Couples who are soon to be married face an undue pressure to do something out-of-the-box for their wedding. This includes having a destination wedding, a wedding on a yacht, a themed wedding or an outdoor/indoor wedding. With the increasing pressure to do something unique and memorable, they also face the pressure of the burgeoning costs. Conventionally, in the Indian society, families always keep aside a corpus for weddings, but in reality, there could be unforeseen but significant expenses that can burn a hole in their pockets. A feasible solution here is a Personal Loan which can be availed from a bank or a Non-Banking Financial Company (NBFC).
These loans are easy to avail as they have simple lending terms, eligibility criteria and documentation requirements. Moreover, a majority of the lending institutions offer collateral free Personal Loans. There is no involvement of any mortgage to avail such a Loan for a Wedding.
In terms of their usage, these loans have flexible rules- so, the proceeds can be utilized to cover all wedding related expenses.
As these loans are unsecured, the credit score and past repayment history play a key role in deciding the eligibility of the applicant. A score of 750 and preferably above helps in qualifying for the loan. The repayment capacity is also of importance which is subject to the income and financial liabilities of the loan seeker. A higher income ensures eligibility for a larger loan amount, provided the existing financial liabilities permit repayment of the new debt.
So, individuals who wish to have a grand wedding can look into the important factors before you decide to Finance Your Dream Wedding Using a Personal Loan.
Aman Khanna is an experienced financial advisor who is well known for his ability to foretell the market trends as well as for his financial astuteness. He has an MBA in finance from Toronto University as well as years of experience delivering seminars on sound financial practices and debt management.