According to a recent study by a media house, the Indian wedding industry is set to grow at a rate of 20-25% annually over the next few years. And with the industry considered recession-proof,these figuresare likely to hold true even in times of economic hardship.

With the average Indian couple spending Rs.20 lakh or more on their big day, it perhaps comes as no surprise that wedding loans are also gaining popularity. Wedding loans or personal loans for weddingsreinforce your savings and give your finances the boost required to tackle the myriad expenses that accompany a wedding.

By giving you easy access to ample funds, they allow you to focus on the finer details of your big day rather than stress about depleting your savings. For instance, loanslike the Bajaj Finserv Personal Loan for Wedding equip you with Rs.25 lakh so that you can plan the wedding of your dreams without compromising.

To benefit from this solution, it’s important to know how to apply for it online. Here a few pointers that you can follow to do so with ease. 

Check your credit score

As personal loans are collateral-free offerings,lenders heavily rely on your CIBIL score.Therefore, the higher your credit score, the better are your chances of getting approval.So, before you apply for a personal loan for weddings, it’s best to check your CIBIL scoreand improve upon it if need be. Lenders usually require you to have a score of over 750 for quick approval. Also, this score gives you the ability to get access to the quantum of financing that you desire.

Know the eligibility criteria and documents required

While choosing a lender for a marriage loan, apart from comparing personal loan rates offered, analyse the eligibility criteria and documentation requirements. This wayyou’ll identify options that are easier to access and save time when procuring funds. You’ll be able to focus on timely wedding preparations, instead of worrying about securing finances.

One such option is the Bajaj Finserv Personal Loan for Wedding as the eligibility criteria here are simple. So long as you’re between the ages of 23 and 55 years, reside in India and meet the minimum salary requirement, you can qualify for the loan.Additionally, you’reonly required to produce basic documents like bank statements, salary slips and address proof to substantiate your eligibility.

Calculate the EMI amount and determine the tenor
A grand wedding has multiple expenditures and while marriage loans can help you finance it, the onus of sound planning with regards to borrowing and repayment falls on you. Failing to do somaycause you to over- or under-borrow and can lead to difficulties when it’s time to payEMIs. Therefore, before applying for a loan, use a personal loan calculator. Once you enter the total loan amount, the tenor of the loan and the personal loan rates into the personal loan calculator, it automatically calculates your EMI. Take a look at this information and ascertain whether the EMIs fit with your repayment capabilities. If they seem too high, consider lowering the principal or extending your tenor. Bajaj Finserv allows you to repay over a period of 60 months for added ease.

What’s more, should you opt for theFlexi Loan facility, not only can you borrow on the go, as per your requirements, you can also simplify repayment. You pay interest only on what you use from the sanction instead of the total loan amount, and you can also pay interest-only EMIs for an initial part of the tenor. This helps reduce your instalments by up to 45%.

Apply for a marriage loan online with ease

Once you know the loan amount you require, you can easily apply for a wedding loan online. To understand the process, consider the four steps you need to follow to apply for the Bajaj Finserv Personal Loan for Wedding.

• Enter your personal, employment and financial details into the application form
• Select the appropriate loan amount and repayment tenor
• Submit the necessary documents to the Bajaj Finserv representative
• Await loan approval and disbursal

Bajaj Finserv understands how time-sensitive wedding preparations are, whether it’s paying advances to caterers and wedding planners or purchasing designer outfits and jewellery. So, to assuage your concernsBajaj Finserv promises instant approvalin 5 minutes, and quick disbursal within 24 hours. To further expedite matters you can check your pre-approved offer. It offers instant financing through a customised deal so that you can plan the most memorable dayof your life without any hassles.