How to Apply for a Personal Loan Online This Wedding Season
According to a recent study by a news house, the Indian wedding industry is expected to grow at a rate of 20-25% per year over the next several years. And with the industry seen as recession-proof, these numbers are likely to hold true even in tough economic times.
With the average Indian couple spending Rs.20 lakh or more on D-Day, it may not be surprising that wedding loans are also gaining popularity. Wedding loans or personal loans for marriage boost your savings and give your finances the necessary boost to face the countless expenses that accompany a marriage.
By giving you easy access to sufficient funds, they allow you to focus on the smallest details of your big day rather than worrying about depleting your savings. For example, loans like Bajaj Finserv Personal Loan for Marriage give you Rs.25 lakh so that you can plan your dream wedding without compromise.
To benefit from this solution, it is important to know how to apply for it online. Here are some tips you can follow to do it easily.
Check your credit score
As personal loans are unsecured offers, lenders rely heavily on your CIBIL score. Therefore, the higher your credit score, the better your chances of getting approved. So, before applying for a personal loan for weddings, it is best to check your CIBIL score and improve it if necessary. Lenders usually require you to have a score above 750 for quick approval. In addition, this score gives you the opportunity to access the amount of funding you desire.
Know the eligibility criteria and required documents
When choosing a lender for a wedding loan, in addition to comparing the personal loan rates offered, analyze the eligibility criteria and documentation requirements. This way, you will identify options that are easier to access and save time in raising funds. You will be able to focus on preparing for the wedding in a timely manner, instead of worrying about securing finances.
One of these options is the Bajaj Finserv Personal Loan for Marriage, as the eligibility criteria here are simple. As long as you are between 23 and 55 years old, reside in India, and meet the required minimum wage, you are eligible for the loan. proof of your eligibility.
Calculate the EMI amount and determine the content
A great wedding comes with multiple expenses, and while wedding loans can help you finance it, the responsibility for proper loan and repayment planning rests with you. If you don’t, you risk over- or under-borrowing and it can cause difficulties when paying for IMEs. Therefore, before applying for a loan, use a personal loan calculator. Once you enter the total loan amount, loan term, and personal loan rates into the personal loan calculator, it automatically calculates your EMI. Take a look at this information and see if the IMEs match your repayment capabilities. If they feel too high, consider lowering the principal or lengthening your tenor. Bajaj Finserv allows you to repay over a period of 60 months for your convenience.
Moreover, if you go for the Flexi loan facility, not only can you borrow on the go, as needed, but you can also simplify the repayment. You only pay interest on what you use of the penalty instead of the full loan amount, and you can also pay IMEs with interest only for an initial portion of the term. This allows you to reduce your payments by up to 45%.
Easily apply for a marriage loan online
Once you know the loan amount you need, you can easily apply for a wedding loan online. To understand the process, consider the four steps you need to take to apply for the Bajaj Finserv Personal Loan for Marriage.
- Enter your personal, professional and financial information in the application form
- Select the appropriate loan amount and repayment term
- Submit the necessary documents to the representative of Bajaj Finserv
- Wait for loan approval and disbursement
Bajaj Finserv understands how urgent wedding preparations are, from paying advances to caterers and wedding planners to buying designer outfits and jewelry. So, to allay your worries, Bajaj Finserv promises instant approval in 5 minutes and quick disbursement within 24 hours. To speed things up even further, you can check your pre-approved offer. It offers instant financing through a personalized offer so you can plan the most memorable day of your life without any hassle.