Top 5 Things to Keep in Mind While Availing a Wedding Loan
A wedding is a big occasion in India. People like to spend a lot of money on weddings. But inadequate savings often create a financial crisis.
If you want to plan your wedding without any compromises, you can go for a wedding loan as financial help. Let us have a look at the factors that you should keep in mind while availing a wedding loan!
- Interest rate
A wedding loan is a personal loan with a high-interest rate. You should always look for a loan with an affordable rate of interest. You can compare interest rates on various loan apps to get one.
2. Loan amount to borrow
It is essential to find out the amount that you need to borrow. You might be eligible for a higher loan amount, but you should borrow as per your need. Over-borrowing will only increase your financial burden. Always check your savings and investments before deciding the loan amount.
Must Read: Getting Married? Here Is How You Can Finance Your Wedding
3. Credibility of the lender
The credibility of the lender is another important aspect of a wedding loan. You should inquire about the lender before availing a loan. Make sure that the lender has a good reputation for avoiding problems in future.
4. Loan tenor and EMI
You should keep in mind other financial obligations while availing a personal loan for a wedding. You should choose a loan tenure and EMI that is feasible for you in the long run.
5. Foreclosure charges
Some lenders levy huge foreclosure charges if you want to close the loan account before the expiry of the loan tenor. You should always read the fine print before signing the loan documents.
A wedding loan is an ideal way to manage your wedding expenses. Now that you know the factors that you should keep in mind, you can go ahead and avail one as per your need.
Reference: Aware from These Things While Availing A Wedding Loan
