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Planning a wedding is an exciting journey, filled with dreams and aspirations of a beautiful beginning. But sometimes there can be a financial constraint while preparing for the grand wedding. You donu2019t have to compromise on the dream wedding. Marriage loans can play a crucial role in helping individuals and couples manage the expenses associated with their big day. Here, we'll tell you about the various aspects of marriage loans, and what are their requirements.
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Planning a wedding is an exciting journey, filled with dreams and aspirations of a beautiful beginning. But sometimes there can be a financial constraint while preparing for the grand wedding. You don’t have to compromise on the dream wedding. Marriage loans can play a crucial role in helping individuals and couples manage the expenses associated with their big day. Here, we'll tell you about the various aspects of marriage loans, and what are their requirements.
What is a Marriage Loan? A marriage loan is a financial tool designed to provide individuals and couples with the necessary funds to cover the various expenses associated with weddings. It acts as a dedicated financial support system to help cover costs such as venue rents, catering, attire, decorations, and other essentials that contribute to creating a memorable celebration. These loans typically come with specific terms and interest rates, allowing borrowers to repay the borrowed amount over a set period. It helps couples to have the wedding they desire without compromising their financial stability, ensuring that their special day is as beautiful and meaningful as they envisioned.
Eligibility Criteria for Marriage Loan Applicant age The applicant's age at the time of loan application must be within 21 and 58 years. Work experience At least two years of work experience is required, with at least two months of consistency with the current company. Income The candidate must earn at least Rs. 30,000 in net monthly income. Employer category The applicant must be employed full-time by a corporation, LLP, private or public limited company, or other similar organisation. Citizenship Marriage loans are only available to Indian citizens. Credit score A minimum credit score of 750 or higher is typically required by lenders in order to be approved for a Marriage loan. To improve their credit score, people should avoid delay in payment, maintain a low credit utilisation ratio, and make their loan repayments on schedule.
Documents Required To Avail Marriage Loan Identity Proof • PAN card • Aadhaar card Address Proof • Electricity bill, rent agreement or Indian passport Income proof • salary slip for the last 3 months from the current employer Bank account statement • Original bank statement for the last three months in PDF format. Employment proof • Offer letter • Monthly salary slip • Copy of the employment contract
How To Apply For a Marriage Loan • • • • • • Visit LoanTap's official website or download the app. On the home page, click on the 'Apply Now' Tab to apply for a Wedding Loan Select your employment profile. Select if you are a business owner, an employee, or a salaried person. Select the purpose of your loan, that is ‘Wedding Loan’ Type in your email address and city of residence. Enter all additional information, including monthly income, active loans (if any), and type of current residence. • Upload the required documents, such as bank statements, salary slips, and ownership records for real estate, etc. • • Enter your PAN Card number and birthdate. When you have given the insurer all the required information, they will review it, and if lenders approve, your loan amount will be disbursed immediately.
Conclusion Understanding the requirements for a marriage loan is important for anyone looking to begin the beautiful journey called marriage with financial confidence. Whether it's managing costs related to the venue, catering, or attire, knowing the terms and conditions of a marriage loan can help ease the financial burden. LoanTap specialises in transforming these dreams into reality by offering customised financial solutions. By assessing your needs and fulfilling the required conditions, LoanTap ensures that you have the funds to create the perfect wedding you've always envisioned.
