There are key points you will need to know before availing a loan for your dream wedding. Building a relationship is challenging these days and it calls for better celebrations when you finally find your person. Meeting wedding expenses these days is tough due to financial shortcomings.
Buddy Loan is one of the biggest loan aggregators in India that disburses loans at lower interest rates starting at 11.99% p.a. They also have customised EMI options that help you work your credit score with ease.
We wouldn’t want anything to go wrong with the series of small events at a huge wedding, do we? For an instant personal loan and you can just make the most of it.
Availing a Marriage Loan
Anyone would want a marriage loan at lower interest rates starting at 11.99% p.a. It is an unsecured loan, wherein you do not need to pledge any asset or provide any collateral to avail the loan. Covers all the expenses of the wedding like reception, the actual wedding ceremony, food, decorations and another subset of events related to marriage.
There are certain factors the borrower will have to look for will applying for a marriage loan. Pre-plan the wedding expenses by roughly estimating the expenses. The EMI scale is present in every loan site to help you calculate your monthly EMIs, total sum of interest rate and more.
By doing this, you will auto check your credit score and thus it is easier to maintain that too. Research about the loan offers carefully and the EMIs that the financial institution can provide.
Eligibility Criteria
Marriage loan is nothing but a personal loan which is availed during the financial shortcomings for performing weddings and its events. There are many competitive interest rates from which you will have to pick the appropriate ones.
The borrower should bear in mind that he/she should be min 25 years – 60 years old to avail the loan. It is more helpful if the borrower is salaried or self-employed with a minimum salary of Rs. 20,000/-. The approval rate and interest rate depend on the borrowers’ credit history.
The applicant can avail instant marriage loans up to Rs. 15 lakhs for an application. The borrower can discuss further with the lender for best EMI options in between the loan tenure of 3 months to 5 years.
EMI & Tenure
Buddy Loan disburses marriage loans for a loan tenure of 3 months to 5 years. The better option is that you could tell your lender if there are certain concerns and EMI payment can customise such that it only enhances your credit score.
Also Read: When is the right time to avail a wedding loan
Benefits of Banking Online For Marriage Loan
Interest rates starting from 11.99% p.a.*
Avail loan of amount up to ₹ 15 lakh
Minimal documentation or paperless
No security/collateral required for a loan at any point.
Why is it Necessary to use a Personal Loan to Fund a Wedding?
To an event such as a wedding, which is once in a lifetime celebration, it is important to welcome the future with all the perfection. Shortage of finances are common in uncertain events like wedding and its sub-event need immediate finances to cover up. Here are the reasons why opting a personal loan for wedding makes is 100 times easier.
Instant Loan Approvals
Banks, financial institutions & NBFCs are all or most of the institutions are disbursing personal loans online. Among the financial aggregators, Buddy Loan’s turn around is at 80% approval rate.
They come with the very least documentation for the approval and require no collateral whatsoever. The objective of wedding celebrations is to uncover all sweet emotions borne with it & without any stress of financial shortage.
Planning the Expenses Using the Marriage Loan
Since there are barely any restrictions on how to use marriage loan funds. They are aptly used for wedding invites, outfits, makeups, food caterings, hotel rooms, banquet halls, flight tickets, more accommodations, event managers & even destination honeymoon plans.
Choose EMI And Tenure of Your Marriage Loan
If you’re considering a personal loan, you have to follow the flexible payment or EMIs along with the loan tenures it comes with. The loan tenures can extend from a few months to several years. In the case of Buddy Loan, the tenure is to 5 years.
You can absolutely customise your repayment depending on income, financial situation & tenure. In order to know how much amount should, you avail from the banks or NBFCs use the EMI online calculator.
Benefit From Competitive Interest Rates
Having a record of good credit score is not easy nor is maintaining one. But, doing so will help you have many choices on interest rates before you.
If you have a good credit history, the bank is likely to offer you a competitive interest rate on a wedding loan. The lower the interest rate the easier is the payoff and can easily maintain a good credit score.
Liquidating Investments Is Not Necessary
In order to finance their wedding celebrations, people remove their fixed deposits by liquidating the savings for the wedding.
However, redeeming them before maturity not only will incur more charges but also losing the interest amount that has to be credited before the maturity. The number of losses in liquidating your deposits is innumerable.
Also Read: Prepayment Vs Repayment of Marriage Loan
Conclusion
Marriage is a relation that all need to make efforts to flourish while weddings in India are always grand. It involves hectic planning, preparing for extra expenses in the last moment. To never compromise on the food and other expenses to cherish every moment countable in your child’s wedding. Avail a loan instantly from Buddy Loan today, with lower interest rates and best EMI options.
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