Weddings are a moment to celebrate love in India. Families get together at this time, and people can’t resist a wedding with lots of ceremonies and events. Having the necessary funds is crucial in this respect. The budget may occasionally increase, in which case you may need to access funds immediately. You can certainly use a Marriage Loan in this situation. Major banks like ICICI Bank provide Personal Loans with minimal paperwork and hassle-free process. To learn about the various advantages of applying for a Marriage Loan, read this blog.
Marriage Loan Meaning
A Marriage Loan means applying for a Personal Loan designed to cover all the expenses for a wedding ceremony without needing to provide any collateral or security. When applying for a Personal Loan online, lenders look at certain factors like your income and credit score to assess your repayment capacity before giving the loan approval. It usually ranges from 1 to 5 years in duration with flexible repayment plans and ease of payment over the loan tenure.
How a Marriage Loan is a Perfect Solution for Marriage Expenses
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Quick Funds in Your Account
In the case of a Marriage Loan, a key advantage is the fast access to money. With weddings requiring management for various costs involved in the preparations and celebrations planning is crucial and a Personal Loan can be a quick solution. After submitting your loan application online and receiving approval quickly, the funds are released promptly to help you smoothly proceed with your wedding arrangements without any delay.
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Zero Collateral Loans
When it comes to Marriage Loans, you don’t need to put up any assets as security. This is because these are unsecured loans offered by the banks and this way you can borrow money without the fear of losing any of your belongings or property.
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Options for Repayment Terms
Marriage Loans usually provide multiple loan tenure options for repayment as per your financial circumstances, giving you the freedom to select a duration that works best for you financially. You can opt for repayment terms ranging from 12 to 60 months.
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Improves Credit Score
Getting a loan for your wedding and paying it back on time can have a positive effect on your credit rating. Timely repayment enhances your creditworthiness and may be advantageous when applying for loans or credit cards in the future.
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Get High Loan Amounts
Banks like ICICI Bank offer high amounts for a Marriage loan. For weddings, you may need to have a good amount ready to cover various expenses. The loan ranges from Rs.50,000 to 50 Lakh as per your eligibility and credit score.
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Easy Online Application Process
Applying for a loan for your wedding has become simpler with the advent of online banking services. You can easily request a loan via bank websites or mobile apps with a few clicks. Check if you qualify for the loan and submit the required documents for fast approval.
Check Your Marriage Loan Eligibility
- Age Requirement: Candidates must be between the ages of 20 and 58 years.
- Work Experience: 2 years is the minimum amount of work experience needed, with 1 year with the present company being mandatory.
- Employment Status: Employees who are employed in private limited companies, public sector companies, and government sectors including central, state and local are eligible for the loan.
How to Apply for a Marriage Loan Online?
Follow the below –
- Enter your login information and access the iMobile App from ICICI Bank.
- Under Personal Loans, select “Apply Now” after selecting “Get Instant Loan.”
- Based on your needs, enter the loan amount you want to take out.
- Examine and confirm all loan information with care, including interest rate and duration.
- Check the box and choose “Disburse Now” to indicate your agreement to the terms and conditions.
- Click “Submit” after completing the Aadhaar-based eSign authentication procedure.
Conclusion
One smart way to control costs without significantly depleting your resources is to take out a Marriage Loan for your wedding. These loans offer immediate help and peace of mind because they have speedy approval timeframes and don’t require collateral. But it’s important to assess your financial needs, look into lenders, and finalise a repayment period that fits within your budget.
