A personal loan for a wedding is the solution to your financial crisis that restricts you from making your day of marriage extra special. Availing these loans can also be beneficial if you are hosting a destination wedding. These loans can also provide the funds needed for an exotic honeymoon. You need to keep the following points in mind before you apply for a wedding loan – 1. Your Credit Score You need to have a minimal CIBIL score of 750 to successfully avail these loans with the best terms and benefits. Hence, you must check your credit score before applying. Applying with a low CIBIL score can cause the lender to reject your application. 2. Approval and Disbursal Time The approval and disbursal time are critical as the time required for you to avail the funds depends on it. Leading NBFCs can approve wedding loan in 5 minutes. These companies can disburse the funds to your loan account within 24 hours. 3. Rate of Interest The rate of interest determines your cost of loan or the total amount that you have to repay. Hence, compare the lenders and check the interest rates carefully. 4. Charges There are various charges associated with a personal loan for a wedding, like –
5. Part-Prepayment Process Check the process of part-prepayment before you apply. Usually, part-prepayment is when you pay more than one month’s EMI. The payment goes towards your outstanding loan principal. Part-prepaying your loan can either lower your EMIs or reduce the tenor. It is recommended to part-prepay your personal loan for wedding whenever you have the necessary funds to save on interest. Keep these above points in mind before you apply for a wedding loan. Doing so can help you avail the loan faster. Must Read: Five things to crosscheck before borrowing Personal Loan for Wedding
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AuthorAman 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. |