How to find the best Marriage Loans?

A memorable and grand wedding is a dream come true for everyone. However, a wedding costs a lot, be it a small gathering or a big affair. However, you need not worry too much because Marriage Loans are the best way to plan a beautiful yet affordable wedding. Marriage Loans come to your rescue, but you should also remember some aspects to find the best deal:

Compare EMIs

If you plan to repay your Marriage Loan in EMIs, use an EMI calculator to check how much you must repay each month. Different EMI calculators help you check the exact EMI amount for your Marriage Loan. You need to input the principal amount and interest rates and select the tenure in months. After filling in these details, the calculator shows the amount you need to repay monthly.

Interest rates

There is another important factor when applying for a Marriage Loan, i.e. the varying interest rates. They usually range from 16% to 28%. If you need clarification about the variable interest rates, you can select your preferred rate and choose a plan according to your financial goals and constraints.

Documentation process

Every bank has a thorough documentation process when it comes to credits. So, there are certain documents that you need to prepare beforehand according to your chosen bank. These documents change according to every bank’s process. However, these are the basic documents:

• Prove that you are an Indian citizen. An Aadhaar, PAN Card, driving license, or other ID proofs.
• An Aadhaar proves your residency address.
• Prepare salary or tax slips as employment proofs.
• Your Salary Account statement is a mandatory document requirement.

Eligibility criteria

Since such Loans come under an Instant Personal Loan, there are specific criteria you need to fulfil:

• You must be an Indian citizen to apply for a Loan.
• You must be employed in the government or private sector and a full-time employee in your organisation.
• You must have at least six months of minimum work experience and worked at your current company for more than three months.
• Another thing is that you should receive your salary in a Bank Account that is in your name.

Conclusion

So, these are some aspects that will help you land the best deal if you explore Marriage Loans and wish to apply for one. Moreover, you can enjoy your wedding with your loved ones once the Loan is in place to cover all the expenses.