Loan for marriage: Using these four choices will make the process of taking out a loan for marriage easier and faster

Loan for marriage: Using these four choices will make the process of taking out a loan for marriage easier and faster

Loan for marriage: Using these four choices will make the process of taking out a loan for marriage easier and faster

Loan for marriage: If you or a family member is getting married but lacks the funds for the union, you may use a loan to meet the required funds. You may find these 4 alternatives to be of great use.

Loan for marriage: The costs associated with marriage are such that, regardless of your income, you will continue to require money after your marriage ends. A large sum of money is often needed for all the ceremonies that follow marriage. Work is not feasible within the budget we have in mind in this scenario. In case you find yourself in a similar circumstance, you have four viable solutions at your disposal. This will meet your cash necessities as well as make it easier for you to finish your task.

Advance secured by EPF

If you have a job, you may use your PF account as collateral for a loan. According to EPFO regulations, you are eligible to get Rs 50 from EPFO for your marriage, or any family marriage involving a brother and sister or daughter, provided you have worked for seven years and have made contributions to the fund for seven years. Able to remove. And so forth. The proportion is calculable.

Loan in violation of the LIC policy

Individuals utilize their FD for things like marriage, but because LIC plans are long-term, they are not used. However, you are free to organize funds without using the LIC coverage. A loan option is offered on all LIC policies. If this option is offered by your insurance, you may borrow between 80 and 90 percent of the policy's surrender value. The insurance provider commits your policy while making a loan against it. You may apply online or offline to take out a loan against the insurance. You must apply for a loan offline at the LIC office and provide the necessary KYC documentation.

gold loan

A gold loan could be useful for unexpected financial needs. The gold held in the home must be mortgaged in order to qualify for this loan. It is available for one to three years of use. Instant access to gold loans is provided. You may apply for a gold loan and get up to Rs 50 lakh, which you can spend anyway you see fit. Gold loans are available from almost all government banks and NBFCs; you may choose any reputable organization and utilize it anyway suits you best.

personal credit

You may choose the personal loan option if none of these three are available to you. You may get a personal loan from any bank. You do not need to mortgage anything in order to take advantage of this benefit, but your credit score, monthly salary, etc. are taken into consideration. You must provide your pay stub, picture, KYC, and other documents while applying for a loan. You have between 12 and 60 months to pay back the loan.