A marriage loan can affect your credit score. How?

wedding loan can affect your credit score

wedding loan can affect your credit score

Marriage loan online is stress-free, joyous ride and in use by the people of India. Men, women, elders and any age group can avail the loan amount that they’re in need. The recent study had 75% of wedding loans disbursed in between the range of Rs. 3lacs–Rs. 20lacs.

Many credit lines and banks operate with a high-interest rate. At Buddy Loan, it is easier to start a loan journey, download the Buddy Loan app to know more. Starts with a low-interest rate, flexible tenures and EMIs, helps you have a seamless loan journey.

Most of the financial shortcomings are unplanned! Cover all the stakes with one app with innumerable financial solutions, Buddy Loan app. It enlists lenders from across the country and you can choose your lender.

A credit score is directly proportional to a wedding loan:

The interest rate varies from lender to lender, depending on the credit history of the borrower. Calculate the loan amount you require with the competitive interest rates. Estimate your requirements for each event. Personal loans are a great idea for debt consolidation, medical emergencies, travel, business expansions, building, constructions, renovations and wedding celebrations.

Nationalised banks, NBFCs and other financial firms require a distinct set of documents for loan approval. The previous credit report will play a major role in evaluating your loan profile & approval. Your lenders will lend you the loan amount if the financial behaviour is above average and there is no record of outstanding debt.

At Buddy Loan, lenders from various banks and financial institutions disburse personal loans at competitive interest rates on the merit of credit score, making your loan journey easy. If you’ve a poor credit score, the interest rate is likely to go high.

Your loan approval varies depending on the credit score, financial behaviour and time of loan approval.

Explore reading:  Long-Term & Short-Term Loans!

Factors that affect the credit score. 

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

Buddy Loan and credit limits run parallel with each other. Estimate your score and enhance it with a personal loan. Building credibility is always a long process and will lead to high scores. EMIs and interest rates are the reasons to afflict change in your credit score.

There are factors that consider the credit score improvement:

  • By not paying your “1” EMI on time, you can bring down the score for 2 years.
  • Utilising too much available credit for your own good.
  • Missing out on the 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.

Explore reading:  Long-Term & Short-Term Loans!

Marriage loan at Buddy Loan  

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

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.

Marriage loan interest rate is schematic, low starting at 11.99% p.a. It is a collateral-free marriage loan.  You can the avail loan amount up to Rs. 15,00,000.

Explore reading:  Long-Term & Short-Term Loans!

Breaking down marriage loan online:

Marriage loan is easy to avail. Understand the loan application details and process. Pre-plan your unforeseen expenses.

Planning a grand wedding will need aesthetic details for venue, catering, photography, shopping essentials. Set a budget aside for each event with a marriage loan online. Acclaim your loan amount, spend the money as per your requirement.

Why are documents necessary for a wedding loan? Proof of identity and income serve as a licence 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 requirement. Provide the proof of income, identity and address as a basic document set. At each point, it can validate the information you’ve entered.

Explore reading:  Long-Term & Short-Term Loans!

Avail a loan spot on

Increase your credit score by applying for a loan through Buddy Loan app. The lenders help you customise 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.