Important Things to Consider Before Taking a Wedding Loan
Your wedding day has to be one of the biggest days of your life that you don’t want to leave any stone unturned to ensure it becomes memorable for you and your spouse.
However, you may face a shortage of funds to make it grand as per your preferences.
You don’t need to worry as you can always apply for a marriage loan online from leading lenders in India and get up to Rs.25 lakh over a long tenor.
But you need to consider a few points before doing that so that your loan application procedure is smooth. Read on!
- Check out your credit score
While processing your wedding loan application, your lender will check your cibil score to check if you have the required creditworthiness to manage and repay the loan or not. If you have maintained a credit score of 750 and more, then you will get instant approval at a lower interest to help you pay reduced EMIs. To ensure having a robust cibil score, you should ensure paying your existing loan EMIs and other bills on time.
Must Read: Step By Step Guide: How to Get an Instant Personal Loan During the Lockdown
2. Assess your needs
Your wedding loan eligibility may be for a higher amount, but you should avoid taking more funds than your needs. Why? It is a loan that you would need to repay and may affect your new monthly outlays leading to monetary disputes in your conjugal life. Thus, always apply for an amount that you need and not what you are eligible for.
3. Compare all offers
You should always shop around for the best wedding loan offers available in the market so that you can pick one that matches your needs and repayment capacity the most. This way, you can help yourself saving on the EMIs that you would pay.
4. Check out all charges
From the charges for loan foreclosure to prepayment to late payment and default fees and others, you should be aware of the charges that your lender will levy. Hence, you won’t be surprised in case if you need to pay. Most lenders don’t charge an amount for making foreclosure and prepayment on your wedding loan.
You should consider the discussed points before applying for a wedding loan in India. It will help you approach and manage it without issues.
Must Read: Important Things to Consider Before Taking a Wedding Loan
