The journey of a wedding Loan is a major and important decision for many as it requires financial planning. But before taking any decision for a loan, you must be aware of the requirements of the Banks and financial organization.
BASIC REQUIREMENT
Employment Status is an important factor. The basic requirement for a wedding loan is that you should be a salaried employee from any government or private organization, but there is a requirement in salary.
AGE BRACKET
The age Limit is between 21 and 60 years to be eligible to apply for the loan. A minimum of two years of work experience is required with at least one year with your current employer. For example, If you have a salary account in HDFC Bank the minimum salary requirement is Rs 25,000/- and if you are not a salary account holder the salary requirement is 50,000/-
DIFFERENT CRITERIA
It is important to note that different lenders have different criteria to be eligible. For example
Tata Capital has an age limit between 21 to 58 years with a minimum salary of Rs.20,000/- having a minimum of 2 years of work experience. Likewise, Bajaj Finserv has an age limit of 21 to 80 and the candidate must have a salary income.
Know the Interest Rates for Wedding Loans AND Loan amounts
Interest rates of wedding loans differ amongst Lenders. For example, HDFC Bank offers a wedding loan at 10.5 %, and IDFC Bank provides the same at 10.75%.
The minimum and maximum loan amounts for a wedding loan are dependent on multiple factors such as your credit score, income, location, and employment type. For example, HDFC Bank provides wedding loans ranging from amount 50,000/- to 40 lakh.
Tata Capital offers a personal loan for a wedding from Rs. 75,000 to amaximum of Rs. 25 lakh.
Like wise Bajaj Finserv offers wedding Loan starting from Rs 1 lakh to maximum of amount 25 lakh
Repayment Tenure:
Payment tenure generally from 1 to 7 years from the date of disbursement of the loan.
Results of Mis payments of EMI’s
If you fail to pay the EMI’s on time it may impact your CIBIL score along with a late payment penalty fee and downgrade your CIBIL track.
Difference between a Wedding Loan and Personal Loan.
A wedding loan is specially a type of personal loan which is designed for wedding related expenses only. The major difference is both loan products are designed to fulfilled their purposes. While personal loan can be used for different purposes to meet different needs such as medical emergencies etc. Generally interest rates of wedding loan higher than the personal loan.
Tax Implications and Wedding Expenses
In India, wedding gifts received fall under Section 56 of the Income Tax Act, of 1961. The cost incurred in a wedding is considered personal expenditure and is not tax-deductible. But some wedding expenses, such as donations of items like dresses, flowers, or excess food, may qualify for a tax deduction.
Honeymoon Expenses:
If you are planning a honeymoon and need financial support then you can avail a personal loan.
Requirements of a wedding loan ?
To apply for a personal loan one must fulfilled the below criteria. You must be a salaried employee of selected private and public sector companies including central, state, and local bodies. Age should be between 21 to 60 years to avail the loan. You must have had a job for at least 2 years, with a minimum of 1 year with he current employer.
What is the minimum and maximum loan amount for a wedding loan?
The minimum and maximum loan amount for a wedding loan varies depending on the lender, your credit score, income, location, employment type, and other factors. Below are the several financial institute and their different Loan disbursed amount:
HDFC Bank: From HDFC Bank You can avail of a personal loan for a wedding from 50,000/- to a maximum of 40 lakh.
Tata Capital: From Tata Capital, You can avail of a personal loan for a wedding from 75,000/- to a maximum of 25 lakh.
Bajaj Finserv: From HDFC Bank You can avail of a personal loan for a wedding from 1 Lakh to a maximum of 25 lakh.
Paisa bazaar: Lenders usually offer wedding loans ranging between Rs. 10,000 to Rs. 40 lakh. Its important to note the loan amount you received based on your credit score, income, location, employment type and other factors.
Payment tenure of a wedding Loan in India.
The repayment period for a wedding loan varies depending on the lender and the loan amount. In general, wedding loans have a repayment tenure ranging from 1 to 7 year.
What happens if I miss a payment?
If you miss a payment, the result may vary depending on the lender and the terms of the loan. Typically, if you miss a payment, you may be charged late payment fees and if you continue the same it will negatively impact on your credit score.
CONCLUSION
In conclusion, Before taking a wedding loan it’s very important to know every minor criterion and detail of the product because after marriage it should not be your burden. Recommended to explore different Banks and financial organizations before making any decision so that it can fulfill your unique needs and requirements.
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