How To Get A Loan For Wedding

Wedding is one of the most important and special days that a person experience and everyone wants to make their special and remembering but with the continuous inflation, it has now become very tough to organize a wedding within a very restricted budget and for having a special wedding day, it’s now very important to finance it just like you do for vehicles and homes to avoid any kind of financial stress. So, now the question rises, How can I finance my wedding? or How can I get a wedding loan?, well it may sound silly, but there are many ways to borrow money or get loan for a wedding and that too online.

 

Here are the steps to get a Wedding Loan

Get a personal loan

Even though, a personal loan have limits but if it covers your wedding budget then why not. Getting a personal loan on internet is not really tough but it still need to be done very carefully to avoid unnecessary expenses, you can use peer to peer lending with online lending platforms such as Lendbox and Prosper or if it’s too complex for you can go for regular banks if you can wait longer and doesn’t want to get into complicated things.

Below are steps for both cases

Wedding Loan Via Peer To Peer Lending Platform

Source – Lendbox.in

• Register on a peer to peer lending website
• Fill in the data and upload the required documents
• Wait for verification and activation
• Request proposals to investors with your amount and reasonable interest rate
• If your credit score is good then you’ll get funded within 2 days otherwise wait
• Repay your amount in installments

In a p2p lending platform, you don’t have to wait longer and if you request proposals in small amounts and it increases the rate of approval and speed of funding but if you have a bad credit score then it will be hard to get the loan amount in time.

Wedding Loan Via Banks Or Other agencies

• Apply for a loan online
• Wait for revert
• Verification process will take place a few days after if your application granted
• After 2 to 3 verification processes, you will get loan
• Repay with easy monthly installments

When applying for a loan in Banks, you need to know that they have high rejection rate and if you have bad credit score then getting loan from banks is almost impossible since and keep in mind that processing fees in Banks can be a little high compared to other institutions and p2p lending platforms.

Should you really go for a Wedding loan

Before going for a loan for covering your marriage cost, you need to understand, on what terms you should go for a wedding loan and do you actually need it because in India “chacha mama milke hi kra dete h shadi” but on a serious note, if you have plans and support to cover up your event cost and you are using your credit card with maintained balance then there is no need to get loan from a bank or a lending platform.

You can arrange money offline if you have contacts as Wedding is something that you can easily borrow money for but in the end it all depends on you, whether to take a loan for your wedding or not. Take the decision that will help you improve your credit score.

Hope this post helped you understand how and where you can get loan for your marriage.

How To Borrow Money Online In India

Lending and borrowing has been started centuries ago and as technologies advanced, this became more and more convenient to the point where you can even borrow money online while sitting on your couch wearing pajamas. Today, we are gonna tell you the same. In this post you’ll learn How to borrow money online in India.

Best Ways To Borrow Money Online

1. Borrow money with peer to peer lending platforms

One of the best ways to get personal loans on internet is by using P2P lending platforms. Peer to peer lending is the investing and borrowing process between individual peers/persons without going through any traditional intermediaries using an online platform.

Read what is peer to peer lending and how it works to understand it more briefly.

Peer to peer lending is much different from banks as explained by Mr. Bhuvan Rustagi in an article in Buisness-Standard, he said

“Unlike taking a loan from a bank, these platforms are do-it-yourself.

So, there will be no executive visiting to collect documents and provide other services.

A borrower needs to scan and upload documents for KYC, such as photo, PAN card, Aadhaar card and passport.”

Bhuvan Rustagi 

COO, Lendbox

Even though peer to peer lending is still in its early stage in India and there are only bunch of platforms available right now however, the awareness about this is increasing at a good speed among the normal people and platforms like Lendbox, faircent are growing at an amazing rate and making this process as secure as possible and make this process of borrowing money online in India easy.

Benefits

1. Easy to apply
2. Fast funding for people with good credit score
3. Low Interest for people with good score
4. Easy repayment with EMI
5. Low processing fees and no hidden charges

Risks:

1. Lack of lenders
2. High interest rate for people with bad credit

2. Online Personal Loans from banks

Now many banks are also providing loans over the internet for the eligible candidates with good credit score, CIBIL Score and many other things. You can get loans for multiple type of needs such as home loans, car and bike loans or even consumer durable loans.

Even though, the application process is online, many kinds of verification processes will take place offline and sometimes, service and support of these bank or loan agencies can be really poor and unresponsive.

Benefits:

1. Low Interest Rate
2. Long repayment time or Low EMI

Risks:

1. Not good for people with credit
2. Long verification process
3. Heavy processing fees and unnecessary charges
4. Poor service or support in many banks

These are the two best ways currently to get loans or borrow money online in India, you can go for peer to peer lending or online personal loans whatever suits you better but always remember to maintain your EMI’s on time to keep your credit score good.