Is There Any Loan For Marriage? Is the Personal Loan Right

Overall, personal loan is anything that will help you when you have any shortcoming financially. Be it in your household or your business, a personal loan will be there to help you in your time of need. And certainly it will take the stress away of finances from your shoulders when it comes to organising your big wedding.

Anyway, let's see in detail what a personal loan is and how it will help you in terms of organising your marriage.

Personal loan and what it is

When we put simply, personal loan can be defined as anything that is availed for by a borrower from a financial institution to address any kind of need, like a marriage ceremony, a honeymoon abroad, etc. And a personal loan is granted based on the following criteria;

• An individual's income
• The credit rating of the individual
• History of employment and profession
• Capability to repay the amount

To point it out, a personal loan is totally unlike a car or home loan, as personal loans are unsecured and doesn't involve any asset as collateral. And being unsecured, the borrower is not entitled to put any collateral as security, be it property or jewellery. Which prevents the borrower from falling prey to their assets being auctioned.

Keeping the aforementioned points of criteria in mind, it can aid you get a personal loan interest rate, which is extremely low. For example, when you earn good money and also have a good credit record of above 750 points then you stand the chance of getting a really good and low bank loan interest rate. Which brings the overall amount down as the loan interest rate reduces, and then you get the options to choose from a long-term personal loan and short term personal loan.

How to use the loan?

When you have availed for a personal loan it can be used for a variety of reasons. Since, we are talking about a wedding here. An Indian wedding generally costs a lot, as there's a lot involved. Starting from preparing for the whole wedding to the wedding day and then followed by the honeymoon phase. You can actually borrow money as a personal loan from a financial institution and you can then repay the amount later in EMIs.

Applying for a personal loan

These are the following steps you need to take when you apply for a personal loan.

• It all starts with evaluation, which means that you need to calculate and decide on the amount you need to borrow
• The evaluation phase is followed by the consideration phase wherein you need to check that if you have any previous credit pending, as it will then bring your credit score down and it might affect your application process
• Now you have to check for your eligibility. You can directly check for your eligibility with Sugmya Finance on the website
• You can now apply for a loan directly by filling an application form on Sufinn.com. All you have to do is just upload the relevant documents of KYC, address proof and also your income proof
• Your application is now in the verification phase, which will be done in no time and you shall receive the funds in a matter of few hours.