Found out that you’re short of some money while preparing for your marriage and you’ve no savings left to put into? Well, a marriage loan can be the best option for you. In our country, marriages are considered a costly affair and that’s why some people even save for years just to make their special day as perfect as possible. With the help of a marriage loan, which is a type of personal loan, you can fulfill all your wedding requirements with the money at your disposal.
And there are several things that you need to arrange at a wedding like a venue, decor, music, food, wedding planner, flight tickets, etc. Even if you want to go to an exotic location for your honeymoon, you can do that with the help of a marriage loan. Just get the loan and repay it in easy installments over a desired period.
Before you get a marriage loan, here is an important thing you need to know: since a marriage loan is a type of personal loan, everything depends on the interest rate that you get. The higher it will be, the higher will be your monthly installments. That’s why we are going to give you some tips so that you can get lower interest rates. So, without any delay, let’s start.
Follow These Tips to Get Affordable Interest Rates on Your Marriage Loan
On any type of loan, one of the most important aspects is to get one with lower interest rates because it directly affects your monthly installments. The lower it will be, the lower the burden on your monthly finances. Here are some tips that can help you get lower interest rates.
Have a good credit score
One of the greatest ways to get a marriage loan with lower interest rates is to have a good credit score. A score above 750 indicates that you are a creditworthy customer. So, lenders don’t think twice before giving you the required money for your wedding. Also, it’s better to see your credit score before applying for a loan. When you have a good score, some lenders might give you a loan with a bit lower interest rates as compared to a person who has a poor score.
Clear your existing Debt, if possible
You are not getting a lower interest on your marriage loan if you already have an existing debt (personal loan, home loan, vehicle loan, etc.). Lenders usually don’t offer low-interest rates on loans to people who are already repaying existing debt. So, if you can reduce your total monthly installments to less than 40% of your monthly income, it would be good. And if you can clear off all your debt before taking a marriage loan, it would be super good.
Choose the lender wisely
Nowadays, it is so easy to get a personal loan that you don’t even need to go anywhere; you can apply from the comfort of your home. So, when you are thinking of getting a marriage loan, check your options thoroughly. When we are saying this, we are not saying that we apply for multiple loans. Check their loan process, processing fees, disbursal time, etc. and then decide which will be the best option for you. More than often, people don’t get lower interest rates because they didn’t choose their best option.
So, these are some of the best methods to get the best possible interest rate on your marriage loan. We hope you keep them in mind while looking out for loan options so that you can choose the best one. All the best for your marriage!