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What category of loan does marriage loan fall under?

Posted by KushiBL on April 24th, 2020

Get Personal loan for marriage that can be availed to pay for all the expenses related to a wedding. Since it is a personal loan, it does not require any security and can be repaid conveniently in monthly instalments. Personal loan for wedding generally have a fixed rate of interest and most lenders allow pre-payment of the loan. However, pre-payment may come with a small fee depending on the lender’s terms and conditions. It’s very crucial to read and understand the loan document before you sign. 

So basically, personal loan is for those who have already budgeted to pay for their wedding expenses, but just don’t have immediate funds to pay the bills at once. Maybe the fixed deposit that you kept for the wedding is getting matured next month and you have to pay for the limited edition lehenga that might not be available if you wait till the next month. If you have already a sound financial plan to pay for the wedding and you just need to bridge the gap in time, then a personal loan for your wedding might be perfect for you. Because if you’re planning the whole wedding expense on personal loan then you’ll have to pay huge interest.

However, if you haven’t figured how to pay off the loan, but you really want to buy a designer suit or a customized lehenga from the top designers in the country, you might want to think twice before signing for a personal loan. The last thing you want to do is begin your married life knee-deep in debt that you won’t be able to pay back. So make sure to keep the expenses within your means even if you choose to take a personal loan for your wedding.

A personal loan works pretty much the same way as most loans. You apply for a loan, submit the documents, the bank checks your credit score and makes a loan offer. If you accept it, the funds are transferred to your bank account, and you can use them any way you like. There are different types of personal loans available. Loan for vacation, car, home renovation, two-wheeler, and wedding loan. The criteria is that people should be salaried or self-employed. Once you’re eligible for the given criteria. You’re off to the races.

If you wish to skip the long queues and lengthy documentation, you may choose to apply for a personal loan for marriage from Buddyloan. Its completely online, quick and easy. You get loans starting at just 11.99% for a tenure or 6 to 60 months, and you can choose your amount from Rs. 1000 to 15 lakhs. So what are you waiting for. Apply now at Buddyloan

It’s not a million-dollar question, yet it’s a question that yields a million dollars! Working towards smart money is a quick solvent for any problem. Explore Buddy Loan in order to reap more benefit for a personal loan.

 personal loan can be used for a variety of purposes such as paying off for marriage, medical expenses, renovating your house, supporting your child’s education, or even paying back an existing loan.

How can I get a personal loan? What are my personal loan requirements? How can I check my eligibility for a personal loan? The questions are unending. But the answers are often scattered across – hidden in loan pamphlets, conveyed hurriedly by loan agents or inscrutably described by the bank or financial websites. Here’s some easy information on this topic.

Determine your personal loan amount

• Take stock of your requirements. Always borrow more for incumbencies and not for unnecessary spending.

• Personal loans are pricier financial products than home loans, so borrow with caution.

• Analyze your take-home salary or yearly income vis-à-vis EMI of the personal loan.

How much personal loan can I get for my income?

The rules are simple:

• Higher the income, higher is the personal loan eligibility

• Check your credit score. Some banks want credit scores in excess of 700; some can do with a little less.

• Non-Banking financial institutions usually cap personal loans at Rs. 15 lakhs. In other cases, individuals can get a personal loan that is 30 times their net take-home salary per month or net income per month.

• EMIs of loans is either from the monthly salary or income of the borrower.

• Check for pre-approved offers. Call up the financial institution customer care to check.

• Approach the bank

Types of personal loans

Common personal loans need no collateral. Personal loan interest rates are therefore higher. However, to obtain them, you may need a good credit score. Interest rates can be as low as 10% to a higher slab of25% depending on the bank and type of personal loan product.

Unsecured

1.Needs no collateral.

2.Disbursed faster. Generally, in a week.

3.May be based on a good credit score

Secured

1.Require collateral as security. It could be in the form of property papers, car title ownership papers etc.

2.Some banks offer secured personal loans online where the borrower can borrow money against their car, home, property etc.

3.Interest rates are nominal.

Fixed-rate

1.EMIs of fixed-rate personal loans do not vary.

2.The advantage is that if interest rates of loans become higher, the rates of fixed-rate personal loans remain the same.

Variable-rate

1.EMIs of variable-rate personal loans vary.

2.The advantage is that if interest rates of loans become lower, the rates of variable-rate personal loans also lower.

Debt combining personal loans

1.Multiple debts, in the form of other loans, home loans, car loans or credit card payments can be consolidated into a single personal loan.

 
Also See: Personal Loans, Personal Loan, Interest Rates, Credit Score, Wedding, Personal, Pay

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