Marriage is an important milestone in an individual’s life. Marriage not only bonds two different people together, but it also acts as cohesion for two different families. Marriage is an event which brings the community around these two families together and essentially acts as a calendar mark; for which everyone is eager and looking forward to. Parents want to make this event as grandiose as possible and even save prudently in order to make this milestone a success.
However, it’s extremely quick and easy to get personal loan online while mentioning the reason for the loan as marriage or simply opting for a marriage loan. As it is an event which is considered as grand, not only in India but also globally, there is a high probability that there might be a requirement for a surplus amount.
There is also a chance that an individual has not planned their savings prudently, and along with the arrival of the D-Day, they have realized that their overall finance requirements are not enough to cover the overall expenses of the wedding. A marriage loan therefore becomes an important solution for such an individual and can become a go to financial requirement for that individual.
Just as it is easy to get a personal loan online, lenders provide customized personal loans in the form of marriage loans. However, as with most financial processes, one must consider several factors while applying for a marriage loan. These factors have been listed down for a prospective applicant of a marriage loan so that one must look into before availing a marriage loan or a personal loan which aims to cover marriage expenses.
Loan Amount: It is imperative to decide upon the loan amount when availing for a marriage loan. The prospective applicant should always avail for the amount they actually need and should not apply for an amount which is higher and is not primarily for covering the wedding requirements. A higher loan amount will entail higher interest costs, and it is not recommended until and unless the expenses itself are essential and must be met.
Tenure of Loan: While aiming to get a personal loan online, the prospective applicant must keep into consideration the tenure of the loan. A longer tenure for a marriage loan implies that there will be higher interest costs. However, if the tenure chosen by the applicant is shorter, the EMI costs will definitely be higher. To balance both out, the tenure of the loan must be chosen prudently as that would allow the borrower to repay the loan with ease. In case, the chosen tenure for a marriage loan is incorrect, the borrower may end up not being able to repay it due to unsurmountable EMI’s or an extremely bolstered interest cost.
Interest Rate for Marriage Loan: The prospective applicant must conduct an in-depth audit amongst different lenders and choose the product which provides the best offers on a marriage loan amongst all the products audited. As each lender provides the loan basis a lot of factors which also includes credit score and the overall borrower profile, the interest rates differ from lender to lender. A competitor analysis will make it easier to get personal loan online which not only shall cater to the applicants’ needs but also is time effective, easy to process and offers the best interest rates amongst the competitors.
Customer Care and Service: While partaking an audit amongst competitors, it is imperative to also look into the after-sales value and the overall customer service that a lender provides after obtaining for a marriage loan. Like it is true for every product, post obtaining a personal loan or a customized marriage loan, the service must be impeccable. The customer service process must follow through and provide an answer for all the doubts that a prospective applicant has. Therefore. It is essential to conduct an in-depth background check on a lender’s customer service quality before settling for a marriage loan.
Consideration of the Eligibility Criteria and Overall Needs: While applying for a personal loan or a marriage loan, it is essential to know the lender’s eligibility criteria as most lender follow it strictly and failing to meet it will lead to lowering of the credit score. However, along with knowing the eligibility criteria, it is also important for a borrower to completely assess their needs and requirements under the umbrella of a marriage loan. This shall not only help them plan and apply for the correct loan amount but will also help them to pin down the overall tenure of the loan.
Having the Repayment Process Figured Out: Before applying for a marriage loan, a prospective borrower must critically analyze their finances and have a repayment plan in place. If an individual does not have a repayment plan pinned-down entirely and effectively, there might be a very high chance that the individual might skip on the EMI. This will lead to penalty and more significant financial problems, and thus figuring out a holistic repayment process basis an individual’s overall finances is paramount.
Analyzing, Assessing and Understanding the Terms and Conditions: When applying for a marriage loan, it is essential to read all the terms and conditions laid down by the letter in the offer document, extremely carefully. Not reading it might lead to difficulties later on as the prospective applicant may miss on crucial terms and then might be rendered unable to obtain the loan amount due to that underlying term on the offer document. Therefore, it is crucial to assess an offer document very carefully.
An applicant is advised to keep the aforementioned pointers in their minds to not only obtain a marriage loan but also to enable them to make a very crucial milestone in their lives successful.
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