We all have one single concern over marriage loans, does it is work our problems out?
Your partner has said yes to your proposal, and you are super excited about your upcoming nuptials. Only one challenge, though, the funds are not sufficient. Avail of the best marriage loan with Buddy Loan, know your credit score and get maximum benefits with it.
This, however, should not deter you from applying for a personal loan for a wedding. Marriage loans do work and serve to make your marriage process easier.
A marriage loan is a personal loan that is used for marriage purposes. However, you don’t need to prove to your financial provider that you are getting married for them to approve the instant marriage loan. So, the money may be diverted to other uses. However, in light of repayments, it is prudent to use the funds for the purposes it was intended. The interest rates that accrue on marriage loans usually start @11.99% p.a. The maximum investment that you can get may go up to Rs.15 lakh.
What determines the amount of buddy loan you will get is your eligibility and purpose for the credit. Some applicants want a loan to pay for the venue or a personal loan for the honeymoon. The loan providers also vary in terms of eligibility criteria
A Decision That is Supported With an Instant Marriage Loan!
But there are the basic general requirements.
Minimum age:- Most loan providers require all applicants to be at least 21 years. However, some applicants raise the necessary age to 23years
Minimum Net Monthly Income:- In most cases, the minimum age to apply for a marriage loan, the applicant should earn a minimum of Rs 15000. But some lenders raise their minimum salary requirement to Rs 25000. They also take into consideration the current city of residence.
Employment type:- There isn’t much of a restriction when it comes to the kind of employment. Both salaried and self-employed individuals’ professionals are eligible.
Maximum age:- A maximum of 58 years for salaried people and a maximum of 65 for self-employed people.
Employment status:- When the applicant wants to avail of a marriage loan, they need to have served a minimum of 2 years with their current employer. That displays some stability in their status.
Credit score:- With a good to a high CIBIL score, the applicant is assured of getting the loan. However, with a lower score, they get the loan but at a higher interest rate.
Borrowing a Marriage Loan Reflects on My Credit Score
A marriage loan is a loan taken from a financial institution for the sole purpose of financing the wedding process. The application process is easy, and different lenders have different eligibility criteria. Avail the best marriage loan with Buddy Loan App, know your credit score and get maximum benefits with it.Everyone desires to have an ideal wedding, and a strong financial backing is needed to have a proper ceremony. When you don’t have the money at hand, do not let that stress you, as many providers provide the best loans for weddings. Do not worry about the effect on your credit score.
- Taking a marriage loan does not affect your credit score. However, honouring your repayment affect your credit score. The more honourable you remain to your repayment schedule, then the higher your credit score. The reverse is also applicable.
- When you apply for your instant marriage loan, you need to make sure that you achieve the essential eligibility criteria and look out for the bank that matches your desired fit. Look out for fair interest rates and make sure you compare them as much so that you can arrive at the best provider.
- Make sure you honour your monthly repayments as this would later affect your credit score and thus affect your future applications of loans. If you notice any difficulty in paying for the loan, make sure you talk to the bank to avoid instances where your credit score can be affected.
Factors That Affect Your Repayment Schedule In Marriage Loan
- The Tenure of The Loan
- The Interest Rate
- Your Current Credit Score Rate
The Role of Form – 16 in Getting a Marriage Loan
Form 16 is a tax department document that is provided to employees by their employers. The document certifies that your income is deducted at the source and deposited with the government tax account.
This document is mandatory when filing your returns and is sometimes used when making loan applications. The form contains all the details of the taxpayer.
The entity that deducts your tax is responsible for raising a form 16 with the tax deducted indicated. All employers must raise this document. However, it is not necessary to have form 16 when making an application for your buddy loan. There are other documents you can attach that give proof of identity when you apply for a marriage loan. In the absence of form 16, an applicant can use any personal identification document. Some of the basic documentation that an applicant uses to apply for a wedding loan is the following.
Salaried Applicants
- Bank statement – last six months’ bank statement
- Proof of identity: Copy of passport/voter ID card/driving license/PAN cards
- House ownership Proof: Property Documents/Maintenance Bill/Electricity Bill
- Income proof: Salary slip for last three months/ current dated salary certificate with the latest Form 16
- Application form and your latest photograph (2)
- Proof of address: Leave and License Agreement / Utility Bill (not more than three months old) / Passport
- Existing EMI: If any existing loan, please submit sanction letter, Payment Track Record
- Investment Proof (if any): Please submit if any investment like Fixed Deposit, Shares, Fixed Assets, etc.
Self-Employed Applicants:
- Application form and your latest photograph (2)
- Proof of address: Leave and License Agreement / Utility Bill (not more than three months old) / Passport
- Office Ownership Proof: Property Documents, Maintenance Bill, Electricity Bill
- Bank Statement: Latest 1-year bank statement both current and savings
- Proof of identity for Residence: Copy of passport/voter ID card/driving license/PAN card
- House ownership Proof: Property Documents/Maintenance Bill/Electricity Bill
- Office Address Proof: Maintenance Bill, Utility Bill
- Business Existence Proof: Salary Copy for 3 yrs, Shop Establishment Act, Any Tax Registration Copy, Company Registration license
- Income Proof: Latest 2 years Income Tax Returns, including Computation of Income, Profit and Loss Account, Balance Sheet, Audit Report, etc.
- Investment Proof (if any): please submit if any investments like Fixed Deposits, Shares, Fixed Assets, etc.
- Existing EMI: If any existing loan, please submit a sanction letter, Payment Track Record.
PAN card is mandatory to get a marriage loan!
PAN is an acronym for Permanent Account Number, which is a unique 10-digit code assigned to every citizen. The number acts as an identification number for every taxpaying individual. Avail the best marriage loan with Buddy Loan, know your credit score and get maximum benefits with it.
Through the number, the government can reduce tax evasion and money laundering. It is used to avoid any tax evasion and prevent money laundering in the country. PAN card is used for banking transactions and taxation aspects in the country, as a permit to hold a high balance.
Everyone who falls in the tax bracket in India has a PAN number that they use to file their returns. Best wedding loan providers require your PAN number to approve your buddy loan application. The PAN card is necessary for making an application for your loan, but other personal identification cards may be used.
Getting a marriage loan without a Pan number is almost difficult because different loan providers have made it a requirement. However, if the applicant is making an application for a loan that is below Rs 50000, then they can get it without the PAN number. If the amount of loan amounts to more than that, the applicant needs to apply for a PAN number when they apply for the honeymoon loan.
Also Read: How Can A Marriage Loan Affect Your Credit Score
Instances that you can get a loan without a PAN number
A PAN number is critical in the approval of your loan. However, there are few isolated instances that an applicant may get their loan without their Pan number. The applicant should ensure that:
- A high credit score: Having a higher credit score may increase your chances of getting a loan. Your bank may allow you to have an amount of money with any other identification card as a result of your good credit score.
- Submit your bank statement: The prospective lender can asses your financial history from this, and therefore they allow you to get an amount of money.
- Maintain a good relationship with the bank: When the applicant maintains a good relationship with the bank, then the bank may waive some requirement and be lenient with their application.
Few lenders in India provide you with a high amount of personal loan without PAN card as the loan is disbursed simply based on salary, address proof, or transactions.
However, the lack of a PAN number may be detrimental because your interest rate ends up being higher than the market rate. You can always apply for your PAN number and then proceed to make the loan application to enjoy all the benefits.
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