Planning and financing a wedding includes more than taking care of the cost of the venue, food and decor. It also includes spends on clothes and accessories, jewellery and makeup, invites, travel and hotel bookings, live music, and photography. In order to ensure you have enough funds to avoid any compromise on this momentous occasion, you can take an quick Personal Loan. A Marriage Loan is a customised loan that helps you meet the myriad expenses for all your wedding events, ceremonies, and reception with ease and convenience.
There are multiple ways in which a Personal Loan can help with wedding expenses; however, choosing a loan for marriage with low-interest rates is important. Here is how you can avail a Wedding Loan at a low interest.
Have a Good Credit Score
A good credit score, one of 750 and above, proves you are creditworthy. This is because the credit score is defined by the last 36 months of your credit history. This tells the lender that you have been able to efficiently handle your credit and repayment. As a result, the lender perceives you as responsible. As lending you money doesn’t pose a potential risk, you not only get higher loan amounts but also at lower interest rates. Furthermore, you can negotiate with your lender for lower interest rates when you have a good credit score.
Meet the Eligibility Criteria of your Chosen Lender
In order to apply for a wedding loan, it is essential you make sure you meet the eligibility criteria of the lender. Rejection based on eligibility can take a toll on your credit score, reducing it by a few points, thereby reducing the possibility of lower interest rates. To avoid such an instance, check the eligibility of the lender beforehand.
Compare Lender Rates and Pay Close attention to NBFCs
Just as shopping for your wedding clothes means looking for the best price and quality, view different lender offerings to find the best personal interest rate with added benefits. While looking for a loan for marriage, look beyond banks and consider NBFCs. For instance, when you apply for a Wedding Loan from NBFCs, you can get nominal interest rates with added benefits like Flexi Loan facilities, minimal documentation, and speedy processing. You can even calculate your affordability of the wedding loan with a loan EMI calculator.
Opt for the Flexi Loan facility to lower your EMIs
Remember that successful repayment of the marriage loan will impact your credit score for future applications of credit. Thus, it is important you make repayment easier for yourself. As wedding expenses can never stick to an exact calculation, you may decide to opt for a little buffer by taking a loan amount that is higher than what you need. This can turn out to be an expensive affair increasing your overall EMIs. Instead, you can opt for a Flexi Loan from Bajaj Finserv to lower your EMIs.
With this facility you can borrow multiple times as and when you need to and prepay at no additional cost. Additionally, you only need to pay interest on the amount used and not the full sanctioned amount. To add to your convenience even further, you can choose interest-only EMIs and choose to repay the principal amount at the end of the tenor. This is especially useful when you want to manage your cash flow during the wedding more efficiently.