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Marriage Loans Benefits

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Marriage loans are unsecured loans that are obtained to cover the wedding expenses. These are personal loans offered by almost every bank in the country. Marriage loans are powerful financial products that can aid people in managing wedding expenses whether it is for their own wedding or of someone in the family. Borrowers do not have to provide security or collateral to avail the marriage loan from a bank.

Marriage Loan Eligibility
Each bank has its own specific criteria to grant a marriage loan but one thing that is common amongst all of the banks is that they sanction this loan keeping the repayment capability of the borrower in mind. Banks usually check the credit score and credit history along with the monthly income of the borrower to …show more content…

This means that the individual can use the money as per their requirement and convenience and not just to pay for the decoration, food, etc. for the wedding …show more content…

If someone does not avail a marriage loan, he/she might have to dip into the assets and investments to meet the wedding expenses.

• Marriage loans require minimal documentation for the application and approval as compared to other loans such as home loans or car loans. This makes the process less troublesome and simpler for the applicant.

• The documentation and disbursement of a marriage loan is simple and fast. Most of the banks transfer the loan amount within 72 hours into the account of the borrower after the loan approval.

• The tenure of marriage loans is also flexible. Candidates having a good credit history can choose their loan tenure as per their convenience.

• Banks do not ask for a security or collateral to approve a marriage loan since it is a type of unsecured loan. This creates a significant risk factor for the banks but makes the situation comfortable for the borrower.

• Marriage loans are a good way to build your credit portfolio as a well-managed loan increases your credit score and improves your credit history. This helps a lot in the future in terms of obtaining other types of loans or

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