0

5 Points to Keep in Mind Before Availing a Loan For Your Marriage

5 Points to Keep in Mind Before Availing a Loan For Your Marriage

559 Views

Everything has changed! Those days had gone when a father used to save money for his daughter’s wedding. When people used to sell their lands & buildings to collect money, and it is good as the banking industry has done an excellent job in holding the economy of India in the past few years. Some people will say that taking a loan can give you a burden, and it’s true. But, when you have an option to calculate EMI & decide the tenure, then why worry. It depends on your choices & preferences. A personal loan EMI calculator also turns out to be helpful.

Not in any country that long weddings happen as it happens in India. We have several events like Haldi, Sangeet, Shaadi & Sagai. Weddings are the occasion when families & friends come together & celebrate.

As the prices are rising day by day, a small wedding in India can cost 5-10 lakhs. A middle-class family spends at least 10-20lakhs on weddings. If you will plan a royal wedding or destination wedding then forget lakhs it can cost in crores. This is why people have moved towards personal loans for marriage.

In this article, you will find points to keep in mind before taking a loan for marriage:

Amount

With several lenders providing up to Rs. 30-40 Lakhs as loan for marriage. Don’t only look at the greatest sum. You mustn’t get swept away with feelings. Consider before filling out the number of choices in the application form. At the end of the day, a borrowing has had an interest rate that must return as fast as possible. So, ask for the sum that comes with the EMI that you can handle. No need to sacrifice your other lifestyle expenses.

Level of interest

Interest rate is one of the main considerations that you must remember. You must then make it a point to carry out an in-depth study into the different forms of Marriage Loans. Conduct a comparative study and then pick the better alternative.

Charges foreclosure

You may not realize this, but several lenders impose high foreclosure charges. It happens on Wedding Loans. These foreclosure costs may be as high as 5%, which may be a significant hit to the finances. So you ought to make it a point to explore the same issue with your investor if you don’t get a loan for marriage then for a Personal Loan.

Joint marriage loan

You can go for a joint marriage loan application. You can do it to expand your eligibility. It increases the chances of approval. But this might contribute to the development of a false sense of protection inside you. This may be risky for your potential savings, so you must stop taking a joint marriage loan.

Examination of expenditures 

You must prepare a list of all future wedding expenditures. Delete from this list all costs that are either needless or lavish. This would allow you to reduce the expense of the case and make things more manageable for you.

A loan for marriage is definitely a convenient credit service unless completely required. You must start preparing for the associated expenditures. Do it before the eventual wedding to prevent any adverse situations later on. If required, try applying for a Personal Loan like HDFC Personal Loan.

admin

Leave a Reply

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