Marriage Loan Without Collateral: The act of marriage is among the most special events in life and everybody would desire it to be spectacular and memorable. However, as costs begin to rise, wedding budgets tend to rise. Marriage loan is a good idea in such situations. A wedding loan is also referred to as a marriage loan which is a personal loan. You are able to use it to take care of all the wedding costs such as the venue, decoration, catering, bridal dress and jewelry.
The greatest benefit of marriage loan is that collateral and security is not required. You will be able to borrow between 5 lakh and 50 lakh and pay within 12 to 60 months. It is perfect in terms of its flexibility in the tenure period and suitability to a couple who desires a stress-free wedding.
Eligibility for Marriage Loan Without Collateral
- Age should be between 21 and 60 years and applicant must be an Indian citizen.
- A stable source of income is required, whether salaried or self-employed.
- Good credit score (750+) is important for loan approval.
- Some banks prioritize existing customers. For example, HDFC Bank offers instant loans to salary account holders.
Interest Rates and Application Process:
Marriage loans are of an interest of between 10-24 percent per annum, which is usually determined by your credit profile and the policies of your bank. Comparison of terms and interest rate is necessary when seeking the best deal with different banks. The applications may be made online or at the bank branch.
Conclusion:
Another ideal way to have a dream wedding without worrying about money is a collateral-free marriage loan. You can easily take a loan of up to 50 lakh rupees with proper planning and eligibility and make your special day really memorable.
Braj Verma is a resident of Rajgarh in Madhya Pradesh and is a content writer and freelancer by profession. He has a degree in Political Science from Barkatullah University, Bhopal. He has expertise in subjects like credit cards, banking, loan, insurance, political analysis and digital marketing.