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Family reunions, anniversaries, and birthday parties are times of joy and fun; a great expense is incurred. Since this is a special day, you should enjoy each moment to the fullest. A special occasion loan comes in handy when you have a special party you wish to celebrate. A special occasion loan is meant to help you prepare for a big milestone in your life. Some of the most common occasions people apply for loans are weddings, baby showers, and honeymoons. The biggest benefit of applying for a loan is the added convenience it can provide you with. Whether you're planning a honeymoon trip or need help picking out gifts, you can use your loan money as you see fit.
Special occasions include weddings, anniversaries, birthdays, and other special days of significance. If you plan to have any of these occasions, then a special occasion loan is right for you. A special occasion loan is mostly for people who want to incorporate a loan into their special day. If you know you have an event on a particular day, it's ideal you plan yourself accordingly, that's, know how much you have at hand and how much to add. A special occasion loan is offered instantly. So, there is no need to wait for weeks or months to receive your money. But how can one apply for such a loan? Applying for a special occasion loan isn't as hard as you think. You can get a special occasion loan at lendingplate.
Special occasions bring memorable moments in your life along with additional expenses. Whether it's a wedding, a birthday party, or any festival, expenses can quickly add up. A personal loan for a special occasion will help you cover various expenses during these precious moments.
A wedding in India is a big moment for families, where you spend money on venue bookings, catering, decorations, outfits, jewellery, photography, etc. At this time, a special occasion loan will help you deal with these expenses.
There are so many festivals in India like Diwali, Navratri, Ganesh Chaturthi, Holi, etc. During these festivals, people spend on home decorations, gifts, new clothes, food and family gatherings. If you don’t have enough funds for these expenses, then a loan can be quite helpful.
Milestone birthdays and anniversary celebrations can involve expenses for parties, dining, gifts, travel or special experiences. A loan can help you reduce these costs and allow you to spread the repayment through manageable EMIs.
Events like graduation ceremonies, school functions, or other important educational milestones require funds for travel, accommodation, clothing, gifts and celebrations. A special occasion loan helps you support such proud moments without any financial pressure.
Religious and cultural events will have expenses related to ceremonies, offerings, decoration, traditional clothing, food and travel. A loan can be quite helpful if these expenses arise together.
Family functions occur now and then. This can range from reunions and engagements to naming ceremonies or other gatherings. During these functions, you require funds for food, venue, transportation and arrangements. A special occasion loan can be very helpful as it helps you meet these expenses without putting any pressure on your monthly budget.
Special occasions arise frequently in India, which can range from marriage and birthday parties to festivals and religious functions. A personal loan for an occasion can help you deal with various expenses during these times. Here are the major benefits of this loan: -
One of the major benefits of this loan is that it gives you fast access to funds. The majority of lenders now have an online application process for these loans, due to which you receive loan approval and disbursement within a few hours. So, if you have any upcoming occasion at your home, then don’t hesitate to apply for this loan.
Whether its family gathering or a religious function, these occasions can lead to significant expenses like buying gifts, hosting gatherings, meals, etc. A personal loan for an occasion provides you with the required funds to manage these expenses so that you don’t have to sacrifice your savings.
These loans offer flexible repayment terms, which can be very beneficial during occasions. You can choose the tenure as per your financial condition. Whether you want to go for a short-term loan with higher monthly EMIs or a long-term loan with smaller EMIs, it totally depends on you. This kind of flexibility can reduce the financial stress that can be faced during special occasions.
These personal loans are unsecured. This means you don’t have to pledge any asset to get funds for celebrations. Hence, you can borrow funds for special occasions without risk of losing any asset.
If you start using your savings for special occasions, then you will have very little money for emergencies. By borrowing funds, you can preserve your savings for unexpected emergencies.
A credit score is an essential numeric expression that predicts your likelihood of repaying the loan on time. Usually, lenders check your credit score before deciding whether to offer you a loan or not. As an individual, you should know your credit score beforehand. Many people ignore this step, but they often regret it later on. Even if some lenders don't care about your credit score, it's still important to have a good credit score. So, if you know your score is low, work on improving it. A credit score of 700 and above is good and guarantees you will receive a special occasion loan.
After knowing your credit score and ensuring it falls within the required range, you can start gathering the documents you need. Applying for a special occasion loan requires certain documents to show proof of your identity, nationality, address, and employment. Here is a list of the documents you need to have ready.
Aadhar to show proof of your identity. If you are an Indian citizen, you have to show proof by providing an Aadhar card. You might have heard about Aadhaar. This is a national ID number that over 1 billion people across India are now using to authenticate their citizens for any financial transactions. It has been established as a proof of identity to provide citizens basic services like PAN and bank accounts.
Voter Card, Utility Bill, Bank Statement, Passport to show Proof of Address, Bank Statement, Payslip, Employer ID, and PAN to show proof of income. Every employed individual can't miss a payslip, employer's ID, and PAN card to prove his/her income.
Lastly, you must provide a selfie too. It's actually hard to prove your identity if you don't have a selfie. You can take a selfie with your Aadhar card and upload it on lendingplate.
This is the step where you have to fill in the application form and submit it online. Ensure you fill in the correct information. You will be asked to provide all the required information, like the amount you wish to apply for and the reasons for applying for the loan. This is where you get to write about why you need this money and how it will change your life. It's important to be honest about this information to get approved for the loan.
You now know how important it is to be prepared when applying for a special occasion loan. If you are not prepared, then that might result in your loan application being rejected. This will ruin all your plans for your special event, which will be even more disappointing than not getting the loan at all. You can avoid this by making sure you have all the documents ready.
As you can see, applying for special occasion loan is as easy as 123. You just have to know your credit score, that is, if it's the range required by your lender and gather all of your documents, and proceed to the lender's site to fill out the application form. Once you fill up the application form, you will have to sign it and send it to the lender.
It's impossible to apply for a loan without having all of your documentation ready. There are times when it may be hard for you to find all these papers at one time, but you should never give up. Take precautions to ensure that you have filled everything with the correct details.
In conclusion, a special occasions loan is just another option for funding your big event. If you need a special occasion loan, you have come to the perfect place. lendingplate was designed to provide people with the best information needed to get things done, finance their needs, and make their lives easier.
After you get approved by the lender, you will receive your money in your account in just a few minutes. You can use the money for your special day and repay it as soon as possible. Be sure to pay back the loan on time to avoid debt collectors coming after you. lendingplate mostly offers short-term loans that are payable every month. Consider applying for special occasion loans from lendingplate. They will offer the best deals possible and try their best to ensure your application gets approved quickly and easily. The maximum you can apply for such a loan is Rs 2 lakhs. If you want to make your special day memorable, this is the loan for you!
You may also read this: Personal loan for wedding
A special occasion loan can help you cover various expenses at special occasions like weddings, anniversaries, festivals, birthdays, religious functions and other celebrations. It allows you to enjoy these occasions without having any financial pressure.
A special occasion loan is one type of personal loan. Hence, there is no end-use restriction. Once the loan funds are credited to your bank account, you are free to use it for any purpose.
Yes, self-employed individuals can also apply for special occasion loans, but they have to meet the lender’s eligibility criteria for business vintage, income stability and credit score. They provide relevant documents like bank statements, income proof, and IT return to prove their repayment capacity.
Special occasion loans are unsecured personal loans. So, there is no need for any collateral or guarantor for the loan. However, if you don’t meet the eligibility criteria, then the lender can ask for collateral or a guarantor.
Yes, you can prepay or foreclose a special occasion loan before the tenure ends. However, you will have to pay applicable prepayment or foreclosure charges.
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Unifinz Capital India Limited is a Non Banking Finance Company (NBFC) registered with the Reserve Bank of India (RBI). lendingplate is the brand name under which the company conducts its lending operations and specialises in meeting customer’s instant financial needs.
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