3 Things you need to keep in mind before applying for a marriage loan

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When you both together make the most perfect couple and your match is made in heaven, you should celebrate it in a splendid way. While we try our best to accrue savings for the big day, at times, the wedding expenses go beyond the planned budget and we are unwilling to compromise on anything to celebrate the D-day in the most special way. Wedding wishes from everyone are a true blessing, but the same is not true in terms of monetary favour. This is where a marriage loan becomes important as it ensures that you do not compromise on the celebration of your dream wedding. While you can take a loan to celebrate your D-day in the most perfect way, here are things you should consider before opting for a marriage loan:

Before borrowing a loan, it is always wise to prepare for its repayment. By opting for higher EMIs, you can get rid of the loan faster. But, your income should be sufficient enough to repay the loan. You can do this by planning your repayment in advance and calculating your EMIs. A personal loan EMI calculator helps you make your calculations in an accurate, easy and quick manner. With the help of this calculation, you can plan your financial schedule and properly do the budget allocation. This will ensure that post-marriage, you do not have to deal with the stress of facing a financial crisis.

  • Assess All Other Costs

When borrowing a loan, there are numerous other costs in the form of the processing fee, foreclosure charges, late payment fee, and several others. All these charges are mentioned in the loan agreement. Hence, before borrowing a loan, it is important to make a note of the various costs that your lender charges to get a clear estimate of the expenditure. This will ensure that you are fully aware of all the costs and do not end up paying additional charges that may increase your EMI. Also, it will help you decide whether the loan is affordable or not.

  • Check your Credit Score

A CIBIL score or a Credit Score reflects your creditworthiness, based on your history of credit repayment. Your credit score plays a pivotal role in the loan approval process. Lenders evaluate your loan repayment ability based on your credit score. A CIBIL score above 750 can be good enough for you to access the best loan offerings at lower interest rates. A lower credit score indicates bad debt management and can result in your loan application being rejected or approval of the same at a high interest rate. . If your credit score is low, work on improving it before applying for a loan. You can maintain your CIBIL score by clearing off your existing debt and ensuring that you make your bill payments on time.

From jewellery shopping, banquet hall booking to managing catering and ceremonies, a typical Indian wedding can turn out to be a costly affair Add unpredictable expenses and last-minute charges, and the need for a marriage loan becomes obvious. While a marriage loan can provide you relief, it is always recommended to consider all the parameters and pick the best option. A loan with flexible repayment tenure, no hidden charges, and less interest rate will ensure that your post-marriage-phase is as amazing as your marriage celebrations. After all, the next exciting phase of your life right after the marriage day must be equally exciting and stress-free.