Things you need to know before applying for a marriage loan

Unlike most countries, marriages are much more than the union of two people. It is more like the coming together of families. Weddings in India themselves are quite a phenomenon. People spend lakhs and crores of rupees on a 2-day affair and have lavish parties so that they can show off to friends and family. From the sangeet to the mehendi to the wedding photoshoots and costly decorations, everything costs a bomb. Hence, in order to meet their requirements, many couples go for a marriage loan. If you are planning to get one anytime soon, keep reading this post.

The Amount You Need

It is imperative for you as a couple to understand a budget and go through it a couple of times if you truly want to understand your expenses. It will also help you estimate the amount you will need to loan out. You can also get a loan for any amount you require. Make sure to never go overboard simply because the loan is easily accessible to you.

Rate of Interest

Many shoppers shop for the sake of interest rates. Usually, wedding loans begin at 10% and could also go up to 20% or a lot more than that. It is important that you do your bit of research and finds something that is cost-effective. It will also help you a lot in the long run.

Flexible EMI

You could also get flexible options before you sign on any dotted line. It will also help you pay off your marriage loans at your convenience or whenever you are comfortable.

Foreclosure charges

A wedding loan will usually last you somewhere between 1-6 years approx. But, there’s a high possibility that you can end up paying the loan a lot sooner. Hence, always check with the lender and if they allow prepayment since several banks also charge penalties if you are unable to pay on time. Also, choose loans that offer you enough flexibility so that you can pay the amount earlier.

Strict Control

Always keep a quick check on expenses as many times as possible. Yes, we know you want to ensure your wedding is a memorable one, but you never have to go into debt. So make sure that you view your options well and plan all your expenses in such a manner that you will be able to repay them on time.

Weddings are an event that happens once in everyone’s life and we want to make sure this experience is not just perfect but also memorable for you. Hence, we are offering you the best marriage loan in India where you can avail of some amazing benefits with very little paperwork and zero hassles. You can always apply for personal loan for wedding from a trusted financer such as Loantap and avail instant benefits.

Leave a Reply

Your email address will not be published. Required fields are marked *