Some prefer weddings to be more “lavish”. With many open credit lines, borrowers can make proper amends for the repayment. Leveraging your income with expenses can help you choose the right lender for a proper interest rate. Unsecured loans are of demand now. Because women and men both prefer wedding celebrations to be glorious or simple. Yet, we always expect weddings to come with a bunch of expenses.
Eligibility check for a wedding loan:
57% for women aged between 26 and 30 years, appear to avail the loan, the records say. Since it is the age group apt for marriage commencement.
- Any individual who is self-employed, salaried or a professional can apply for a loan.
- Should be a citizen of India.
- Should have a valid Aadhaar and PAN card ready for e-documentation.
- If you’re salaried, self-employed and or a professional who can provide the respective set of documents to the lenders on time, you’re 50% cleared. If you’re availing a personal loan via Buddy Loan, there is no need for collateral. It takes very minimum documents to process your quick loan. Digital loans are easier and come at competitive interest rates.
- People having a good CIBIL score and an excellent credit history are eligible to avail a wedding loan. Since the conditions might vary a little from lender to lender, it is often best to contact your lenders and follow up on the list of documents needed.
Factors complying with a marriage loan:
Besides your credit score, there are factors that influence your loan approval rate. The advanced loan disbursal units are not only quick and easy but sensible too. Let us look at the loan approval and its influencing factors below.
Income – Employment history speaks about your potentiality to repay the loan. In diverse situations, lenders keep a close note on your income to calibrate the repayment amount (EMI).
Standing debts – This is a major red flag for the lenders to disburse loans. The borrower might have to clear all the outstanding loans for availing a marriage loan.
Inconsistency in previous loan repayments – Financial behaviour is relatable for anyone. People from salaried to self – employed and other professionals. The lesser the defaulting points, the better is your financial behaviour.
Assessing the complete cost of a wedding:
A thin square measure about the total expense on a wedding can help you avail the right amount of personal loan. Else, if you underestimate or overestimate, there are high chances of landing yourself in troubled circumstances.
The interest rate should help you in your repayment during quick personal loan. There are particular costs that include prepayment charges, processing fees, and shortcomings if your credit score is low. By keeping these parameters in mind during the cost calculation can enable understanding of your financial requirements.
There are two types of interest rates: fixed and variable interest rates. As the names imply, fixed interest rates have fixed principal amount to repay throughout the tenure while variable interest rates can comply that your principal repayable amount reduces with every EMI.
There are a set of advantages and disadvantages you will have to weigh before considering a personal loan for a wedding. Now, Buddy Loan as a reputed aggregator in the industry vouched for multiple financial solutions, among them is availing a personal loan.
Buddy Loan app lists various lenders to aid the best of loan services and updates. You can choose the particular lender for submitting your loan application and track down your application status. This way you can enable more on point discussions with your lender about opening and closing interest rates.
Wedding loan repayment:
Quick Personal loan tenures usually last up to 60 months’ tenure and are subject to other particular loans where the timeline is up to 10 years. With or without an interest rate scale you can calculate the principal repayable amount for every repayment at a fixed interest rate, this will help you plan your expenses.
Loan tenure can be lower or longer, depending on the lender’s and borrower’s requirement. A lower tenure compensates with less interest rate for an increase in EMI amount. A longer repayment period constitutes a higher interest rate and a decrease in the EMI amount.
The loan amount and tenure is a relative choice. A borrower can easily download the Buddy Loan app and apply for a loan with his choice of lender. The loan amount ranges from Rs. 1000 to Rs. 15 Lakhs with a loan tenure from 6 months to 5 years whose interest rate is dependent on the borrower’s credit history.
The interest rate is low and starts at 11.99% p.a.
Active loans and credit facilities:
This is one of the highly impeding factors to secure a personal loan. While it has a bearing on the repayment, it can also affect loan availability and loan sanctioning. Hence, lender from banks or financial institutions perform a check on the number of current loans before sanctioning the loan on your name.
There are often chances that you are meeting heavy financial stress with multiple loans on your head. Buddy Loan has access to personal loans for debt consolidation and closing all the outstanding loans at one go.