The big fat Indian wedding is every Indian’s dream about
getting hitched. But not all are able to execute it perfectly.
Most of the time a wedding burdens
the parents and burn large holes in their pockets. If you are one of those
individuals who don’t want to unduly stress your beloved folks out with the
marriage expenses, you can apply for a loan!
Before applying for a loan for the wedding:
1.
Chart out a gross amount of the
expenses that are expected.
2.
Evaluate whether you really need to
spend that extra amount of money, or if you can forego it.
3.
If not, then that is the amount of
money needed as your marriage loan.
4.
Figure out how much you can spend
from your pocket and how much you cannot.
How to Avail A Personal Loan:
·
An individual working in a known organization with a minimum of 3
years of experience can avail the loan.
·
Minimum Salary should be Rs 18,000
and the age should be between 21-60 years.
·
It is much convenient to apply for a
joint loan, along with your spouse or parent.
·
If you are self-employed, ITR
statements of the past 3 years with a annual profit of Rs 2 lakhs is required.
·
If you are retired you can still avail
a personal loan against your pension for your marriage of your children. You
can avail an amount of 5 lakhs till you reach the age of 70 years.
·
The interest rates on presonal loan
varies from bank to bank, within a range of 13-22% p.a.
·
The bank also inquire the applicant about
the assets, eligibility and capacity to repay.
·
Normally a period of 5 years is
given to repay the loan for an amount ranging from 50,000 to 15 lakhs.
Loan
against Collateral -
It is the loan granted against immovable
assets / collateral. The value of the asset determines the amount of loan
received. Different banks have different policies but many banks accept
variable assets as well such as LIC policies, Term Deposits Receipts
and National Savings Certificate as mortgage. The value of the collateral decides
the amount of loan here. Typically, minimum loan amount is Rs.1 lakh. Maximum
loan amount depends on your eligibility criteria.
Loan on
Credit Card –
A lesser attractive alternative is financing through Equated
monthly installments (EMI) using credit card. But the interest rates are really
high for loan from credit card issuer. This option is very expensive and should
be used only in extreme consitions and the loan should be paid off at the
earliest to avoid the vicious cycle of high interest and late payment fee etc.
The
wedding industry is the sole industry without recession ever affecting it. The
wedding market in India is worth over $40 billion. Although matches are made in
heaven according to popular belief, it is on the earth that marriages are
performed. Since marriages are generally taken as a once in life time and one
of the most awaited and happiest occasions, people want to celebrate it in a
way that the memories are cherished for life. And most would agree that money plays
an important role in making the marriage memorable.
However,
some of the best financial experts while helping you arrange much needed funds
to celebrate the marriage in style, suggest you to be cautious while borrowing,
not go overboard and ensure that your post matrimonial life does not suffer
under the unmanageable financial burden. To get connected, log on to www.solvemyproblemm.com
and meet your financial needs the way experts meet their financial
requirements.
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