Planning a wedding is usually part of your dream, requiring much effort from the engagement ring to the reception hall, to the wedding dress. Unless you have saved a lot of money beforehand, paying for it all at once may be challenging. But if you are short on budget, you will face a lot of financial constraints. In such a scenario, you can take up a personal loan for wedding expenses that will make the celebration flawless and help fulfill your dream without compromising your finances. And if you are looking for a personal loan in Mysore to help with wedding expenses, you’re in luck! Many lenders in Mysore offer personal loans for your needs.
Banks and other financial institutions often provide these loans, which can come in various forms. Just be sure to research and find the best lender for your needs. Mysore is a city in Karnataka, India. It is known for its culture and tradition and is a popular tourist destination. It is also known for its Royal Palace, built in the 18th century by the Wodeyar dynasty. So, if your wedding destination is Mysore, give it a royal touch using a personal loan without exhausting all your savings.
Read more to find out everything you need to know about personal loans for weddings in this article!
Also Read: A Guide On How To Get A Personal Loan in Bangalore
Why Take A Personal Loan For Wedding Expenses in Mysore?
Weddings are one of life’s most important and expensive events. And, if you’re planning to get married in Mysore, you need to be prepared for some serious expenses.
So, here is an example of an expense list for a simple budget wedding
| Wedding Requirements | Cost in Rs (Approximately) |
| Venue of your wedding | Rs 1 lakh to Rs 3 lakh |
| Wedding Decorations | Rs 50,000 to Rs 1,50,000 |
| Catering Services | Rs 600 for Veg and Rs 1,000 for Non-Veg |
| Wedding Attire for Bride and Groom | Rs 40,000 to Rs 1 lakh each |
| Invitation Cards | Rs 50 per card |
| Photoshoot and video | Rs 40,000 to Rs 50,000 per day |
| Accommodation for Guests (in Hotels) | Rs 1000 per room |
Therefore, personal loans can help you cover all the wedding expenses associated with getting married, from the venue and catering to the wedding dress and photographer.
Moreover, taking out a personal loan for your wedding expenses has many benefits. First of all, it can help you avoid going into Debt. With a personal loan, you can spread the cost of your wedding over some time, making it more manageable. Secondly, personal loans usually come with lower interest rates than credit cards, so you’ll save money in the long run.
Lastly, a personal loan can give you peace of mind on your big day. With all your costs covered, you can relax and enjoy your wedding day knowing everything has been taken care of. A personal loan could be the perfect solution if you’re looking for a way to finance your Mysore wedding.
Eligibility Required For A Personal Loan
Documents Required For A Personal Loan
| Particulars | Salaried Employee | Self-Employed |
| Proof of Identity | Aadhar Card, PAN Card, Driving License, Passport | Aadhar Card, PAN Card, Driving License, Passport |
| Proof of Address | Electricity Bill, Water Bill, Passport | Aadhar Card, Electricity Bill, Water Bill, Passport |
| Proof of Income | Salaried: Bank statement for the past six months | Bank statement for the past three months, Salary Slips of three months, Income Tax Returns for the last three years, Balance Sheet and Profit & Loss Statements for the last three years audited by a CA. |
| Work experience | Employment Certificate for a minimum of 1-year experience | NA |
Unique Features Of Personal Loans
Personal loans are unique because you can get them instantly online, making them easy to access and convenient for people who need instant cash. So, here are the features of personal loans that make them stand out from other types of loans.
No Hidden Charges:
There are no hidden charges for a personal loan. But you may have to pay only the processing fees and GST of 18% when getting the loan.
Collateral-Free:
Unlike other loans, you don’t have to submit your assets as security when availing of a personal loan.
Instant Approval:
You can get your loan approved instantly if you meet the required criteria.
Get the Loan Within 24 hours:
The process is quick, and you can quickly get your loan within 24 hours.
Minimum Documentation:
It requires only a few documents for KYC verification, such as your Aadhar card, PAN card, bank statement, etc.
Flexible Tenure For Loan:
The tenure for repaying your loan amount starts from 6 months to 60 months. So you can choose the tenure to repay your loans at your convenience.
How To Get A Personal Loan Online
You can now get personal loan online using Buddy Loan without going through a bank. The process is usually much more straightforward than going through a bank, and you can often get better rates and terms through online lenders.
Steps To Apply For a Personal Loan with Buddy Loan
1: Visit buddyloan.com or Download & install the Buddy Loan app (Android or iOS).
2: Open the personal loan application page. Provide the mobile number and enter the received OTP.
3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
5: Enter your work details (Including company name, years of service and Designation)
6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
7: Provide your communication address, and income details and Click the ‘Submit’ button.
Factors To Consider While Applying For A Personal Loan
Regarding significant life events, weddings often top the list in terms of expenses. If you’re planning your wedding and starting to worry about how you will cover all the costs, you may be considering a personal loan. Taking out a loan can be a big decision, so it’s essential to make sure you understand all the factors involved before you apply.
Here are a few things to keep in mind as you decide whether an instant personal loan is right for you:
- Your credit score: Your credit score will play a significant role in determining approval for a loan and interest rates. If you have good credit, you’re more likely to be approved for a loan with a lower interest rate. If your credit isn’t as strong, you may still be able to get a loan, but it may come with a higher interest rate.
- The loan length: Another important factor to consider is how long you’ll need to repay the loan. Some personal loans have shorter repayment terms, while others can last several years. Remember that the longer the repayment period, the more interest you’ll ultimately pay.
- Monthly Income: You must have a stable job and income to qualify for this loan. The reason is that lenders bear a high risk as it is an unsecured loan. So they check if you have enough income to repay your loan without defaulting.
- Debt-to-Income (DTI) ratio: DTI ratio is the percentage of your overall Debt divided by monthly income. This ratio shows how you handle your debts with your income and indicates whether you can repay the loan. So lenders expect you to keep your DTI less than or equal to 50%.
Also Read: Get A Personal Loan For Your Wedding Expenses In Jayanagar, Bangalore
Summary
Mysore is a place with royal culture and rich heritage. And if you are planning to have your wedding in Mysore, a personal loan is the right solution to meet all your expenses related to your wedding. Moreover, you can apply for a personal loan using Buddy Loan in the comfort of your home. Buddy Loan is a loan aggregator that helps you find the best deals and interest rates from top lenders. However, check your credit score using Buddy Score before applying for a personal loan.
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Frequently Asked Questions
Q. When to get a personal loan?
A. You can avail of a personal loan for education, trips to travel, festivals or ceremonies, or any general expenses used for multiple costs.
Q. What is the maximum amount to get a personal loan?
A. Depending on the credit score, income, employment history, and repayment capacity, the maximum amount varies with different lenders. If you are using Buddy Loan for your crunches, the maximum loan amount will be 15 lakhs based on the application.
Q. Can I prepay the loan?
A. Full repayment of the loan amount before the tenure is called prepayment. Yes! You can go for a prepayment before the tenure period, and some banks charge a certain amount for prepayments.
Q. What if I miss a payment?
A. If you miss a payment, your credit score gets affected. So, make sure you pay your loan on time to avoid harming your credit score.
