How Can A Marriage Loan Affect Your Credit Score?

Marriage loans can affect your credit score

Marriage loans can affect your credit score

Indian weddings have always been grand! It is larger than life events they have evolved into long lasting celebrations, with celebrity visits, extravagant performances all lasting over a week. Many individuals use marriage loans to fund their big day. Several banks offer affordable personal loans to cover wedding expenses.

What Are Marriage Loans?

Marriage loans are taken to fund the expenses that come with a wedding. For anyone who fulfilled the criteria required for a marriage loan, getting a marriage loan online has become a stress-free, joyous ride in India. 

The interest rate varies from lender to lender, depending on several factors from the borrower’s credit history, the amount borrowed, and so on. Marriage loans do not have any end-usage restriction, i.e making the loan amount fluid, you can use your marriage loan for any purpose as desired. 

A marriage loan’s credit score will be similar to how any personal loan affects your credit score. Hence when you apply for a marriage loan, it is best to keep several factors in mind to have a stress free method on paying your EMI. 

To ensure a smooth transition of payment of loans there are some things you can keep in mind while applying for a marriage loan-

  • Do not borrow more than what is required.
  • Plan your EMI’s to improve your credit score.
  • Be aware of all the extra charges that may come up from processing fees, the fine amount and so on.

Many places like Buddy Loan and others offer loans at low interest rate, flexible tenures and a payable EMI, compared to other credit lines in the market. Users can download the Buddy Loan app to start their loan journey and satisfy all their queries. 

Financial needs are almost always unpredictable, keeping this in mind the Buddy Loan app has been designed to cover all the stakes and give you innumerable financial solutions. Buddy Loan helps you engage with ledes from across the country, helping you make an informed decision about loans and how to improve credit score.

A Credit Score Directly Proportional To Wedding Loan:

When applying for a loan it is important to calculate the loan amount you require with competitive interest rates while estimating your requirements for each event. Nationalized banks, NBFCs and other financial firms require a distinct set of documents for loan approval

Eligibility to wedding loans depend on credit score, financial behavior and time of loan approval. 

At Buddy Loan, lenders from various banks and financial institutions disburse personal loans for marriage at competitive interest rates on the merit of credit score, making your lone journey easy.

Also Read: Long Term Personal Loans vs Short Term Personal Loans

Factors That Affect The Credit Score. 

Since Wedding loan is a personal loan used for wedding celebrations, the credit utilization is a challenge under limits. If you use over 30% of the credit, it will make way into a negative scale.

Buddy Loan and credit limits run parallel with each other. We estimate your score and enhance it with a personal loan while building credibility, a long process which will lead to high scores. Both EMI and interest rates afflict changes in your credit score. There are some factors you can consider to improve your credit score:

  • Planning, Organising and paying your EMI on time will help you increase your credit score.
  • Utilizing too much available credit, missing out on settlement dates.
  • Credit portfolios – This is having a mix of scores with a credit card, car loan, mortgage or even credit products.
  • New credit – the number of new credit lines you have access to and those you have recently opened.
  • Exploiting available credit – you have a hand’s on right to use your credit score, yet, using it with optimum interest is important. Over/deliberate use can lead to a red flag with creditors.
  • Short credit time: Higher the credibility period, higher the credit score.  Creating a credit score in a short time is less stable.

Also Read: When is the right time to avail a wedding loan?

Marriage Loan At Buddy Loan  

You may avail a loan almost instantly at Buddy Loan. A marriage loan application is just a minute away with this app. It is instant, seamless, and requires minimum e-documents. Marriage loans in Bangalore are accessible from many financial firms’ aggregators.

You can mark a specific ratio of income and expenses to plan your marriage loan amount and EMI payout. There are several firms to help you with a marriage loan in India. You can qualify for a marriage loan amount if you are salaried, professional, self-employed and even earn a passive income.

At Buddy Loan, the interest rate is competitive. It can help a highly credible profile with easy loan sanction and low-interest rate. Lenders have vivid sanctioning criteria that can fit your interest in a loan application.

Choose a lender and submit your e-documents with the Buddy Loan appMarriage loan online is easy and seamless. They provide an opportunity to build your credibility.

Also Read: Points to Consider When Getting a Marriage Loan!

Breaking Down Marriage Loan Online:

Why are documents necessary for a wedding loan? Proof of identity and income serve as a license for availing a loan. Sets a fair consent and expectations for lenders to approve a personal loan. Buddy Loan requires a minimum e-documents to qualify your profile and credibility for a loan sanction.

Each lender has a distinct set of document requirements. Provide the proof of income, identity and address as a basic document set. At each point, it can validate the information you’ve entered.

Increase your credit score by applying for a loan through Buddy Loan app. The lenders help you customize your EMI payout based on your income and extend your loan tenure of 60 months. This leaves you with very less room for defaulting on monthly payments.

In Conclusion

Marriage loan is easy to avail foreseeing certain steps. Understanding loan application details ,process,Pre-planning your unforeseen expenses which will help affect the credit score.

Planning a grand wedding will need aesthetic details for the venue, catering, photography, and shopping essentials