A wedding or marriage is one of the most important days of your lives.
If you are a parent to a soon to be married son or daughter or anyone else looking to get married, then you may have been arranging for the D-day for long.
However, when it comes to an Indian wedding, no matter how well you plan, you may be short of something or the other. Requiring other things for which you have not planned may need some extra money.
In the same context, opting for a marriage loan can be a smart idea. Yes, a personal loan for marriage may ease out the financial burden that a wedding may have on your investments and savings.
However, before you avail a marriage loan, you should consider some factors so that you can approach it without issues and get quick approval. Read on and know more!
1. Check Out Your CIBIL Score
Since a marriage loan is nothing but the extension of a personal loan, lenders will pull out your Credit Score when you apply for it. If you have managed to maintain a robust CIBIL Score in the range of 700-750+, then you can get quick approval. Else, even if you may get an approval for a lower Credit Score, but you will need to bear a higher marriage loan interest rate. You can manage a better CIBIL score required for marriage loan by repaying your existing loan EMIs and credit card outstanding on time.
2. Compare All Offers in The Market
There is increased competition among loan lenders, and you should receive its benefits for sure in the form of availing lower marriage loan interest rates. To do that, all that you need to do is land on a third-party website and compare all loan offers. This way, you may be able to opt for the best marriage loan offer suiting your needs and repayment capacity.
3. Assess All Expenses
When you venture out to avail a personal loan for a wedding, you should also assess all other costs such as processing fee, late payment charge, prepayment fee and more. These costs are incurred by lenders but are added to the amount that you need to repay. Hence, try to get a clear estimate of the expenditure that you will need to bear after considering all charges that your creditor may charge. Doing this will help you manage the finances better. It can even let you decide if availing the marriage loan is actually affordable or not.
4. Work Out The Loan Amount
When people see that they can match the personal loan eligibility criteria, they go overboard and apply for a loan amount more than the requirement. They forget that it is not their money, but they need to repay it. As a result, applying for a loan amount more than the requirement may lead to issues in managing other expenses in life. Thus, it is worth considering the loan amount before availing it to keep your finances in control.
5. Check Out The Eligibility Criteria
Also, checking out the personal loan eligibility criteria before opting for the loan is equally vital. It can help you know the eligibility norms beforehand so that you can know if you have the required qualities to get the loan application or not. You can also use the personal loan eligibility calculator to know the exact amount that you can get as per your current income and expenses. The tool is available free of cost at a lender’s website.
Some of the key considerations that you must do before applying for a marriage loan is now discussed. If you think you have the required creditworthiness, then you can apply for a marriage loan online today.
Bajaj Finserv offers pre-approved deals on personal loans, home loans, credit cards, business loans, EMI finance and beyond. It can assist in simplifying the loan formalities by making it less time-consuming.
You can share your basic details such as your name and contact number to check out your pre-approved loan offers today.
Author Bio: This article has been shared by Arwind Sharma who is a writer and experienced financial advisor.