Ajmer is the oldest city in the state of Rajasthan, surrounded by the Aravalli mountains. It is known as the heart of Rajasthan, located in the middle of the state. With awe-inspiring Mughal architecture, Ajmer is the perfect city to host your celebration and happiness. A wedding is one of the most important days of your life, and it’s a time when you celebrate with family and friends and start your new life together. But all that celebration can come at a cost! If you’re worried about managing your expenses, take out a personal loan in Ajmer, Rajasthan. In this article, we’ll discuss how personal loans can help you cover your wedding costs and provide tips on getting the best deal on your loan.
Personal Loans In Ajmer For Your Wedding
As an unsecured loan, personal loans are a great way to finance your wedding because you can use them for any purpose. That means you can use the loan to pay for your venue, catering, flowers, dress, and anything else you need. And since personal loans have fixed interest rates, you’ll know exactly how much your monthly payments will be. That can help you budget better and avoid getting into debt after your big day. If you’re considering taking out a personal loan in Ajmer to pay for your wedding, check out Buddy Loan, the best loan aggregator. With various choices of resorts, hotels, and banquet halls, you can move forward with your wedding with the support of a personal loan to fulfill your dream.
Why Do You Need A Personal Loan For Wedding Expenses?
Personal loans are readily available, and you can choose them for your wedding. And here are a few reasons to justify it:
- No Collateral Needed: Firstly, you don’t have to submit any asset to the lender for the approval of the loan as it is unsecured.
- Multi-Purposes Loan: Unless it is illegal, you can take a personal loan for any purpose, such as medical, travel, wedding, business, etc.
- Minimum Documentation: While applying for the loan, you need to submit documents for KYC verification, such as Aadhar Card, PAN Card, Passport, Voter ID, Income Tax Returns, etc.
- Digital Processing: The process of applying for a personal loan is purely online and paperless. So you don’t have to visit your bank directly for the loan procedures.
- Instant Loan Disbursal: The online process provides a quick verification. As a result, the bank will transfer your amount to your account within 24 to 48 hours.
- Flexible Repayment Tenure: Once your loan is approved, you can choose the repayment tenure from 6 months to 5 years.
Ways To Get An Instant Personal Loan
While applying for a personal loan in Ajmer for a wedding, you should be prepared with specific criteria to get a personal loan instantly.
- How much do you want to borrow?
Whenever you plan to borrow money, you should remember the reason behind getting the loan. You should prefer only the exact amount you need at that moment. It would be best if you did not borrow more or less as you might make a default later. Whenever you think you can afford a personal loan, you can apply.
- Monitor your credit score.
The availability of personal loans depends upon your creditworthiness. Your credit score should be more than 750 to take such a massive amount for the loan. If you want to check your credit score before applying for the loan, use Buddy score to keep track of the same. Even if your credit score does not fall in the required range, you can still get a personal loan, but the only difference is that you might be charged with higher interest rates.
- Who can be your lender?
Availability of a loan from various lenders can be a waste of time and energy and impacts one’s credibility negatively. Therefore, choosing only one lender and analyzing the interest rate will lead to instant approval of a personal loan.
However, you should choose a lender that suits you only if you are comfortable paying the interest provided by them.
- You should maintain a good balance.
A good balance in your accounts will welcome a higher repayment capacity, which will benefit both the lender and borrower.
- Selecting the loan tenure.
You should select the loan tenure for yourself wisely. Going for a longer tenure might give you a low EMI but can increase your chances of paying more interest. However, if you are borrowing a large sum of money, you should go for a longer repayment tenure to avoid trouble with the due payments.
- Going digital.
If you require urgent personal loans, you can apply for them online. Going digital will demand only fewer documents that will eventually help you get a personal loan approved quickly.
Find Out Your Eligibility For A Personal Loan In Ajmer
Many factors decide the eligibility for a personal loan in Ajmer for wedding expenses.
- The applicant must be an Indian citizen.
- Age should be above 21 years.
- Whether salaried or self-employed, you can avail of a loan with a minimum monthly income of Rs.18,000.
- Individual entrepreneurs, public and private companies, partnership firms, manufacturers, etc., are eligible for this loan.
- Applicant should provide proof of completing atleast one year in the current company.
- There should be no pending debts in the applicant’s credit history.
- The applicant must have a credit score of above 700.
Check out your credit score with Buddy Score and know your eligibility.
Required Documents To Apply For A Personal Loan In Ajmer
|Sl. No.||Particulars||Documents required|
|1||Proof of Identity||Aadhar Card, PAN Card, Driving License, Passport|
|2||Proof of Address||Electricity Bill, Water Bill, Passport|
|3||Proof of Income||Salaried: Bank statement for the past 6 months
Self-Employed: Bank statement for the past 3 months
|4||Work experience||Employment Certificate for a minimum of 1-year experience|
Personal Loan in Ajmer: Advantages
With a good credit score, you will get more benefits for your loan approval.
- Variety of uses -: You can use the loan for any expense. Let it be a vacation, paying off debts, education fees, holidays, weddings, etc.; you can cover your need with a personal loan.
- Create an emergency fund -: Whenever you face an emergency, with a quick personal loan, you can arrange urgent funds to meet your necessities.
- Consolidated debt -: It is one of the most intelligent decisions to use a personal loan to pay off your existing loans and bills. Clear your credit card bills and other loans with a personal loan to save you from paying more interest.
- Low-interest rates -: Personal loan interest rates are lower when compared with credit card loans. You will get low-interest rates with a good credit score and an excellent repayment capacity.
- Ease of repayment -: You are open to choosing the repayment tenure from 6 months to 5 years, according to how much you can pay back monthly as an EMI.
- Improve credit score -: Personal loans are the best option for improving your credit score. By paying off the dues and EMIs, you can achieve to be a person with responsible credit behavior. Using mixed credits allows you to exhibit your credibility and good repayment history. Lenders look upon these criteria to approve your loan application.
Check These Before Applying For A Personal Loan
Choosing a personal loan for your wedding is a big commitment, which requires immense dedication from you to pay it back on time. There are certain things you have to notice before proceeding with an online loan.
- Analyze the loan amount carefully -: Even Though digital loans are quick, you should check your necessity and apply for the loan.
- Check the partner -: Evaluate the credibility of the lender from which you are planning to get a loan by checking if it is registered under RBI. Every loan lending organization has a connection with NBFCs. So collect the details regarding NBFC and check it with the RBI official website.
- Repayment tenure -: According to your monthly budget and Income, select a tenure period that ranges from 6 months to 5 years. With an EMI calculator, check the monthly due you can afford to pay for a specific tenure and proceed with what is best for you.
- Check for hidden charges -: You should pay only the essential fees for the loan approval. There will be a GST and a processing fee that varies from one lender to another.
- Looking for prepayment options is a must -: When you opt for a long-term loan, you still have a chance to pay off the amount soon. But you should know about the prepayment penalties or charges.
- Read the documents thoroughly -: Lenders will never disclose all the details before the loan approval. Before applying, re-check the documents to make them error-free.
- Check before transferring documents -: You should check the lender’s identity before submitting the documents to avoid identity theft. Only after a proper KYC verification, share your documents with the lender.
- Monthly Income -: Your Income is a fundamental factor in determining the approval of your loan and the interest rates you get. A responsible person with a high income is likely to have a better repayment capacity than people with a low income. Usually, they are more eligible to get a low-interest rate on their loans.
- Pay off previous loans and debts -: It is crucial to pay off your previous loans, overdue credit card bills, and monthly EMIs to get a good credit history. It will protect your credibility, which influences the lenders. Multiple loans at the same time can be riskier for you.
- Stay away from online frauds -: As the internet has widened, several online frauds are also emerging. While applying, if any non-verified application asks for your details, such as address, PIN, or bank account number, then report and stay away from them.
- Employer’s status -: When you are an employee of a well-known, reputed organization, you are considered more responsible for making on-time payments. Thus, you have a higher chance of getting much more flexible lending policies.
- Debt-to-income ratio -: Debt-to-income ratio is the ratio of all debts divided by your total Income. You should maintain it to avoid troubles in the future. How much you earn and how much EMI you pay is vital for your financial transactions.
- Relationship with the lender -: When you are a long-time customer of a bank with a good credit history, you are considered a trustworthy person by the lender. So you can quickly get low-interest benefits and quick procedures than a new customer.
- History of defaults -: Like a credit score, you should also check for any defaults in your credit history. If that is so, you will land up to pay high-interest rates, or you might get a rejection for your loan.
So, you can cover your wedding expenses by using a personal loan in Ajmer. To get better advice regarding a personal loan, log in to the Buddy Loan app, the best loan aggregator that provides loans with better interest rates starting from 11.99%.