Wedding Loan, Which Lenders Offer the Best Deal?

There is no doubt, for us wedding is one of the important events. We want to celebrate, cherish and make it memorable for the entire life. However, it may sometimes happen that there would be a financial constraint.  So, what would be the ideal way to deal with it. Well, a wedding loan would be a perfect way to deal with it.

Various lenders in India offer wedding personal loans to help you out during these auspicious times. Today, we will get to know such lenders. If you are planning a wedding right now or in the future, they could be helpful.

Fullerton Wedding Loan

Fullerton Wedding personal loan is an open-ended loan. It means there are no usage restrictions on it.  The loan is available online with 72 hours timeline for disbursed. Due to its easy process, it is considered one of the best personal loan in India.

Interest rate	11.99% p.a. onwards
Loan Amount	Up to Rs. 25 lakh
Loan Tenure	Up to 60 months
Processing Fees	Up to 6% of loan sanctioned
Prepayment charges	Up to 7%
Lowest EMI	Rs 2,275 for 5 years

What is the Eligibility Criteria for the Fullerton India Wedding Loan?

• For Fullerton Wedding loan, the applicant should be a salaried individual of a private limited company or self-employed professional.
• The applicant age should be from 21 years to 60 years
• The minimum applicant salary should be at least 25,000 per month in Mumbai/ Delhi and Rs 20,000 per month in the rest of India
• The applicant should have work Experience of a minimum 1 year
• The applicant should have Experienced in the Current Company for at least 6 months
• The applicant Minimum CIBIL Score should be 750

Fees and Other Charges

• Loan Cancellation charges – Rs 5,000
• Cheque Dishonoured – Rs 300
• Swap Charges – Rs 500
• ECS replacement – Rs 500
• Foreclosure charges- 0% to 7%

Required Documents for Fullerton India Wedding Loan

• Identity proof- A voter ID card, Aadhaar Card, driving license, PAN card, or passport
• Proof of Address-  bank passbook or statement, Ration card, telephone bill, rental agreement, electricity bill,
• Bank statements records of the last 6 months.
• Salary slips from the last 3 months
• Form 16
• Processing fee cheque
• Income tax returns

How to Apply for Fullerton India Wedding Loan?

To apply for a Fullerton wedding loan, follow these steps.

• First, download its app or visit its website.
• Fill out the personal information.
• Upload the documents, submit the loan application.
• Wait for approval.
• A representative will get in touch with you.
• Post verification, the loan amount is disbursed.

If you are not comfortable with the online applying process, you can opt for an offline application. Locate a Fullerton branch to do it. Now, we shall move on to the next lender.

Tata Capital Wedding Loan

Tata capital wedding loan is famous for needing minimal documentation, no collateral, and flexible repayment options.

• Loan amount – From Rs 75,000 to Rs 25 lakhs
• Loan tenure – 1 year to 6 years
• The interest rate – Starts at 10.99%
• Processing fee – Up to 2.75% of the loan amount
• Penal interest – 3% monthly on the overdue amount

Fee and Other Charges

• Bounce Charge – Rs. 600 for every cheque
• Mandate Rejection Service fee –  ₹450
• Duplicate NOC fee- Rs. 550
• Post-Dated Cheque Charge -Rs. 850
• Outstation Collection Charge – Rs. 100
• Loan Cancellation Charges is 2% of the loan amount or Rs. 5,750, whichever is higher

The Eligibility Criteria for Tata Capital Wedding Loan

• The borrower should be a salaried individual to be eligible for a TATA Wedding loan.
• The borrower’s age should be from 21 years to 58 years.
• The borrower should have minimum 2 years of work experience.
• The borrower’s salary should be at least Rs 20,000 per month.
• The borrower should be working in the current company for at least 1 year.

Required Documents for the Loan

You will need these documents for the Tata capital wedding loan. It may vary from borrower to borrower.

• Identity proof –  Passport, PAN card, Voter ID Card, Driving License, Aadhaar Card
• Address proof: Ration Card, rent agreement, Electricity Bill
• Income proof: Bank statement of previous 6 months and salary slips of last 3 months
• Employment certificate: An employment certificate stating at least one year of continuous employment with your present organization

How to Apply for a Tata Capital Wedding Loan?

There are two ways to apply for Tata Capital wedding loans. The first one is via the online application form. If you do not want to use it, then the second way is by going to the nearest Tata Capital branch.

Last Words

Both loans are considered the best personal loan in India for the wedding. They offer a considerable loan amount to ensure you do not face any financial issues. However, you should choose one of them as per your requirement, repayment capability, and in which you get a lower interest rate.