6 Easy Ways To Get a Wedding Loan
Did you know that in 2015, the Indian wedding market was worth INR 1 lakh crore and has been growing at a rate of 25-30 percent per year. The average budget range of a wedding in India would cost from 5 lakh to 5 crore. Indian weddings are always lavish and something that everyone related to the wedding will look forward to with great enjoyment. Nowadays, Indian weddings are not merely about tying a knot, for the couples, it’s more about reflecting their personalities and showcase their diverse options. But most of the time, things won’t go as planned and you might be left short with the amount you need for these kinds of plans. Well, Wedding loan can rescue you from these kinds of situations and also help you plan your wedding ahead. You can also repay them based on your convenience. Below are some of the easiest ways to get a wedding loan.
Use Pre-approved offers
The lender will evaluate your wedding loan application and grant a loan amount based on your eligibility and documentation. When you meet all of the eligibility criteria, have a strong credit score, and take advantage of a pre-approved offer. You are more likely to receive a huge marriage loan amount. These offers are typically made to existing clients, particularly those with an excellent repayment history.
Maintain a low DTI ratio
A low DTI (Debt-To-Income) ratio suggests that you are more likely to manage your current and new debt. This improves your chances of getting a personal loan. Maintaining a low DTI ratio also improves your chances to obtain rapid financing in the event of an emergency. So, make sure you manage your costs by sticking to a budget and not leaning too much on credit. You can reduce this figure by paying off existing debt or reducing your debt before applying for a wedding loan.
Maintain a high CIBIL score
A CIBIL score of 750 or above is regarded as excellent for an unsecured personal loan. This score, ranges from 300 to 900, is based on rigorous analysis and a thorough study of your credit history. A good CIBIL score increases your chances of receiving a loan with a low interest rate and faster approval.
Go for unsecured loan
It is recommended to pick a collateral-free option if you want to receive a wedding loan quickly. Consider that you must pledge an asset, such as property, to secure the loan. In that instance, you’ll have to provide ownership documentation, wait for the lender to evaluate the security, and deal with the anxiety that comes with putting an asset at risk. Avoiding all of this allows you to concentrate on your wedding day and enjoy speedier processing with minimal paperwork.
Check for online loans
When it comes to arranging and qualifying for a personal loan for marriage, modern finance technology can help you save time. Compare lenders and their wedding loan offers in the market. And then choose a lender with 100 percent digital procedures for optimum ease. Obtaining a loan online would allow you to devote more time to wedding preparations rather than getting bogged down with loan paperwork. Because of the advanced processing capabilities. You may gain clearance on your online application immediately and be a step ahead in your wedding preparations.
Check lenders with higher loan sanction rates
Another strategy to save time when applying for a wedding loan is to conduct your homework and find a lender whose eligibility standards you can easily fulfil. Improving your credit score takes time and effort. Both of which are scarce while arranging a wedding.
A personal loan for marriage is an unsecured loan, due to that reason lenders are quite strict about determining your dependability as a borrower. If you do not fulfil some criteria like age, monthly income, employment, and CIBIL score requirements, your loan application might get rejected. Choosing a lender with clear requirements is the key to quick approval. Another consideration is to select a lender who provides a high-value loan. This is essential for funding your ideal wedding and can assist you in meeting all expenditures with ease.
These are the easy ways to get a wedding loan and you can also find people who are providing services to get a loan for your wedding. You can search in google as ‘wedding loan’ and a list of banks that are providing wedding loans and the company that provides wedding loan services will also appear. Check with multiple lenders and service providers and select the best one based on your requirements and convenience.