5 Important Things To Remember Before Getting A Marriage Loan - Loan Trivia

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Thursday, 17 December 2020

5 Important Things To Remember Before Getting A Marriage Loan

 


Are you facing a shortage of funds for your upcoming marriage? If yes, then you can look up to the personal marriage loan to cover your requirements with ease. As per your loan eligibility, you can avail an amount of up to Rs.25 lakh. 

The marriage loan is an extension of the personal loan. It is unsecured, and hence; personal loan interest rates are higher. But anyone having a higher cibil score, and stable employment and income history can enjoy lower personal loan interest rates.    

But before you apply for the wedding loan, you ought to check a few important things. It will make you loan confident and help to manage it easily. Read on!

  1. How much loan amount can you get?

It is the first thing to check before applying for the marriage loan. It is if the loan amount is sufficient to meet your needs. It is vital to know as the expenditures of the wedding may be higher, and a smaller loan amount may not suffice it. 

  1. What are the loan approval and disbursement time?

When you wish to avail funds to meet the requirements of the wedding, you can’t keep waiting for long for the loan approval and the money. You should ensure that the lender that you are applying with sanctions the loan request instantly. It should also disburse the money hours after the approval. 

  1. What about the higher personal loan interest rates management? 

Your EMI amount may be more because of the higher personal loan interest rates. Thus, you should compare all offers online and pick one offering the lower personal loan interest rates. That can help you manage your finances by helping you repay reduced EMIs. 

  1. Can you repay over a flexible tenure?

The next aspect to know before applying for the wedding loan is if the lender can give you the flexibility to repay or not. If it is up to 60 months, then you can spread the loan amount and pay a lower EMI amount. You can make prepayments to negate the higher personal loan interest rates for choosing longer tenure. 

  1. Can you foreclose the loan earlier?

You should also know if there will be any charges for foreclosing the marriage loan before the scheduled tenure. It will help you know if the costs of the loan will increase or not. 

If you can consider the discussed elements, then you can surely approach the personal loan for a wedding with confidence.

Must Read: Everything You Should Know About A Marriage Loan


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