Are you aware that the average Indian wedding can leave a newly married couple with expenses running up to ₹20-30 lakhs?
As a newly married couple, managing the financial aftermath of a grand celebration may seem daunting. The answer lies in the benefits of personal loans for married couples! Personal loans for married couples, such as those offered by institutions like Shriram Finance, can provide newlyweds with the solution they need. These loans are designed to assist with the expenses incurred during the wedding and help with future financial needs. Keep reading to know how personal loans can offer much-needed financial support for newlyweds in their journey together.
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Personal Loan for Married Couple: Types
A personal loan for a married couple can provide financial support for any unplanned or anticipated expenses. With a flexible repayment period and competitive interest rates, it can be a convenient solution for managing household finances.
Wedding Loan
Couples embarking on the exciting journey of marriage often seek the benefits of personal loans for married couple to make their special day even more memorable. A wedding loan is an ideal financial solution to cover extravagant wedding expenses without depleting savings or making compromises.
From booking the perfect venue to ensuring delightful catering, a personal loan for a married couple allows them to celebrate their union in style.
- Wedding personal loan interest rates in India typically starts from 25%* p.a., influenced by factors like credit score and income.
- Higher credit scores and steady incomes can secure more favourable interest rates, reducing loan costs.
- Required documentation: Identity proof, address proof, income proof and credit score.
- The digital era enables easy online application processes for wedding loan personal loans through the lending institution’s website, allowing couples to apply online conveniently.
5 Ways How a Newly Married Couple Can Benefit from a Personal Loan
Personal loans for married couples offer various advantages including,
- No Collateral Required The absence of collateral requirements for personal loans is a boon for newly married couples. A newlywed couple can obtain a personal loan up to a certain credit without pledging their assets, avoiding the risk of collateral repossession.
- Investing in Career Growth or Education One of the benefits of personal loans for married couple is the opportunity to invest in career growth or education. With the average cost of higher education in India ranging from ₹1-3 lakhs per year, a personal loan can help couples finance their academic aspirations or skill-enhancement courses.
- Emergency Fund Creation Life is unpredictable and having an emergency fund can provide married couples with financial security during unforeseen circumstances. With instant personal loan approval and disbursement, couples can quickly access funds to tackle emergencies, be it medical expenses or unexpected home repairs, ensuring a stress-free financial safety net.
- Consolidating Debts A personal loan for married couples can be instrumental in consolidating debts and simplifying their financial management. A couple can combine their high-interest credit card debts into a single personal loan with a lower interest rate, saving the interest payments and streamlining their budget.
- Travel and Experiences A wedding personal loan can be utilised to fund once-in-a-lifetime trips or to embark on a dream honeymoon. The competitive wedding loan personal loan interest rate allows couples to explore the world together without the burden of high-interest debt, enriching their lives with unforgettable memories.
Instant Personal Loan for Wedding: A Convenient Option
An Instant Personal Loan for Wedding is a quick and convenient financial solution designed to cover wedding-related expenses.
Quick Approval
- Many lenders in India offer instant personal loan approval, often within 24 hours after applying.
- Once approved, funds can be disbursed as soon as 24 hours, making it an ideal option for time-sensitive wedding expenses.
Minimal Documentation
- Compared to traditional loans, instant personal loans for weddings often require minimal documentation, such as ID proof, address proof and income proof.
- Couples can submit their documents online, streamlining the application process and avoiding the hassle of physical paperwork.
Flexibility in Repayment
- One of the key benefits of personal loans for married couple is the flexible repayment tenures ranging from 12 to 60 months, allowing them to choose a plan that suits their financial situation.
- Some lenders offer the option to prepay the loan partially or in full without prepayment charges, providing flexibility and potential interest savings.
Factors to Consider Before Taking an Instant Personal Loan for a Wedding
Affordability: Assess the borrower's current financial situation and monthly obligations to ensure that they can comfortably afford the loan repayments.
If a couple's combined monthly income is ₹80,000 and they have monthly expenses of ₹60,000, they should ensure that the loan's monthly repayment does not exceed ₹20,000 to maintain financial stability.
Interest Rates: The interest rate is critical when taking out a personal loan for a wedding. Before applying for a wedding personal loan online, ensure that you compare various loan options according to your credit score and requirements.
Loan tenure: Choose a loan tenure that balances manageable monthly payments and low-interest costs.
For a ₹5 lakh loan at 12%, a 3-year tenure has a monthly repayment of ₹16,607 and total interest of ₹97,867, while a 5-year tenure has a monthly repayment of ₹11,122 but a total interest of ₹1,67,336. Weigh the pros and cons of each option.
Additional charges: Be aware of any hidden charges, such as processing fees or prepayment penalties, that may increase the overall cost of the loan.
How to Apply for an Instant Personal Loan for Wedding
Planning a dream wedding can be a costly affair and sometimes couples may need financial assistance to make it a reality. An instant personal loan for wedding can be the perfect solution to meet their wedding expenses.
Step 1: Visit Shriram Finance's website or download their app and begin the instant personal loan application process, ensuring a stress-free experience for the big day.
Step 2: Fill out the online form with the necessary personal and financial information to receive a swift approval decision.
Step 3: Once approved, submit the required documents such as ID, address and income proofs to finalise the loan. Take advantage of the secure process, flexible repayment options and competitive interest rates.
Experience the benefits of personal loans for married couple with Shriram Finance. Apply for an instant loan to make that dream wedding a reality. Enjoy stress-free financing tailored to your wedding needs.
Frequently Asked Questions
1. What are personal loan advantages?
Personal loans offer advantages like unsecured borrowing, quick approval, low interest and fixed repayment terms, making them a good option for financial needs, including for newlyweds.
2. Can a personal loan be used for wedding expenses?
The benefits of personal loans for married couple include access to a large sum of money, quick and easy approval processes and the ability to use the funds for a variety of expenses, including wedding expenses.
3. What is the usual approval time for an instant personal loan for a wedding?
Instant personal loan for weddings typically have a quick approval process, with some lenders providing a decision within minutes and disbursing funds within 24-72 hours, subject to eligibility and documentation.
4. How do I apply for a wedding loan through an online personal loan portal?
To apply for a wedding personal loan, individuals can conveniently visit the lender's website or use their app to complete the application form available under the wedding loan option. This streamlined process guarantees swift access to funds for their special day.
