4 Factors to Keep in Mind while Opting for a Wedding Loan
Planning an Indian wedding is no less than a mammoth task. You make a budget for everything. However, no matter how stringent you are with the expenses, you definitely cross your budget. In such cases, a loan for marriage can help you with the finances of the wedding. A loan for marriage is nothing but a personal loan, which you can use to manage your expenses for the wedding. Today, many banks and NBFCs provide wedding loans with competitive interest rates. If you choose to apply for a wedding loan online, then there are some factors, which you need to keep in mind before you sign the dotted line. Here we share a few of these.
1. Plan Your Wedding Budget Properly
For each item required in a wedding, whether it is apparel or jewelry, you are spoilt for choice. With so many options available for venues, food and everything else, there are high chances that you might fall for the most expensive things. Here, making a proper budget will come in handy. You need to meticulously plan your wedding expenses and take a wedding loan accordingly. You should only borrow what is required.
2. Get Rid Of Other Existing EMIs
This is very important. If you have other ongoing loans, for which you are paying an EMI, then make sure you pay them off. The chances of you getting a loan get grim when you already have EMIs lined up. Any lender will consider your monthly income before accepting your application. If they see you are already paying EMIs then the chances of approval are low. To get an idea of whether or not you can repay your loan according to the tenure, you can use the personal loan EMI calculator.
3. Maintain a Good Credit History
Each lender checks your history of credit. If in the past you have paid your credit bills on time, repaid other loans as per the tenure, etc, then the lenders consider you as a trustworthy applicant. A wedding loan is a personal loan for marriage and is unsecured. You do not have to keep collaterals. Hence, your credit history plays an important role for assessment. Personal loan interest rates majorly depend on your credit history along with other aspects such as monthly income, tenure, etc.
4. Check out The Loan Offers Carefully
You need to check for loan offers, which fulfill your financial needs. Indiabulls Dhani offers wedding loan for 100% financing of your marriage.
Indiabulls Dhani offers a personal loan for marriage with competitive interest rate. With this wedding loan, you can have the wedding of your dreams.
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