Marriage is one of the most important days of your life that you may want to make memorable by leaving no stone unturned to turn it the way you want. However, no matter how well you may have planned, you may need more money to meet unknown expenses.
It is where you can avail a wedding loan from leading banks and non-banking finance companies (NBFCs) at a lower rate of interest. Yes, most of the lenders are willing to give you a marriage loan of up to Rs.25 lakh at an affordable interest rate.
However, before you go ahead and apply for a wedding loan to meet the expenses of your impending wedding, you should consider some points beforehand. This way, you will be able to get the finance and be able to manage it effortlessly. Read more in this short post!
- Maintain a good credit score
Your credit score is the first parameter that your lender will see while processing your quick personal loan for marriage application. If you have a higher CIBIL score of around 750 and more, then your loan application will be approved at a lower rare. If you have not maintained your CIBIL score, then your loan application may get rejected. Even if it gets approved, you may have to bear a higher rate of interest. Thus, it is good to maintain a robust credit score before applying for a marriage loan. You can do that by paying your dues such as credit card outstanding and existing loan EMIs on time.
- Compare all offers available in the market
The next tip is not going for the first marriage loan offer being approved. It is because you may get lower personal loan interest rates, along with other offers, elsewhere. To do that, you can compare all available loan offers on a third-party website and pick the best one that matches your needs and repayment capacity.
- Assess all costs
When borrowing a marriage loan, you may observe that there could be numerous costs involved with it like processing fees, prepayment charges and late payment fees. You should be aware of how much you will be paying if you pay your loan late.
- Know how much you will pay as EMIs
Once you have availed the marriage loan, you will need to repay it in the form of EMIs. It may affect your outlays if you have planned its repayment well in advance. Hence, you should know about the EMI amount that will be payable. To know how much you will pay, you can use the personal loan calculator and know your exact EMIs on a lender’s website.
- Know how much is too much
Being eligible for a higher loan amount does not mean you avail it as it means paying a higher loan EMI that may hurt your expenses. Hence, you should always know how much is too much and apply for a marriage loan accordingly.
A marriage loan can serve your purpose if you can apply for it after considering all the discussed factors. If you are ready, you can apply for it online and save you time.
Bajaj Finserv presents pre-approved deals on personal loans, EMI finance and more. It can ease off your loan procedures and make it less time-consuming. You only need to share your basic details such as your name and mobile number to check out your pre-approved loan offers now.
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