A marriage in India is a ceremony of a lifetime as it is a coming together of families and their values, culture, and beliefs. In foreign lands, a wedding ceremony is just a one-day affair. In India, we find that families rejoice and celebrate even the smallest of rituals quite elaborately. It is common knowledge that weddings in India have functions spread out across days, making the overall vibe nothing less than that of a festival in the family!
People dream of fulfilling their life-long desires, partners, and families by adopting various themes for several functions. No wonder wedding planning and management come with a hefty cost as every individual wishes to set a unique trend while keeping in mind the traditions to follow. Since memories are created to be cherished for a lifetime, individuals leave no stone unturned to make every function memorable.
It may so happen that there can be instances wherein the cost surpasses the pre-decided budget. Here is when the wedding loan comes to the rescue!
Concept of a wedding loan:
A wedding loan comes under a personal loan, which banks and financial institutions offer in the country. The need to bridge the gap between the budget and actual expenses is met by the marriage loan. There is no limitation on how the funds under this personal loan can be used. People can use the funds for any purpose, such as buying jewellery, decorations, venue bookings, etc.
It is crucial to note that the personal loan interest rate varies from lender to lender. The individual loan interest rate is a considerable factor contributing to the costs of personal loans incurred by the borrower. There are a couple of factors to be considered while deciding to opt for a personal loan for a wedding.
Tips To Get A Low-Interest Wedding Loan In 2022
- Study and compare personal loan interest rates from different lenders:
Comparing the personal loan interest rates offered by different lenders goes a long way to save cost. The logic is simple, the higher the individual loan interest rate, the more expensive your loan. Saving an extra penny on the interest rate is wise to make savings.
- Good credit score and credit history:
Lenders keep a detailed eye on the borrower’s credit history and observe whether they have made timely repayments in the past. They see the track order to conclude that the payments are not missed or defaulted. Also, the credit score is a significant contributing factor.
Suppose the credit score is closer to 900 (within the range of 300 to 900), then the chances of securing a lower interest rate increase. If the lenders are convinced of responsible behaviour, then it becomes easier.
- Cautious borrowing:
A wise man once said greed is deceiving. It is advisable that the borrower carefully assess their needs and requirements and does not apply for an enormous loan amount even if they are eligible for the same. Having a wedding leads to various expenses such as cost of catering, venue booking expenses, wedding outfits, gifts, jewellery, photography, etc.
A better way to manage everything is to stick to a decent budget and maintain room for unforeseen expenses, which can be covered with the help of a personal loan if the need arises. If a minimum amount is borrowed, it is easier to repay it.
To make a fair decision, the applicant can seek help from the personal loan EMI calculator, which is available on the lenders’ website for free of cost. The personal loan EMI calculator is easy to use and makes estimating the cost of a loan seamless. It helps you to walk towards having the wedding of your dreams without burning a hole in your pocket!