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5 Points to Keep in Mind Before Availing a Loan for Your Marriage

· Wedding Loan,wedding finance

Marriage is one of the most important events of one’s lives, and everyone wants to make it memorable. But sometimes, the lack of funds may mar your dreams!

Not anymore, you can easily apply for a wedding loan and cover your needs easily! A wedding loan is an extension of a personal loan that can let you get up to Rs.25 lakh.

But before you apply for it, you should ensure to consider a few pointers so that right from application to repayment, everything is smooth! Take a look:

  1. Know how much you need

The first thing is to know how much you will need to manage the financial shortages for your marriage. You may have the eligibility for a larger amount, but that means paying bigger EMIs later. Hence, apply only for an amount that you need.


2. Check out your cibil score

The next thing is checking your cibil score so that you are aware that you will not find issues in getting speedy loan approval. To do that, you should ensure paying your existing loan EMIs and credit card outstanding on time.


3. Check out foreclosure charges

Many lenders let you foreclose your wedding loan without charges if you wish to close it before the actual loan tenor. But there may be some terms and conditions attached. Thus, you must go ahead and go through all formalities beforehand.


4. Go for a longer loan tenor

Once you have availed the loan and have enjoyed a lavish wedding, you will need to start repaying the loan EMIs immediately. To ensure your EMIs do not affect your new household expenses, you should go for a long marriage loan tenor and pay lower EMIs.


5. Shop around

You should also shop around for the best wedding loan offer from a creditor at a lower rate of interest, which may help you service reduced EMIs. You can do that on a third-party website and apply for a deal that best matches your needs and repayment capacity.

By implementing the discussed tips before availing a wedding loan for your marriage, you can approach it smoothly and don’t have to hit roadblocks later.

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