Getting married at a young age doesn’t necessarily require worrying about finances, as wedding loans are becoming increasingly popular, even up to INR 1 crore. The trend of these loans has been rapidly increasing in recent times.
Wedding Loans Beyond Banks: Rising Trends in NBFCs and Digital Lending Platforms
Wedding loans, ranging up to INR 1 crore, are now available through government-affiliated banks, NBFCs, and digital lending platforms. The borrower must be at least 21 years old and provide all necessary documentation for verification. The demand for wedding loans has surged, with consumer loans seeing a 40% increase in one year, from 24% to 26.1%, surpassing personal loans.
Wedding Planners Facilitating Company and Bank Collaborations
Wedding planners like Shrikant Shetty mention that companies and banks are collaborating to offer loans for weddings. Some planners are working closely with banks, offering menu cards for expenses like destination weddings, mehndi, and music. Various financing options are available to cater to these needs.
How to Get Wedding Loans: Eligibility and Documentation
To be eligible for wedding loans:
- Minimum age should be 21, and the repayment period can extend beyond 60 years.
- A credit score of 750 or above will ensure lower interest rates.
- Required documents include proof of identity (Aadhar/PAN/Passport/Voter ID) and address proof (last 3 months’ bank statement, salary slip, and the latest ITR/Form-16).