How does a personal loan benefit you?
Finances various expenses: There are many wedding expenses including space, photos, decorations, cooking, jewelry, guest gifts, clothes, etc. A wedding loan can help you to cover all the expenses without having to borrow money from friends or relatives.
Loan amount: You can apply for a personal loan of up to Rs.40 lakhs are enough to cover various wedding expenses. For this personal loan interest rate becomes feasible.
Online application: Personal wedding loans can be easily used online from the comfort of your home or office so save a lot of time and effort. You can compare different personal loan options and apply for the desired loan option.
Flexible period: You can easily repay the loan amount between the flexibility period from 1 to 5 years. You can decide to stay on your own according to your ability to pay. You can calculate your loan EMIs using the Personal Loan EMI Calculator.
Flexible payment option: In addition to allowing you to choose the time you want, banks also offer you a place to block loans before the end of your term. Also, you can make a prepaid portion on your loan if the bank allows it.
Instant Disbursement: Once you have met the eligibility process, submit the documents and your loan will be approved, the amount will be immediately deducted from your account.
What are the eligibility criteria for a personal marriage loan?
You must be a paid or self-employed person.
Minimum age should be 21 years.
Your monthly income should be R. 15,000.
You should have good credit.
What factors should you consider before accepting a wedding loan?
Prepare a budget: Plan ahead because wedding expenses can range from a few days to a few cases in some cases. Divide the cost into categories such as clothing, restaurant, cooks, gifts, etc. If you plan to meet half of the cost with your savings, find the deficit and take out the short-term loan only.
Look at your credit store: Credit points actually show the repayment of your loan and credit card and check the creditors before giving you a loan. If you have a bad credit score, you may not get a bank loan but if your credit score is good, the chances of getting a loan are high.
Know your EMIs: With the help of the Personal Loan EMI Calculator, you can know the EMIs you would be paying if you chose a certain loan amount. This way, you will not be able to borrow more than you can afford and you will be able to manage other costs as well.
Keep your documents ready: You may need money immediately to start your wedding preparations and so it is important to keep all your basic documents including ID proof, address proof and proof of income ready.
Learn about fees and additional charges: Additional fees and costs such as advance payment, processing fee, EMI fee and late payment may be charged. Ask your lender about all of these payments before finalizing a loan.
Discuss pre-payment terms: After marriage, family income will be both income and you may find it easier to pay in full or in part before maturity. Therefore, it is always advisable to discuss the terms and conditions relating to the payment of personal loans in advance. Muthoot Finance personal loan foreclosure charges are negligible so that can be considered.
Conclusion:
Borrowing money for your wedding is a wise decision if you do not want to burden yourself with various expenses. As a personal loan you can easily pay for a variety of expenses and you can also pay off loans within the allotted time.
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