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Should You Co-Borrow A Wedding Loan With Your Spouse?

Weddings are a once-in-a-lifetime affair. We have all been part of such occasions at some point; be it for our friends or relatives. These are extravagant affairs and are celebrated in style.

However, weddings are expensive and put a dent in your savings. Hence, you can use a Marriage Loan to plan your beautiful wedding without affecting your budget. It comes with features like easy eligibility criteria and flexible Personal Loan EMI tenure. A Marriage Loan ensures that a lack of funds does not stop you from making your special day memorable.

Your wedding expenses can be safely met if you avail of a Personal Loan for Marriage and repay it in Personal Loan EMI instalments. Also remember, you can decide on the tenure as per your requirement. So, why wait and worry about financing your wedding? Avail of a Personal Loan for Wedding as soon as possible.

What Does Co-Borrowing a Loan Mean?

When multiple applicants apply for a single loan, it is known as co-borrowing a loan. When you co-borrow Personal Loans for Weddings, the liability can be shared between multiple applicants.

Co-borrowing a Marriage Loan has multiple benefits. Some of them include higher loan limits, lenient eligibility, and risk assessment based on the credit profile of all applicants. Also remember, you have higher chances of acceptance and sanction of the Marriage Loan if you co-borrow a Marriage Loan.

How to Co-Borrow a Marriage Loan in India? 

Remember that when you co-borrow a Marriage Loan, you can generally have a maximum of three applicants. Although this criterion can vary between lenders. The applicants don’t need to be related to each other. Co-borrowing a Marriage Loan in India is easy, and many lenders offer you the option to apply for a Wedding Loan online.

  • You must visit your lender’s official website.
  • Go to the dedicated page for Personal Loan for Weddings.
  • Fill out the online application form for Marriage Loan.
  • Enter details of all the applicants.
  • Upload soft copies of the required documents of the applicants.
  • A risk assessment will be done basis the credit profile of all the applicants and a limit will be sanctioned. 
  • Subsequently, wait for verification and confirmation and get funds disbursed into the primary applicant’s account instantly. 

What is the Interest Rate on a Co-Borrowed Marriage Loan?

As these loans are unsecured financial instruments, the interest rate can be a little on the higher side. However, you can avail of a Wedding Loan at lower interest rates leading to lower Personal Loan EMI if both borrowers have a high credit score and good credit history. 

The credit score of an applicant is the first criterion that lenders check to evaluate their creditworthiness. It’s a three-digit number that is given to you by credit bureaus based on your credit history and financial behaviour. 

A credit score within the range of 700-900 is considered excellent. However, since it is a co-borrowed Marriage Loan, applicants with a low credit score are also considered.

Eligibility Criteria of a Personal Loan for Wedding for all Applicants 

  • Age – The applicant should be at least 22 years of age at the time of applying and a maximum of 58 years of age at loan maturity. This requirement helps lenders ensure that the applicant can pay back the loan in time.
  • Citizenship – The applicant must be a citizen of India.
  • Monthly Income – Combined monthly income of the applicants must be at least ₹20,000.

Required Documents for Personal Loan for Marriage for all Applicants

  • Identity Proof – PAN card or Aadhar card of both applicants should suffice.
  • Address Proof – This can be the applicant’s utility bill, rent agreement, or passport.
  • Income Proof – A salary slip, and bank financial statement showing the income would be helpful in this case.

In Conclusion 

Marriage Loans are ideal for those who want a grand and glamorous wedding. These loans are collateral-free and can be availed online. The eligibility criteria are easy to fulfil, and the Marriage Loan documents list is minimal. You can apply for the loan online or offline depending on your convenience. If you have a high credit score, you can avail of these loans at attractive interest rates.

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