Marriage is a celebration of two individuals coming together along with their families and building a new family based on mutual love and respect. Wedding being the celebration that it is, is extremely expensive. There are innumerable customs and rituals that have to done and not to mention the innumerable gifts that are given to family members. Although saving for a marriage is ingrained in the Indian mindset, very often, there is a disparity between the expenses and the saving. The reasons can be varied, but the downside is that you will have to downsize on the wedding arrangements. This is not the ideal situation making traditional lenders the go-to option for funds and this is done after pledging collateral. This can be avoided with a collateral free personal loan to cover your marriage expenses.
Banks and Financial institutions now offer personal loans for marriage to salaried individuals. Although extended for the primary reason to cover marriage expenses there in no capping on the end use of the amount. The amount can be used to pay for the wedding dress, catering, jewelry, rent for the venue or any which way deemed necessary by you.
Features of Wedding Loans from Qbera
A personal loan from Qbera takes the pressure off your personal saving and you need not end up broke after your dream wedding. The personalized loans have long repayment tenures so that you can pay it in affordable EMIs that do not put a huge liability on your monthly budget.
- Variety options for salaried individuals and self-employed persons
- Open to persons with a net monthly salary of Rs 18,000
- Anyone in the age group of 23-55 years can opt for it.
- A completely digitized process.
- Flexibility of usage
- Minimal processing fee and no hidden charges
- Competitive interest rate
- Dedicated customer care
Features of Wedding Loans from ICICI
A wedding loan from ICICI bank also has minimal documentation and there is no collateral pledged. This makes it one of the preferred solution to meet financial deficits during a wedding.
- These are extended to salaried individuals with minimum monthly income Rs.17,500. If you are staying in Delhi or Mumbai the minimum salary required is Rs 25,000 and Rs 20, 000 for cities like Hyderabad, Pune or Kolkata.
- 23-58 years is the preferred age
- Flexible use
- Minimal documentation
- Dedicated customer care
ICICI wedding loan Vs Qbera wedding loan
Particulars
|
ICICI Wedding Loan
|
Qbera Wedding Loan
|
|---|
Rate of Interest
|
Starting at 10.99%
|
Starting at 10.99%
|
Tenure
|
5 years
|
5 years
|
Loan amount
|
Up to Rs 20 00 000/-
|
Up to Rs 25,00 000/-
|
Disbursal time
|
Within 72hours
|
24-48 hours max
|
Processing Fee
|
Up to 2.25% per annum of loan amount plus GST
|
1%-5%
|
CIBIL score
|
700 and above
|
600 and above
|
Before selecting a payment tenure it is prudent to answer these three essential questions:
- What is the monthly budget for your income?
- What all are your existing liability?
- Are there any predicted future financial prospects?
Once these three questions have suitable answers, you can ideally plan the best repayment tenure.
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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