Loan for Marriage: Wedding expenses are such that no matter how much money you collect, the money requirement is not fulfilled until the marriage is consummated. Many times, a lot of money is required for all the rituals after marriage. In such a situation, work cannot be accomplished within the budget that we keep in mind. If you face such a situation, then there are 4 options which can be helpful for you. With this your money needs will be fulfilled and your work will be completed easily.
Loan against EPF
If you are employed then you can avail the loan facility against your PF account. The rule of EPFO says that if you have completed 7 years of your job i.e. you have been contributing to EPFO for 7 years, then you can withdraw Rs 50 from EPFO for your own marriage, any family marriage of son-daughter, brother-sister etc. You can calculate the percentage.
Loan against LIC policy
People use their FD for marriage etc., but do not use LIC policies because they are for long term. But if you want, you can arrange money without using LIC policy. Loan facility is available on all the policies of LIC. If this facility is available on your policy, then you can get a loan of 80 to 90 percent of the surrender value of the policy. While giving loan against the policy, the insurance company mortgages your policy. To take loan against the policy, you can apply both online and offline. For offline, you will have to go to LIC office and apply for loan along with KYC documents.
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Gold Loan
Gold loan can be helpful to meet the sudden need of money. To avail this loan, the gold kept in the house has to be mortgaged. It can be taken for one to three years. Gold loan is available immediately. Under gold loan, loan up to Rs 50 lakh can be taken and you can use this loan as per your need. Almost all government banks and NBFCs provide gold loans and you can choose any reputed institution as per your convenience.
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Personal Loan
If you do not have all these three options, then you can choose the option of personal loan. Personal loan can be taken from any bank. To avail this, you do not need to pledge any kind of thing. But your monthly income and credit score etc. are seen. While taking loan, your salary slip, photo, KYC etc. have to be submitted. You get time ranging from 12 months to 60 months to repay the loan.
