Should You Take a Marriage Loan to Fund Your Dream Wedding?

Should You Take a Marriage Loan to Fund Your Dream Wedding?

Who doesn’t want to have a perfect, dream wedding without thinking even once about money?

But not every one of us can have an Ambani-like wedding because we do not have an infinite amount of money to spend on weddings. However, there’s a way to plan your dream wedding – a marriage loan. Yes, if you are planning to arrange your dream wedding and are short of some money, a marriage loan can be a good option. A marriage loan is nothing but kind of a personal loan only where you get the money without any security or collateral.

However, many people have this confusion about whether they should take a marriage loan or not if they want to fund their dream wedding. It’s a pretty valid question because just because you have an option of taking a marriage loan, it doesn’t mean you have to take it. People do their marriage with whatever money they have. So, it is not impossible. In this article, we will be telling you some points that will help you decide whether you should take a marriage loan or not.

Keep reading to find out more!

Check Out These Points to Decide if You Should Take a Marriage Loan or Not Do you have the repayment capacity?

When you take a marriage loan from any lender, remember that you will have to repay it within a fixed tenure of up to 7 years. So, first, check if you have a repayment capacity because once you take out a loan, a certain portion of your income will go toward the EMI for your loan every month. And let us tell you that after marriage, your expenses will only increase. A better idea would be to ask your spouse if you both are ready to repay the loan. Also, take the help of the EMI calculator to know how the money will be going towards repayment and then decide accordingly.

Do you have any pre-approved offers?

Before you decide to apply for a marriage loan, you should see if you have any pre-approved offer from your existing bank. It’s usually better to choose a pre-approved offer as you will be able to get the loan without any hassle. If you have a long history of banking with one lender, there are high chances that you will get the loan with one click only. Also, one piece of advice for you: never apply for multiple loans as it might hamper your credit score.

Does your Credit Score Allow you to take a marriage loan?

Credit score plays a major role in determining your marriage loan eligibility. Any lender will look at your score before giving you the required money. Sometimes, lenders offer lower interest rates to people who have a splendid credit score. And if you get lower interest rates, your EMI will be lower which means you will have less burden every month. In case you don’t have a credit score, you can choose the pre-approved offer for a personal loan.

Do you really need extra money to fund your wedding?

And above everything, before you decide to take a marriage loan, sit down with your family and to-be life partner and see if you really need a loan to fund your wedding. See if you are okay with some extra burden on your finances after the wedding. One way to look at all the things from a new lens and see if you can budget them. See if you cut down on some unnecessary things and save some money from here and there. If you can’t and you’ve thought everything through, you can surely go for a marriage loan.

We hope these points will help you decide whether you need a marriage loan or not. All the best for your wedding!