What are the Conditions for a Marriage loan?
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.
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