Located in the eastern part of Bangalore, Whitefield is one of the most critical IT centers in Karnataka. Whitefield is popular among youths and has attracted the attention of many of Bangalore’s web and software developers in its world of digital advancement and applications. This city is filled with aesthetic monuments and significant residential buildings like shopping malls, IT parks, established companies, commercial complexes, business spaces, restaurants, etc.
However, living in a big metropolis like Whitefield comes with its own set of financial problems. The high cost of living and expensive utilities might dent one’s wallet. In addition, unexpected circumstances might be financially exhausting for anyone. And this becomes a worry, especially when you wish to plan your wedding there.
Let’s dig deeper and read through this comprehensive article to learn what a wedding loan is and how much it costs in Whitefield, Bangalore.
What is a wedding loan?
A wedding loan is an unsecured loan that can cover unavoidable wedding costs. These loans can be achieved with the help of personal loans with a quick online application and approval, making them an excellent choice for last-minute wedding needs. Let’s look at how you might use a personal loan to cover your sudden wedding shortcomings.
Why do people choose a wedding loan?
Getting married is one of the dreamiest feelings one can have as the wedding day is one of the most memorable and cherished days of anyone’s life. From deciding the venue, food, and decorations to inviting the guest and making living arrangements for them, many unexpected expenses may arise while planning a wedding. Hence you must take off everything to get approval for a hassle-free personal loan.
However, even after all the planning, certain unexpected expenses may show up at any moment, ruining the efforts you have made so far for the day. That’s why people take out personal loans.
How do weddings in Whitefield look?
Oftentimes, for your wedding to be celebrated in a posh locality of Whitefield, you may require the hefty expense and grand arrangements. The overall budget leads us to limit our dreams of a destination or even a dream wedding.
It is when you may feel like adding extra money to your budget. In such situations, personal loans become a rescue and bring instant cash available to you. It also brings several other benefits, like fast approval, flexible repayment, and easy online application.
How does a personal loan help to meet your wedding expenses?
No matter how meticulously you plan a wedding, unexpected costs will always arise. Examples of problems include:
- Errors on invitation cards.
- More guests than expected.
- Clothing issues.
- Last-minute cancellations by vendors.
A personal wedding loan provides the much-needed financial cushion to cover these costs and ensure a stress-free wedding.
What is required to take out a personal loan for marriage in Whitefield?
Besides that, there are certain eligibility conditions one has to meet to be qualified for a loan. Check if you meet these requirements before applying for a wedding loan in Whitefield:
- Must be a citizen of India.
- The applicant must fall in the age group of 21 to 65 years.
- Must have a monthly gross income of a minimum of INR 15,000 for salaried employees and INR 25,000 for self-employed ones.
- The applicant should be either a salaried employee at an established organization for a minimum period of one year or self-employed for at least one year.
- Must have a credit score of 700 or more.
- The applicant must not be involved in any antisocial or criminal activities.
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What are the benefits of a personal loan in Whitefield for weddings?
A personal wedding loan benefits its customer in various ways and helps you manage many unexpected expenses at the very moment. Knowing their features and benefits is essential if you consider getting one to stay prepared for such sudden wedding expenses.
Following are a few of the advantages of a personal loan for weddings.
Zero collateral required:
A wedding loan is an unsecured loan, meaning you can get it with no guarantor, security, or collateral.
Many banks and NBFCs provide a completely online application process that you can complete digitally through the lender’s website or app without leaving your house or visiting locations.
Lenders these days have eligibility conditions that make it easy for the applicant to meet.
100% Paperless Application and minimum documentation make it more favorable to people. Now there is no need to visit the lenders or even stand in long queues at the bank. All you need to do is just once upload the essential documents online through the website or app.
Convenient EMIs and down payments help borrowers repay the loan amount as per their capacity.
Instant loan Approval:
As the loan involves no collateral and guarantor, the loan approval is super-fast. You may get a personal loan within 24 hours of completing your application.
Desirable loan amount:
Personal loans for events like weddings do not come with any end-use restrictions. There is the freedom to use the loan amount opted for all expenses involved in your marriage, including venue, catering, photography, wedding outfit, decorations, gifts, invites, etc.
Keeps your earnings safe:
With the help of a personal loan, you can plan your wedding the way you want without exhausting your savings and breaking any FDs
Helps you to grow credit:
We all know what importance a credit scorer holds in getting our loan approval chances to work out. Seeking a personal loan helps build your credit history and makes you approachable to lenders and banks for future loan inquiries.
It is a great idea to keep track of your scorer by regularly checking it once every year. You can even check your credit score from Buddy score to know your financial insight.
Lack of funds can ruin a big fat Indian wedding plan, especially in a city like. You may suffer through unexpected financial adjustments for the wedding. Hence getting a personal loan in Bangalore from Buddy loan can help you to make your big day unique and memorable.