A wedding in India is one of those situations where no amount of money is sufficient whether it’s a Nair matrimonial or Sikh matrimony or some Hindu matrimony. If you are thinking about why you should know that there are so many different functions in an Indian marriage that it can easily come into the category of an event. Considering this, a personal loan for marriage can be a good option for people who are planning their Nair matrimonial wedding and are short of some money.
Also known as a wedding loan, this type of personal loan can fulfill all your money-related requirements for your different types of wedding needs—hiring a wedding planner, booking a marriage venue, buying gifts for your guests, getting the caterer for your Shaadi, booking Mehendi artist for your Nair Bride, etc. Also, in today’s time, getting a personal loan for marriage is quite easy due to the access to technology in our hands. Nowadays you can get the required money without going anywhere. The overall process has become digital and frictionless for people who want to arrange the money for their Nair matrimonial wedding-related needs or something else.
However, documentation is one big part of the process of getting a personal loan for marriage without any trouble. A missing or wrong document can get your application rejected by the lender. This post will give you all the important information regarding the loan. Let’s start.
Getting a Loan for Your Nair Matrimonial Wedding? What Documents You will Need?
A wedding loan is a type of personal loan. And since it is an unsecured loan, lenders don’t need any type of security against the money you’re getting for your Nair matrimonial wedding. They check the eligibility of a Nair bride or groom before approving the loan amount. And how do they check it, you ask? Well, through the documents required for a wedding loan. And the list of documents differs for salaried and self-employed (businessmen professionals) people. We are giving the list of required documents below. Please check.
- Recent and clear passport-size photographs
- Identity Proof – Aadhar Card, PAN Card, Ration Card, etc.
- Address Proof – Passport, Driving license, Electricity bill, landline bill, rent agreement, etc.
- Income Proof – Salary statement for the last 3 months, Bank account statement for the last 6 months, ITR form, Form 16
One of the major differences in the required documents for salaried and self-employed individuals is income proof. And the reason behind this aspect is quite clear: their nature of employment. For example, if a Nair bride is a salaried employee and is applying for a marriage loan, the lender would ask for salary slips for the last three months to get income proof. On the other hand, if she is a self-employed individual. She would need to provide her income tax records to make sure she gets a loan for her Nair matrimonial wedding.
Factors Affecting Your Eligibility for a Marriage Loan
One of the important points that you should know before applying for a Nair matrimonial marriage loan is what are those factors affecting your eligibility. Yes, there are some factors that decide whether you will get a loan or not. These factors are your age, employment type, current location, monthly income, your existing relationship with the lender, debt-to-income ratio, etc. Depending on these factors, you will get your eligibility check. For example, if your monthly income is high, you have a higher chance to get a personal loan for your marriage.
We hope you will be able to get a marriage loan for your Nair matrimonial Shaadi in a hassle-free manner with all these details. All the best!