Marriage is the most memorable event of your life, you may remember from choosing among your wedding venues Singapore. That is why everyone prefers to pre-plan it with care. In India, the planning for marriage begins from a very young age. People even consider saving for the day through dedicated fixed deposits, insurance plans, and mutual funds.
With rising living costs, these days, even weddings demand hefty expenditure, which at times, savings and other funding sources cannot fulfil. In such a scenario, taking an instant personal loan for Wedding, better known as a wedding loan, is the solution.
Before you apply for a wedding loan, there are a few things that you should know, so the loan process becomes smoother.
Most Essential Aspects of Wedding Loans You Should Know
A Wedding Loan is a Convenient Way to Get Cash
When planning your wedding, some situations require you to make an upfront payment. For example: Reserving the best venue in town requires an initial booking amount. Similarly, many vendors expect you to pay a token amount to block the dates before offering services.
Also, upfront payments, wedding dresses, and other accessories build the cost up quickly. In such situations, you can get into financial distress before your wedding day, so having an additional funding source besides savings is always helpful.
You can get the best personal loan for wedding in India to handle all such expenses without disturbing your savings.
You Can get a Wedding Loan with Lower Annual Percentage Rates
Do you know that the interest rate of a wedding loan can be lower than other types of credit sources? The interest rate on wedding loans can depend on your eligibility, including your credit profile.
Loan interest rates vary from one financial institution to another. When you meet the eligibility of the lending institution, you will likely get a wedding loan with the most competitive interest rates.
Ensure your credit score is good before applying for a wedding loan. Many financial institutions offer a loan at favourable rates if your credit score is excellent. That means you pay more for your loan if your credit score is low and vice versa.
To get an instant wedding loan from online lending institutions like Clix Capital, you should have an Experian credit score of 630 or more to get the best interest rate.
Wedding Loans Might have Additional Fees
In addition to interest rates, there are several other charges – including processing fees, late payment charges and prepayment charges – that you must be aware of before you apply for a wedding loan in India.
Choosing a lending institution with transparent charges is essential to avoid any unpleasant experience later.
Wedding Loans Come with Flexible Repayment Tenure
When you take a loan, you should repay it with interest per the agreed tenure. Choosing a loan repayment tenure is the key to experiencing complete peace of mind.
Getting a wedding loan with a longer repayment period relieves the repayment pressure. A longer loan repayment tenure means you pay a smaller EMI, which you can afford without stress.
If you can afford to pay a large amount EMI, choose a shorter repayment tenure to reduce the cost of your loan. Remember, you pay less interest for a loan with a short repayment period.
Usually, you can choose a tenure of 12 months to 4 years when it comes to personal loans for weddings.
Wedding Loans don’t Require Collateral
Wedding loans are categorised under unsecured loans, so they do not require collateral. If you are a salaried professional fulfilling the minimum basic criteria of the lending institutions required, you can get a personal loan for wedding at the most competitive rates online.
You have to provide basic documentation for the wedding loan approval, including identity, address, and income proof.
You should be aged between 21-58 with a minimum monthly salary of Rs.20000 and a credit score of 630 and above.
Wedding loans are a quick way to finance your big day. Check your eligibility criteria and calculate your EMIs using the personal loan Calculator before you apply for a wedding loan.
Top lending institutions like Clix Capital offer Wedding loans at the most competitive interest rate online with flexible repayment tenure and a faster approval process. You don’t need to provide collateral to get the wedding loan. The loan can be used for any wedding-related expenses without restriction.
With so many advantages, taking a personal loan for wedding is the best option when you need instant cash.
About the Author
Amaira sharma is finance expert and former business growth strategist who has more than 8+ years experience in the industry, now she helps others to get better financial stability and standards. She loves to write useful tips on personal finance and businesses.