Weddings today have become a customized affair. The reception, invite, décor, design, and theme reflect whether it is a lavish or intimate affair. A wedding or marriage loan is a variant of a personal loan and a popular option to fund all such expenditures as it provides the required funds without any restriction on using the disbursed proceeds. With a marriage loan, you can plan for a destination wedding, choose an ideal venue, make hospitality arrangements for guests, and much more. Discussed here are the easiest ways to instantly avail of a marriage loan to fund your big day.
Apply for an online personal loan
With fintech, you can easily save plenty of time when planning and placing an application for a personal loan for wedding purposes. You need to conduct a market comparison among distinct offerings to pick the digital lender of choice, providing maximum convenience. For this, you can use an online personal loan calculator. Such calculators allow you to input your details and your loan requirements. Based on your added components, the calculator offers several loan deals per your profile and suitability.
Once you select the lender of your choice, use an online personal loan EMI calculator to calculate the personal loan EMI and repayment tenure per your repayment capacity. Note that getting the loan proceeds online may save a lot of your time preparing for the marriage and prevent unnecessary loan formalities, wherein visiting the branch physically becomes important.
Check for pre-approved offers.
You may check for a pre-approved offer if you want to spend maximum time on your wedding arrangement and minimal time searching for a suitable loan. Your existing bank offers a pre-approved or instant personal loan based on your credit profile and repayment capacity. You need to agree to the terms and conditions and select the personal loan to apply button on your existing lender’s site to avail of the proceeds on the same day of placing the application. Note that for helping with a pre-approved loan, you do not require providing any documents.
Go for an unsecured personal loan.
While most lenders allow you to avail of an unsecured personal loan, a few may ask for collateral if your credit history is poor or your income is low. As the need for a personal loan may knock at your door anytime, always maintain a good credit score. You can keep a good credit score by following healthy credit habits like timely repaying your credit card dues and loan EMIs in full, carrying a credit utilization ratio of within 30 percent, maintaining a balanced mix of credit, avoiding multiple loan inquiries directly with lenders in a short period and timely checking your credit report for any errors or mistakes. Following disciplined credit behavior allows you to maintain a strong credit score of 750 and above, allowing you to become an eligible candidate for an unsecured personal loan.
Opting for an unsecured personal loan reduces the need for submitting several documents for evaluation purposes, which automatically lowers the time for loan application approval. As there’s no need to provide any security before you hit on the personal loan apply online button, it not just allows you to enjoy a stress-free loan with zero worries of your deposit being acquired by the lender in the case of any default but also permits you to enjoy faster processing.
While the above three tips allow you to instantly avail yourself of the marriage loan of your choice, do not forget to plan your repayment before you hit the personal loan application button. Use an online personal loan EMI calculator to compute your refund per your preference and repayment potential.