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Looking to get yourself a wedding loan and wondering if it is the right option for you? You may want to pick out the right one.
Why are wedding loans a great choice?
Your wedding loans can help you take care of all your wedding affairs. Even if you don’t have the bank balance, you wouldn’t have to worry – with quick approval rates, you will be able to get the personal loan easily. You wouldn’t have to worry about showing any collateral too to get the loan you need – and all you need to look for is one that offers you a low-interest rate.
The Top 5 Questions You Need to Ask About Wedding Loans
Before you go in for wedding loans, here are some of the things that you need to ask, to know the pros and cons of it.
How much can you borrow?
You need to know just how much you can borrow, and the interest rate for it.
How long can you take to repay it?
That’s one of the other considerations you need to take a look at. You need to be able to repay it back over a longer period of time – preferably a few years at a go – at low-interest rates.
How fast is the disbursal?
How soon can you get the funds once you apply for it? While wedding debt can be fairly large, you may want to get it soon – and if you have a wedding a few weeks away, you wouldn’t want to risk it.
How soon can you make repayments?
Here is the thing – if you are able to make repayments either weekly or biweekly, it would cost you a lot lesser overall than what you would have to pay if you paid monthly.
What is the total amount you would pay?
Know the maximum that you would be paying, if you do not make any default. Additionally, know the amount you may have to pay should you make any default for some reason.
Wedding loans aren’t just a great way to get some money, you may even qualify for some exciting schemes and perks from the financial institution you are taking it from – ones normally available only to the elite customers.