the borrowers to make their marriage dreams come true.
You can apply for a Personal loan at Buddy Loan. It offers an easy and quick loan application process that provides an immediate disbursement into your bank account for your wedding expenses. The loan is available at flexible personal loan interest rates and easy tenures to make your dream marriage a reality. It provides you with an affordable and easy-to-access lending platform to get wedding loans.
What are the advantages of taking a Personal loan for marriage?
The following is a list of benefits you will receive if you apply for a personal loan in Jayanagar:
- No collateral
- Minimum paperwork
- Ease of processing
- Quick disbursement
- No prepayment penalty after 6 months
- Interest-free EMIs for the first three months
- Cheaper than credit cards –
What are the essential things to consider before taking out a personal loan for your wedding expenses?
Know everything about personal loans for marriage
Personal loans for marriage are known as the best loans that can be used to cover all your financial emergencies, including wedding expenses. Additionally, a personal loan offers you the option of customizing the repayment schedule. Several lenders offer different types of personal loans.
You must have a credit score of at least 750 in order to qualify for a personal loan for your wedding. Ensure your credit cards and EMIs are paid on time to avoid your loan being rejected. Inability to pay credit or late payments can result in a low credit score, limiting your borrowing ability.
Therefore, you must keep checking your credit score from apps like Buddy Score to know your credit position and financial insights.
Repayment and EMIs
According to your financial situation, you must select the repayment period and EMIs for personal loans for marriage. You must also carefully consider the EMI amount and the tenure of the loan. Be sure the EMI amount and the loan tenure are within your budget. You should evaluate the terms and conditions of marriage loans across different lenders and financial services companies to make an informed decision.
Interest rates and processing fees
Many banks and non-banking financial companies charge high-interest rates on personal loans in Bangalore. These loans can cover different expenses associated with weddings, such as those previously mentioned. Typically, personal loans may have interest rates ranging from 10 to 25 percent depending on your credit score, earnings, repayment history, etc. Apart from the interest rate, a 1 to 3 percent processing fee also applies to this type of loan.
How do I apply for a Personal loan for a wedding?
The process of applying for a personal loan is the same as applying for any other type of loan. It is merely a matter of filling out an application online on the bank’s or bank’s financial institution’s website and uploading the following documentation:
- PAN Card
- Aadhaar Card
- Salary slips for the last three months
- Bank statement of the salary account for the previous six months
Making a wedding budget in advance will prevent you from spending too much on your wedding or accruing excessive debt. It is also recommended that you estimate your wedding budget before you plan so that it can be affordable.
Suppose you want to have a budget-friendly wedding. In that case, you should start with budgeting limits and getting a personal loan for your marriage expenses from the finances. By focusing your attention on this aspect you can reduce some of the stress that comes with wedding planning.
Where can you get a personal loan in Jayanagar?
You can acquire A Personal loan for marriage from any banking or non-banking financial institution. You can even apply at Buddy Loan to get an instant personal loan in Jayanagar, Bangalore.
What are the advantages of a personal loan for a wedding?
- It allows you to live out your dream wedding.
- You can pick a venue of your choice.
- Hassle-free application process.
- There is little documentation required during the application process.
- The interest rate is low.
- The repayment period is flexible.
Am I eligible for a Personal loan in Jayanagar?
An Indian national who earns over Rs 30,000 per month and is over the age of 21 is qualified to apply for a personal loan irrespective of the location they stay.