Raipur. The wedding season has started. We know that there are a lot of money in Wedding. Many times it becomes difficult to arrange money. The problem increases further when suddenly a new need comes, in such a situation, the money required for marriage can be done well. Many banks give loans for marriage. If you take a loan for marriage, then there is no separate rule. For marriage, banks offer personal loan for wedding. Based on credit score or income, personal loan of Rs 50 thousand to 30 lakh rupees can be taken. At the same time, some banks offer loans of more than 30 lakh rupees. However, keep these things in mind before taking a personal loan for marriage…
You avoid borrowing more than the bank. While making the budget of your wedding, keep in mind that you should borrow as much money you need. You can consider whether some expenses can be cut, they can be avoided. You can also pay with your savings.
You can check the interest rates (fixed vs. floating), processing fees and prepament charges. To compare different banks and NBFCs, you can also check the loan offer using online loan comparison tools.
Fill the loan EMI on time. If we delay in repaying the loan, it not only makes a difference on the CIBIL score but also causes the credit history. You will not be able to take a loan in future. Also, other things will not be found on the loan.
High credit score (more than 700) usually gives you low interest rates and better loan term. If your score is low, consider improving it before applying.
Apart from this, the boror should ensure that their monthly EMI fit comfortably within your income. Do not compromise on emergency savings or other necessary financial goals.
It is also important to see here that EMI will not put additional burden on the pocket. Actually, expenses increase after marriage. In such a situation, it is not possible to do as much saving before marriage, it is not possible to do it after marriage. In such a situation, it is difficult to extract EMI as much as the loan of money is required. EMI should not exceed 30 percent of monthly earnings.
