Planning to avail a wedding loan? Here’s your eligibility checklist

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Taking a personal loan is an easy option to fund your wedding. As compared to borrowing from any other sources, a wedding loan is a safer bet.

Borrowing from friends and relatives is an option but do you really want to hear about this for time immemorial. Taking a loan from your salary at your workplace is not a great option either. After all, your expenses will only increase post your wedding, and at that time you don’t want your salary to come in deducted from.

You should not also try to break your parents’ savings, as spoiling their retirement plan should never be an option. In such a scenario, taking a personal loan in the form of a wedding loan is the most logical step. You wouldn’t have to be under any obligation from your friends or parents, yet your wedding expenses will be handled smoothly and responsibly.

If you are apprehensive about how much EMI you have to pay, and whether you can afford to pay the same after taking care of all your monthly expenses including existing EMIs, if any, there is a way to judge that beforehand. Simply go to the website of trusted players such as Tata Capital, and check your EMI using the personal loan EMI calculator.

The personal loan EMI calculator is an easy formula whereby you just need to put your personal loan amount, the tenure of loan and the rate of interest, and it will show you your monthly installment figure. Of course, you must make a budget before that and arrive at an amount which you want to take as a wedding loan.

You must also decide upon the tenure. Whether you want to pay off the wedding loan in one year or if you want to pay it off gradually in five years. Reputed institutions such as Tata Capital even provide a wedding loan with tenure up to six years, so you can take things slow and steady. Personal loan or wedding loan interests range between 11.49 to 19% in trusted financial institutions such as Tata Capital.

 So, put all these figures on the personal loan EMI calculator, and find out how much EMI you might need to pay every month. Once you have a fair idea of this figure, it’s easier to go ahead and take the plunge.

But before everything else, you must know your personal loan, or in this case, your wedding loan eligibility. Are you even eligible to take the wedding loan? You need to fulfill some basic conditions to be eligible for this type of personal loan. Let’s take a look at some of the wedding loan eligibility criteria:

  • Both salaried, as well as self-employed individuals, are eligible for a personal loan. The criteria may be different across different banks and financial institutions. So, if you are worried about whether you will get a wedding loanor not because you are not a salaried person, but have a business of your own, there’s actually nothing to fear. Banks and financial institutions give personal loans to self-employed individuals as well if you can show a proof of your business and balance sheets.
  • Whether you are salaried or you are self-employed, you must be in the age group of 21-58 years to be eligible for a wedding loan.
  • For salaried persons, you have to show a proof that you have been in the same job for six months and you have overall work experience of at least two years. You may be asked to show an employment proof or last few months’ salary slips. If you are self-employed, you need to be in the business for a minimum of three years with a work experience of three years.
  • If you are a salaried individual looking for a wedding loan, you must draw a minimum income of Rs 20,000 per month.
  • You must be in possession of your basic KYC documents such as address and identity proofs, bank statements, employment certificates, and salary slips if you are a salaried individual. If you are self-employed, then you must have business continuity documents such as Trade License/Sales Tax Certificate/Establishment. Certified copy of Partnership Deed, Memorandum of Association (MOA), Article of Association (AOA) and Board Resolution. You will also have to show proofs of your income tax filings.

For the ease of personal loan applicants, websites of reputed financial institutions such as Tata Capital have a personal loan eligibility calculator, too, whereby you can check online if you are eligible for a personal loan.

Here, you have to key in stuff like your name, where you live, your mobile number, what do you do – salaried or self-employed, name of your company, how do you get your salary – by cheque or by bank transfer, your monthly income, how much EMI you already pay per month, and your date of birth, and finally press the submit button. You will instantly get to know if you are eligible for the wedding loan, and soon after, representatives will contact you to take the discussion further.

If you meet the above criteria, availing a personal loan for your wedding will be a cakewalk for you. Just get your basics right and everything else fall will fall into place.

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