Have you been compromising on your wedding preparations due to lack of funds? Then, why not look out for certain alternatives that can prove to be a saving grace?
For this, you can use a personal loan, also known as personal loan for wedding expenses instantly.
This financing service can be borrowed for dealing with your wedding related expenses anytime. A Wedding loan can cover every expense including, venue, food, decorations and more. Therefore, it makes it an ideal option.
Here are a few things that you should read about in advance before borrowing a wedding loan.
1. Processing Charges
When you apply for a financing service, you need to pay a processing fee for your application to be considered. However, these charges are different for every financing institute. Hence, getting in touch with the agency and knowing about the processing charges is highly recommended. It will help you save yourself from sudden expenses related to your wedding loan.
2. Repayment Facility
Although there are various repayment methods available when it comes to a wedding loan, gathering information about it is still important. It will help you choose a repayment method that best suits your preferences. If you want to find out more about the repayment facility available with your selected financing agency, then all you need to do is get in touch with lenders.
3. Interest Rate
The first thing to consider while borrowing a wedding loan is the interest rate that you would have to pay. Personal loan interest rates can be significantly high. As a result, shopping around for the best possible option is a must. For this, you can utilize online research method and visit the websites of different financing firms who offer a personal loan. Besides, you can even try meeting the agencies’ relationship managers in person if you wish.
4. Joint loans
Instead of taking a marriage loan on just your name, you can now consider doing the same jointly. One of the biggest reasons why taking a joint wedding loan is preferred is that the expenses related to repayment can be divided by the couple. It also makes it easy for the couple to deal with their wedding loan EMIs. Besides, it will not put too much financial strain on one person solely. Hence, keeping up with your monthly budget will not be that difficult.
5. Prepayment fee
There can never be enough things to remember while borrowing financing services. However, the last on our list is regarding prepayment fee. In case you decide to repay your wedding loan principal amount in full before time, then make sure that you do not incur any prepayment expenses. Although charging prepayment fee is not recommended by RBI, but there are still multiple agencies that do so. Therefore, getting in touch with your firm and knowing more about the same can come handy.
Bajaj Finserv can give you pre-approved loan offers for their financing services. You can borrow funds for services like personal loans, home loans, and business loans.
The reason why you should utilize these online deals is so that the loan processing time can be cut in half and made completely hassle-free. To unlock your special pre-approved loan offers, all you would need is submit basic details such as your name and mobile number.