Marriage Loan

The accompanying benefits such as zero restrictions on end-use, a high loan quantum, and quick disbursal make personal loans a viable option to finance a wedding. The sizeable loan value and no restriction on usage of funds allow you to account for miscellaneous expenses associated with a wedding ceremony.

Furthermore, prompt disbursal of funds helps you account for immediate requirements without delay. You can also pick a repayment schedule that matches your repayment capabilities and pay off the loan conveniently. Moreover, being an unsecured loan option, you are free from the fear of your assets getting liquidated, in case of a default.

You can take a marriage loan online by simply following some easy steps:

• You need to fill out an online application form with personal and financial details
• You need to input details such as a suitable loan amount and repayment tenor. Once you share all the details, basis your eligibility, you may receive instant approval
• You need to submit a necessary set of documents to a designated executive

Usually, the sanctioned loan amount is disbursed to your account within 24 hours of verification.

Essentially, a marriage loan is a type of personal loan. This is why you can either repay or foreclose a marriage loan just like any personal loan.

You must note that you may have to pay foreclosure or prepayment charges to the lender. Additionally, you may have to fulfil certain conditions and submit documents, including loan account number and identity proof to prepay or foreclose your loan.

Therefore, to streamline the process, you should find out all the requirements and applicable charges in detail from the concerned financial institution.

You can avail of a loan amount of up to Rs.25 lakh with top NBFCs in India. However, the sanctioned loan amount may depend on multiple factors, including credit score, applicant’s profession, age and income.

In most cases, applicants with a high credit score are more likely to get a higher loan amount sanctioned than those with late repayment history or one with default. Also, a stable job and regular income source work in favour of availing of a higher loan amount.