Marriage Loan: Weddings often come with unexpected expenses that can strain your budget. If you find yourself short on funds, consider these four options to ease your financial burden and ensure a smooth celebration.
Loan against EPF
If you’re employed, you can utilize the loan facility against your Employee Provident Fund (EPF) account. After seven years of continuous contributions, you can withdraw a portion of your EPF balance for your own wedding or that of a family member.
Gold Loan
Mortgaging your gold assets can provide immediate financial relief. With gold loans available from government banks and NBFCs, you can borrow up to Rs 50 lakh and repay it over one to three years.
Loan against LIC Policy
Don’t overlook your Life Insurance Corporation (LIC) policies when in need of funds. Most LIC policies offer loan facilities, allowing you to borrow up to 80-90% of the surrender value. Simply apply for the loan online or visit a LIC office with your KYC documents.
Personal Loan
When other options are unavailable, consider a personal loan from a bank. No collateral is required, but lenders will assess your monthly income and credit score. Submit your documents, such as salary slips and KYC, and repay the loan over a period of 12 to 60 months.
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