Weddings in India are known globally for their grandeur and expenditure. While many plan their finances for marriage, many seek finance to cover last-minute expenses. Here, an online Marriage Loan, essentially a personal loan, can help make the day extra special. From venue booking and decorations to jewellery purchases and invitations, a personal loan for a Wedding helps bridge the financial gaps and make overheads fuss-free.
Are you looking for funding that fits your budget, arrives on time, and brings a fairy-tale wedding to life? Go for a personal loan for a wedding to meet the expenses and make the occasion memorable without stressing over the budget. Here, you will find all you need to get an online Marriage Loan in India.
Loan Application: A loan application is a mandatory document that prospective borrowers must complete to start the loan process. Most lending institutions have specific application forms, so the required details may vary. Generally, they include basic identity information, loan amount desired, and loan purpose.
Stable Income: Financial institutions have minimum income requirements for loan applicants to be fulfilled. The minimum requirement varies between loan providers. For instance, Clix Capital requires a minimum income of ₹ 20,000 per month for online marriage loan applications. Income proof includes the latest pay slip or current year’s Form 16.
Earning Age: Most financial institutions require a government-issued identification certificate to verify that the applicants are between 21 and 58 years of age and are Indian citizens. Providing valid identity proof also minimises the risk of identity theft. Adequate identity proofs often include an Aadhaar card, PAN card, or government ID for government employees.
Employment with an Established Company: Lending institutions want to see that borrowers have the capacity to repay their loans. For this, they typically require potential borrowers to prove their current earnings and employment history while applying for a personal loan for a Wedding. Typical employment verification documents include salary slips, ITRs, bank statements, and Form 16.
Permanent Address: Most financial institutions want to check the applicant’s residential status. Therefore, they require address proof, which includes an Aadhaar card, voter ID card, passport, driving license, etc.
Debt-to-Income Ratio: The DTI ratio represents a percentage of the applicant’s monthly income going towards other financial obligations. Finance providers use this ratio to predict an applicant’s repayment capacity on current and new debt. Consequently, a DTI ratio of less than 50% is ideal for applying for an online Marriage Loan.
Credit History and Score: The credit score is one of the most crucial parameters that help evaluate loan applications. The score ranges from 300 to 900, and individuals get it based on factors like their payment history, outstanding debt, credit length, etc. Reputed NBFCs like Clix Capital require an Experian credit score of 630 to consider a personal loan application.
So, when you plan to apply for an online Marriage Loan, you must fulfil these requirements to confirm your identity, employment, residence, and repayment capacity. Make these a part of your loan application process and get the best deal from reputed lending institutions.