Now that the end of the year is fast approaching, many Indians will be thinking about the final-minute weddings and festive expenses. But with the high cost of weddings and other celebrations these days, it can be a struggle to access the money needed for them. This can lead you to look at other options such as getting a personal loan. Using a personal loan for last-minute wedding expenses or other festive costs can help you get the money required without having to stress too much about your finances.  Here’s how…

What is a personal loan?

A personal loan or emergency loan/instant loan as it is often called is an unsecured loan that is sanctioned without any collateral/guarantees. This means that it often comes with higher rates of interest as compared to other secured loans like home loans or car loans. However, the loans are also easier to obtain than many other loans and they come with comparatively shorter tenures as well. The application procedures and documentation are also simpler for personal loans in most cases. 

How to obtain personal loans?

You can apply for a personal loan easily at most banks and financial institutions. There are several emergency loan apps available these days as well. Each institution comes with its own eligibility criteria for sanctioning these loans. While they vary across financial institutions, some of the common parameters include the following: 

  • Minimum age requirements for applicants. 
  • Salary/income criteria for applicants. 
  • Location of the applicant. 
  • Credit score or credit history requirements. 

There are some basic documents that are often required throughout the personal loan application procedure. These may include the following: 

  • Identity Proof
  • Age Proof
  • Photographs
  • Income Proof and Documents

These are often required for getting these loans sanctioned. Once the form is filled up and all the documents are submitted, then the lender verifies the loan before approving it and sending it for processing upon acceptance of the loan offered by the customer. This may take a varying length of time, depending on the institution. The final procedure is the disbursal of funds to the customer’s account. 

Issues faced in obtaining emergency loans

People may often require personal loans to meet various requirements, many of which are sudden in nature. These include covering those last-minute wedding costs in many cases. These may include sudden payments for gifts, food, decorations, wedding venues, and other associated costs. These often pose a big problem for those who have overshot their wedding budget or have funds stuck for some reason. Many a time, weddings lead to unanticipated costs which have to be met in order to proceed smoothly with the celebrations. 

The same scenario may arise in the case of festive purchases and other expenditures. These include gifting, doing up the home, social occasions, and more. At the same time, people may also urgently require funds for redoing their homes, revamping various living areas and also replacing furniture. They may also need these funds for carrying out several repairs. Yet, obtaining emergency loans is difficult at many conventional financial institutions. The application procedure is often cumbersome, time-consuming, and difficult. It may sometimes require lengthy documentation and a long procedure till the loan is finally sanctioned or approved. There is often a lack of communication and other hindrances in getting quick access to customer support or getting queries answered. Also, people may face issues in getting funds sanctioned instantly or have their loan applications rejected due to a lack of credit history or score. This may also happen due to not meeting the other loan requirements of the lender. 

What is the best possible solution in this regard?

The LazyPay app has to be downloaded and installed for you to get the quickest emergency loans via their XPress Cash offering for meeting all these costs and more. You can then sign up and register with the app and check your credit limit by providing your PAN details and some other basic information. You can activate your enhanced credit limit and carry out one-click KYC seamlessly. All you need is your PAN card details, photograph, Aadhar card, and your bank account and IFSC details. You only have to get your credit limit, link your bank account and set up your repayment procedures to complete the procedure. 

Once activated, this credit limit remains with you for instant usage. You can withdraw money from the same as per your needs and repay it in convenient EMIs between 3 and 24 months. The rates of interest are quite competitive and you do not have to pay interest on the entire credit limit amount. You can expect a quick and paperless procedure along with readily available support for your queries on the move. You can also track all important information on the LazyPay app without any hassles.

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