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Important Things to Consider Before Taking a Wedding Loan

michealanderson March 6, 2020

Getting married is a significant milestone in an individual’s life and in India, it is celebrated with pomp and flair. Today, with trends like pre-wedding photoshoots, destination weddings and personalisation of customs, weddings are larger than life and expenses amount to a significant sum. Fortunately, personal loans for weddings from lenders like Bajaj Finserv help you foot all the expenses that a wedding entails. A wedding loan offers ample, collateral-free financing that you can repay flexibly. This enables you to host the wedding of your dreams while also protecting your savings.

However, to ensure that you have a pleasant borrowing experience, here are a few factors to pay attention to before you apply for a wedding loan.

Estimate the expenses involved

It’s important that you calculate how much financial assistance you require for the wedding before you apply for a wedding loan. This ensures that you do not over- or under-borrow. While the former makes repayment more laborious, the latter may force you to seek financing from other sources at the nth minute. Apart from this, choose a lender that offers ample amount, so that you can cover all expenses through a single loan. When you partner with Bajaj Finserv, you can get a personal loan of up to Rs.25 lakh without any collateral.

Examine the eligibility terms and documentation requirements

Since a wedding loan is a collateral-free loan, fulfilling the eligibility criteria is a must. So, when comparing lenders, look for ones that have minimal eligibility requirements as this will help you qualify more easily. Bajaj Finserv is a good match in this regard too, as it has basic eligibility criteria. You must be between 23 and 55 years of age, work at a public or private company, be a resident citizen of India and earn the minimum monthly income as per your city of residence.

Once you meet the criteria, you only have to submit a handful of documents to apply. Best of all, Bajaj Finserv offers approval in 5 minutes followed by disbursal in 24 hours. All these features are ideal for wedding expenses that are often time-sensitive.

Enquire about repayment terms

One of the most important factors that you need to consider before you apply for a wedding loan is the repayment terms. It is easy to forget about this while you’re engrossed in preparations, however, this is an important aspect to consider as it determines whether or not you will be able to manage the loan.

Lenders like Bajaj Finserv are a good pick as you can opt for a tenor of up to 60 months once you determine your EMIs using a personal loan calculator. A long repayment window gives you the option to service large instalments to limit your net interest payment or pay small EMIs, to limit your monthly outgo.

Look for value-added features that help with wedding preparations

When you are planning a wedding, you are bound to encounter expenses that you had forgotten to budget for, or simply weren’t expecting. Therefore, it’s crucial to choose a loan that offers you flexibility to handle such scenarios. For instance, Bajaj Finserv offers you the option of availing a flexi loan. You can use it to withdraw funds from your sanction in parts, as and when you need an infusion of funds. While you enjoy this freedom, you are charged interest only on the amount withdrawn. Further, you can pay just the interest as instalments for a part of the tenor to ease your way into repayment.

Apart from these major considerations, remember that an online personal loan application process will help you secure a wedding loan more conveniently. So, be sure to pick a lender that allows you to apply online. When you choose Bajaj Finserv, you can simply check your pre-approved offer in under a minute and get instant approval through a tailored deal.

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