A wedding is one of the most auspicious days in one's life. Whether it is your child's wedding or your own, an Indian wedding is an extravagant affair. Be it booking the finest venues or purchasing expensive jewelry – the expenses associated with marriage can strain your finances out of limit.
So, to avoid depleting your savings or putting a burden on your day-to-day expenses, you can opt for a wedding loan instead. With this credit facility, you can conveniently bear these substantial expenses associated with conducting your grand wedding. However, you must consider these 5 things before availing a wedding loan to make the procurement process simple and hassle-free.
1. Check Your Credit Score
Having a CIBIL score of 750 or above increases your chances of obtaining a personal loan for wedding with the most repayment-friendly terms. Besides, a high credit score also allows you to enjoy a competitive interest rate, which proves crucial in the longer run.
2. Compare Lenders Before Settling On One
With increased competition, leading lenders are offering a host of benefits on their marriage loan facility. Always search for the best lenders that offer credit best suited for you.
3. Assess All The Expenses Beforehand
With a personal loan for marriage assess all the associated costs like –
Processing fee
Late payment charges
Part and prepayment fees
Foreclosure charges, etc.
This helps you to determine whether the loan is affordable for you or not.
4. Check The Eligibility Criteria
Checking the eligibility criteria of your lender before availing the loan helps to determine whether the advance will suit your budget. Use a loan EMI calculator to obtain the exact EMI amount you must keep in tandem with your current monthly income and expenses.
5. Borrow As Per Your Requirement
Even if you match the eligibility criteria of your lender, do not go overboard and land up with a marriage loan that will strain your budget. This increases your defaulting, which incurs more charges and hamper your CIBIL score as well.
