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A wedding loan is a loan that can help you to manage your wedding expenses easily. But there are some essential things that you should consider before applying for a marriage loan
Loan Amount Required
Before you apply for a wedding loan, it is ideal to prepare a list of everything that you require for your wedding. In this way, you can understand the total budget and the exact amount that you require for the loan. It is better to go in for a loan only for the amount that is falling short.
Credit Score
Your credit score is an essential factor that you must keep in mind before applying for a marriage loan. If your credit score is low, then you may not get the wedding loan. Or even if you get it, you may have to pay a higher interest rate. A credit score of 750 plus is considered excellent by all lenders.
Prior Loans
Make a budget of your monthly expenses before you apply for a marriage loan. Your marriage loan EMI must not cause you financial stress. It is a good idea to pay off all your existing loans before applying for a new one. This will also help you keep your debt within 30% of your monthly income.
Foreclosure and Other Charges
Before you apply for a loan for your wedding, you must ascertain the cost of the loan. Apart from the interest rate, there are other charges such as prepayment penalties, processing fees, and fines for delayed payments. If you repay the loan well ahead of the repayment tenure, you may have to pay foreclosure charges to the financial institution. Always check for the foreclosure charges before you apply for a loan.
Check Interest Rates
So many people do not do proper research and opt for high interest loans. This is because people tend to go to the nearest branch to get a loan instead of comparing between lenders for the lowest interest rate on the internet. So, researching is essential.