Celebrating the milestones in one’s life makes one appreciate the small joys of life and inspires one to be thankful for the experiences that have been gathered. Marriage is a major milestone in our life as it marks the beginning of a new life along with a partner. Celebrating their child’s marriage is one of the major life goals for parents. It is definitely a joyous occasion and all the festivities means that much use of funds to make all the preparation and the occasion picture perfect.
Not many can afford to have ready cash to take on celebrations of such magnitude. This is where personal loans have stepped in with instant cash, easy approvals and competitive interest rates. Personal loans have made sure that parents or even the couple do not end up liquidating their assets or investments. These extremely flexible wedding loans from Banks, NBFCs and new age Fintech companies can be used as per your discretion and requirement. From payments of wedding venue, catering and decoration to jewelry and bridal costume, you can choose to spend the money as per your discretion.
Here is a glimpse of two financial institutions offering instant personal loan for a wedding.
SBI Wedding loan
A personal loan from SBI offers cash loan to cover the wedding expenses. The maximum loan amount that can be availed is Rs 15,00,000. These loans can be availed by government employees as well as persons who are existing customers with a net monthly income of Rs 5000/-
- Low interest rates
- Low processing charges
- No hidden cost / administrative charges
- Minimal documentation
- No prepayment penalties
Qbera Wedding loan
Fintechs are new age financial institutions who use advancements in technology extensively. Qbera offers instant personal loan to pay for wedding expenses to persons who have been facing rejection due to low CIBIL score. Advances risk calculation algorithm is able to determine the credibility of an individual based on other social and economic factors.
- Competitive interest rates
- Low income of Rs. 18,000 per month are considered
- Negligible processing charges
- Flexible use of funds
- Minimal documentation
- Low CIBIL score considered
Here is a tabular snapshot for easy reference:
|
SBI Wedding Loan
|
Qbera Wedding Loan
|
Rate of Interest
|
Starting at 11.75%
|
Starting at 10.99%
|
Tenure
|
5 years
|
5 years
|
Loan amount
|
Up to Rs 15,00, 000/-
|
Up to Rs 25,00, 000/-
|
Disbursal time
|
Not specified
|
24-48 hours max
|
Processing Fee
|
1% of the Loan Amount + applicable Service Tax
|
1%-5%
|
CIBIL score
|
750 and above
|
600 and above
|
To apply for an instant loan from Qbera, you just need to login to the website www.qbera.com and fill in the required personal and employment fields. The eligibility for a loan is instantly communicated to you. After which, more information pertaining to residence and income documents such as salary slips, and bank statements can be uploaded securely. After the documents are verified and other internal criteria are met, a personalized loan offer is made.
Once the loan offer is accepted and all the verifications are successfully completed, the amount is transferred to your bank account within 24-48 hours.
View a complete list of our FAQs at our
help center
Interest Rate & Other Charges
Interest Rate
|
11.99% to 35.99%
|
Processing Fee
|
1% to 5% of total loan amount
|
Loan Amount
|
₹1,00,000 to ₹15,00,000
|
Loan Tenure
|
12 to 60 months
|
Step 1: Online Application Form
Get approved instantly
Fill out our online application form by answering a few questions about yourself, your employment, your education, expenses and needs. This process would take no longer than 10 minutes.
Step 2: Connect bank account
Submit your bank statements
Connect securely to your bank via netbanking and submit bank statements as part of the easy loan application form. Alternatively, you can upload bank generated pdf bank statements.
Step 3: Loan term
Choose your Loan Term
Using our proprietary Credit Scoring Algorithm we determine your loan eligibility in real-time. Our algorithm uses the information about you, to determine your future potential and help you get the best rate instantly.
Example: A
loan offer of
₹2 lac, for a
tenure of
3 years at an
interest Rate of
16.6% (on a reducing principal) and a
processing fee of
2.5%.
Translates to:
- Processing Fee deduction of ₹5000 (2.5% of 2 Lacs) from loan amount, thus, the amount credited to your account will be ₹1.95 Lacs
- EMI of ₹7091 per month
- Total payable amount in 3 years = 36 times ₹7091 = ₹2,55,276
- Total Interest paid in 3 years = ₹55,276, hence, annual interest paid = ₹18,425 (which translates to an effective flat annual rate of interest of 9.21%)
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