Endless planning, mind-bending decisions, and most of all - never-ending expenses! The situation can be quite stressful when it comes to figuring out how to manage those 500 guests. In such cases (mostly Indian weddings), it might be good to consider a personal loan for marriage. However, make sure this decision is well thought-out and well researched upon.
Now, what exactly are marriage loans?
Wedding loans are kind of unsecured loans that an eligible candidate can take out to pay for a wedding ceremony or reception. A marriage loan is widely used to cover the costs of a wedding. These expenses may include various expenses like:
- Wedding venue hire
- Wedding dress
- Wedding rings
There are often many unforeseen expenses that can arise when one is planning a wedding. A wedding loan can ensure that you can easily sustain those emergencies and have the wedding of your dreams.
Here are some tips that you can follow to plan your wedding with a wedding loan!
Know your budget
Make sure that you carefully plan the details of the wedding, which includes the cost of all items and subsequent labor involved. This will tell you exactly how much you’re going to need to borrow. The best way to minimize debt, indeed, is to minimize spending, and this can be done with proper planning and thorough research.
Pay attention to your credit score
Your credit score might be worth more than what you thought. The biggest deciding factor for any personal loan is your credit score. Ideally, the score should be above 700. This will help you to lock a lower APR, and will give you access to greater amounts of cash too!
Keep your documents in check
Aside from the credit score, the financial lender would also request for items such as proof of income, bank statements, and a summary of any other debt you currently hold.
Every individual has the right to live a wedding that they dreamed of, and expenses should not come in the way of that. After making a rational decision, if one decided to still go for availing marriage loan in India, they should take the finance form one of the leading digital NBFC - Clix Capital. Why? Because of 4 main reasons: Easy process, minimal documentation, fast approvals, and customizable loan plan.