Indian weddings are fast evolving into a customised experience for the couple and their friends and family. With the aim of having a memorable and social-media worthy wedding, young couples are readily accepting new trends, personalizing traditions and customs to match to newer tastes. From intimate weddings for a guest list of less than 100 to destination weddings at scenic resorts, new formats are increasingly finding acceptance in India. Dual weddings to reflect the culture of both the groom and the bride are also becoming common as are weddings that fly in musicians and artists who hold value for the couple. 5 Important Things To Remember Before Getting A Marriage Loan.
5 Important Things To Remember Before Getting A Marriage Loan
With the availability of a wedding loan, a personal loan tailored for weddings, you have all the financial backing you need to plan your wedding, your way. However, in preparation, it is important to consider your overall budget so that you can decide on the required loan amount, check the personal loan interest rates and the repayment tenor before you decide on a suitable lender for a wedding loan. To get this right, read on to know the important factors to consider before getting a wedding loan.
Draw your budget so you can apply for the right loan amount
Today, an Indian wedding is all about personalised style and picture-perfect moments and with the availability of a wedding loan, you can put all your grand plans into action. However, you have to be wary of the loan amount you apply for as this has far reaching effects on your financial health in the future. To avoid taking a loan that is larger than required, draw up your wedding budget meticulously and adhere to it.
Ensure that you consider all aspects of the wedding like the bridal trousseau, venue and décor for various functions, accommodations and gifting, and professional photographers to capture every moment. Once this has been decided, use an online personal loan calculator to check tenors and possible EMI amounts and choose the right loan amount as per your repayment ability.
Maintain a good credit score to access customised loan offerings
A wedding loan is collateral-free in nature. So, every lender will check your CIBIL score before approving your loan application to gauge your creditworthiness. A good credit score shows that you are a responsible borrower and will ensure that you get customised deals from lenders such as lower personal loan interest rates or other benefits like instant approval. Moreover, with wedding preparations being time-sensitive in nature, a good CIBIL score guarantees quick access to funds. Therefore, before you apply for a wedding loan, check your credit score. If required, take necessary steps to improve your CIBIL score for a hassle-free application and fast disbursal.
Compare interest rates to reduce the cost of your loan
You will be spoilt for choices when it comes to lenders in the market offering personal loans for weddings. However, to enjoy a smooth application process and a flexible repayment tenor, ensure that you research and compare personal loan interest rates offered by various lenders. Choose the appropriate lender with a feasible interest rate to ensure easier loan repayment and affordable EMIs.
Assess your repayment capability to avoid defaulting on the loan
Before you even apply for a wedding loan, consider your repayment prowess. Check your monthly income, existing financial obligations and expenditures to decide on an EMI amount that you will be comfortable paying without constricting your cash flow. This will ensure that your repayment is stress-free.
Check the fine print to avoid falling for gimmicky loan offers
While selecting lenders, do not get carried away just with low interest rate offerings. Some lenders offer substantially low interest rates to attract borrowers and the cost of the loan then increases as the tenor progresses. Some lenders add additional processing charges and hidden fees in the paperwork, which inflate the cost of the loan. So, ensure that you read the fine print and find a lender that is transparent about all charges.
Now that you know what to take into consideration before applying for a wedding loan, consider applying for a Bajaj Finserv Personal Loan for Wedding to finance your big day. With this wedding loan, you get access to a high loan amount of up to Rs.25 lakh at competitive interest rates. You can benefit from the Flexi Loan facility, which allows you to make multiple withdrawals from your loan account, as per your needs, without submitting multiple applications. It also gives you the option to reduce your EMIs by up to 45%.
To expedite your application process and get instant access to funds, check your pre-approved offer from Bajaj Finserv today!