Getting married is often one of the most joyous occasions of one’s life. It is an occasion for the entire family to come together and bless the bride and groom. While getting married is one of the most exciting events of one’s life, it can often end up becoming an expensive affair.
Getting a marriage loan or a personal loan is often one of the easiest solutions to ensuring that you can make all your wedding dreams come true. If you want a destination wedding that you have planned for since you were a child, a marriage loan can help you make that dream come true. You can avail a personal loan of upto Rs. 25 Lakhs through Finserv MARKETS, and pay it back over a comfortable repayment tenure ranging from 1 to 5 years.
However, even as you begin the process to avail the perfect personal loan, there are certain things you must be aware of. Read on to learn about what you need to know before you avail a marriage loan.
- Interest Rates:
Any time before you avail any kind of loan, it is prudent to check the interest rate on the loan. This is especially true for personal loans. The lower the interest rate, the lesser you will be required to repay. If you don’t know the interest rate before availing the loan, you might end up paying more than you bargained for at the time of repayment. - Collateral:
Many loans require you to offer collateral in order to avail a loan. It is best to check whether you can avail unsecured loans, or loans which do not require you to offer any collateral. Personal loans, available on Finserv MARKETS, do not need you to provide collateral in order to avail a loan, which makes it extremely convenient for almost anybody meeting the lender’s eligibility criteria to avail a loan. - Repayment Tenure:
It is important to know the repayment tenure for a marriage loan before you avail it. It is best to choose a repayment tenure that you are comfortable with, and can achieve comfortably. If your repayment tenure is too short, you could end up being unable to enjoy the wedding of your dreams since you are constantly worrying about repaying the loan. Make sure to assess the options available before you opt for the personal loan that works best for you. - Payment through EMIs:
Several lenders in the market today offer borrowers the choice to repay their loan through equated monthly installments (EMIs). It is easier for borrowers to repay the loan amount through EMIs as it reduces the amount they are expected to repay each month. Check with your preferred lender on whether this repayment option is available with them to ensure comfort. - Joint Loan Facility:
Many lenders might offer couples the choice to avail and repay the loan in a joint manner. This means that both partners are required to repay the loan, rather than one person bearing the full burden. This is beneficial in several ways, since it also offers the couple the option to avail a higher loan amount, based upon their cumulative earnings.
Availing a marriage loan is easier than ever through Finserv MARKETS, which will let you avail a personal loan of up to Rs. 25 Lakhs, with interest rates starting from as low as 10%. Make sure to consider the factors mentioned above before you decide on which loan is the best for you.