Weddings are a joyful affair in India. It is among the most memorable events in a person’s life. And everybody wants to make their big day a fun and memorable experience. However, big fat weddings come with its challenges and huge expenses. There are such as pre-wedding shoots, printing wedding invitations, booking venues in advance, purchasing jewellery and outfits for different functions, and much more.
With the costs of weddings reaching sky-high every year, it has become difficult for aspiring couples to plan a magnificent wedding without any financial concerns. In such a scenario, a personal loan for a marriage, also known as a wedding loan, can help you to a large extent.
What is a Wedding loan?
A wedding loan is explicitly designed for non-married couples who require extra funds to fulfil their dream of planning a lavish wedding. It is nothing but a personal loan provided for marriage. Being an unsecured loan, it does not obligate you to guarantee your assets as security with the lender. Further, your credit score and income are the critical determinants that judge your qualification for this loan.
Why take a personal loan for marriage?
Apart from financing your wedding expenses, a marriage loan is useful due to the following reasons.
- You must have kept aside some savings of your entire life to meet unexpected events in future. So, do you want to spend all of it at your wedding? No, right? This is why taking a wedding loan can help you keep your savings secured for other essential purposes.
- Having a big fat wedding is a dream for many. However, our budget doesn’t allow us to consider it. Thus, a personal loan for marriage can be your saviour in fulfilling your marriage dreams.
- Our parents spend their life savings on our wedding, but, what if you can share the burden of meeting those huge expenses? This way, you and your parents can enjoy the celebration without any financial worries.
Key factors to keep in mind during application for a wedding loan
Now that you know the importance of a marriage loan, let’s have a look at some factors that you must consider before you ask for the loan.
1. Plan your wedding budget
With so many costs associated with planning a wedding, there are high chances that you may not have enough money after proper planning. That is why it is essential to plan your wedding budget and estimate the loan amount required before applying for one. Also, compare different loan options provided by numerous lenders and the value of EMIs you can repay comfortably.
2. Get rid of other EMIs
If you are handling EMIs on your previous loans, it is time to get rid of them before choosing a marriage loan. This is because having other EMIs lined up can lessen your chances of securing a loan. The lender will request for your monthly income record to verify whether you pay any EMI or not. To check more about the loan requirements, you can use a personal loan eligibility checker for smooth financing of loans.
3. Build up a strong credit score
Last but not least, the lender checks the credit score to measure your financial credibility. Since the wedding loan does not require you to keep any security, your credit history is a crucial benchmark for assessing your eligibility for the loan.
The Bottom line
Wedding off marriage loans can be an excellent option to live your dream of having a grand and unforgettable wedding. However, these loans can tempt you to exceed your budget. So, it is advisable to go for it only when you have a solid plan to repay it on time.