Friday, April 19, 2024

How To Get Marriage Loan

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Tie The Knot In Style With This Handy Guide

How Do wedding loans work? The Money Show

Did you know your dream wedding can now come to life without any financial worries? Heres how you can have your cake and eat it too.

  • Settle on a budget early on

Knowing beforehand how much you are ready to spend on your big day will help you plan it more effectively. This will act as a framework when you decide on a theme, the venue, the guest list and even your wedding dress.

  • Keep track of your finances

You may have dreamt of your wedding day since you were a little girl or boy, but making a dream a reality comes with a cost. In order to stay on top of your budget, it is important to maintain a wedding expense tracker.

  • Research everything

It is the biggest day of your life so you want to get everything right. Research potential wedding services and vendors photographer, florist, invitations, cake, décor, music, hair and makeup. By researching meticulously, you will be able to come up with options that will help you stay within your budget.

  • Apply for a Personal Loan for Wedding

Whether you are having a small ceremony or a big fat wedding, there is always going to be a range of items you may need finance for. Apply for the Personal Loan for Wedding and start ticking off items from your wedding checklist.

Can I Foreclose Or Prepay A Marriage Loan

Essentially, a marriage loan is a type of personal loan, so you can either repay or foreclose it just like any personal loan.

You must note that you may have to pay foreclosure or prepayment charges to the lender. Additionally, you may have to fulfil certain conditions and submit documents, including your loan account number and identity proof, to prepay or foreclose your loan.

Therefore, to streamline the process, you should know all the requirements and applicable charges in detail.

What Are Wedding Loans

First things first: There’s no such thing as a “wedding loan.” You can’t just walk into a bank and request a wedding loan. What we’re talking about here is using a personal loan for the purpose of funding your wedding. Most financial advisers would tell you to stop here and not pursue wedding loans. “Taking out a personal loan is kind of a last-ditch effort,” says Lauren Lyons Cole, certified financial planner and personal finance contributor for financial-planning website “The problem with personal loans is that most often people are taking them out because they’re trying to spend cash they don’t have. I would also lump in credit card spending here, because I think a lot of people pay for wedding-related things with a credit card and they may or may not have the cash to pay it off in full.” Personal loans are good to avoid spiraling into credit card debt, but maybe not as a quick fix for a down payment on your venue. That being said, taking out wedding loans isn’t unheard of, and there are a few ways to go about getting a personal loan to help cover wedding costs.

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Personal Loan For Wedding

Your wedding is an auspicious and significant occasion in your life. We would love to be your preferred financial partner to make this day a grand affair! Whether you have an exotic venue on your mind, a lavish spread of food, designer wedding attire, candid photography, or anything else on your mind, we don’t think you are asking for much.

To create these beautiful moments that you will cherish for a lifetime require an adequate amount of planning and funds. Get the finance you need to make your special day more memorable with our for weddings.

How To Manage Your Student Loans Before And After Marriage

Getting Married and Student Debt

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If you decide to move forward in marriage with your significant other, then its critical to make a plan together. Discuss how the student loans you both have will affect your financial future and what you plan to do about it.

Tackling this major financial hurdle together can help you build a stronger financial relationship together.

As you build a plan to manage your student loans effectively, consider student loan refinancing as an opportunity. Student Loan Planner clients have saved thousands of dollars through repayment strategies that include a student loan refinance.

Through student loan refinancing, you can potentially tap into a lower interest rate that reduces your total repayment costs. However, refinancing your student loans isnt the best option for everyone.

If you have federal student loans, refinancing forces you to give up lucrative opportunities offered by the federal government.

For example, youd miss out on the chance for student loan forgiveness through an IDR plan or via the Public Service Loan Forgiveness Program.

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Personal Loan Features And Benefits

Axis Bank Personal Loan Features

One needs to be of a minimum age of 21 years and should have a valid set of documents like ID, income and residence proof, among other documents, to avail a Personal Loan from Axis Bank.

To ease the burden of paying off the Personal Loan immediately, you may opt for the EMI facility. The repayment tenure can range from anywhere between 12 to 60 months. If youre an Axis Bank customer, you can avail the best rates for Personal Loans!

To know how much you need to pay per month, there is a Personal Loan calculator at your disposal. You can choose your tenure and the amount that you are comfortable repaying each month for the chosen tenure. With the Personal Loan EMI Calculator, you can also calculate the compound interest and know exactly how much you need to finally part with – including the interest.

Axis Bank Personal Loan Benefits

Not Every Marriage Has A Happy Ending

Unfortunately, not all marriages have a happily ever after, and some end in divorce. In terms of student loans, the student debt remaining at the end of the marriage wont follow the other spouse.

But generally, any contributions you made to help your spouse pay down their student loan debt wont be accounted for when dividing your assets in court.

Paying down sizable chunks of your spouses student loan debt could hurt your financial future if divorce happens.

Of course, thinking about this worst-case scenario is never fun, especially when entering into a marriage. But considering your options surrounding your future spouses student loan debt is an important step to take.

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How Do I Get Financial Help For A Wedding

Fullerton Indias personal loan for a wedding is a very reliable product that can be used to meet any kind of wedding expense. You can get up to 25 lakhs* depending on your eligibility and repay the amount by choosing a flexible repayment tenure between 12 to 60 months. All you need to do to apply for the personal loan for a wedding is click on the Apply Now button above. You can also visit any of our branches and speak with our executive who can help you with the process in person, and resolve any queries you may have.

Money View Marriage Loan Documentation

Marriage Loan- Apply for wedding Loan up Rs 25 Lakhs | Personal Loan for Wedding at starting 11.99%*

You will need to provide the documents given below to avail a wedding loan from Money View –

Identity Proof Address Proof Income Proof
PAN Card – This is the primary ID proof required. However, if it is rejected due to image quality issues or other reasons, any 1 of the officially valid documents given below will suffice

  • Aadhaar Card
Any 1 of the following –

  • Aadhaar Card
  • Valid Drivers License
  • Utility Bills dated within the last 60 days
Salaried Applicants – Last 3 months bank statements of your salary account in PDF format showing salary creditsOR Self-Employed Applicants – Last 3 months bank statements in PDF format if you are self-employed

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The Pros And Cons Of Marriage Loans

Can you take out a loan for your wedding? As long as you can qualify for the loan, the answer is yes. The real question is: should you take out a personal loan for your wedding? Here are the main pros and cons to consider:

Pros of Wedding Loans

Cons of Wedding Loans

The decision to take out a loan for your wedding is one you must make with your partner, because it’ll affect financial decisions on your marriage later. It’s important to talk about whether or not that financial burden is something you want to deal with when you get back from the honeymoon. Below is a list of the ways to cover the costs of a wedding with loans. (Again, this is just to inform you on how it’s donewe don’t recommend it!

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Tips To Use A Wedding Loan Responsibly

  • Know how much money you need up front so that you donât end up borrowing more than what you need to avoid paying unnecessary interest.
  • Make sure you keep your wedding budget reasonable and also try to save money so that paying off your loan becomes quick and easy.
  • Always make an extra 20% cost estimate for miscellaneous costs. This will keep your finances in order.
  • While taking a personal loan for marriage, also take into account the expenses required for various ceremonies along with other financial goals such as your honeymoon, buying a new home or shifting to a bigger house.

What Is A Wedding Loan

Could Getting Married Affect Your Ability to Get a ...

First, there is no product called marriage loans. You cannot walk into a bank and request to apply for a wedding loan. Basically, when you apply for a loan for a wedding, youre taking a personal loan, which comes with terms that any other personal loan would have. The loan is to fund your wedding and ensure the event runs smoothly as you wanted. Many financial advisers will tell you to avoid pursuing debt for your wedding. But this does not mean its necessarily a bad idea as there are different products on the market you could use to finance your wedding with affordable interest. However, taking out the loan should be a last-ditch effort.

You must have a plan to repay the loan after the event. Spending money you dont have can be enticing and could lead to bad decisions, so consult a financial expert to know the amount you need to borrow to stay within the limit you can afford to repay.

There are many reasons it could be justifiable to get a personal loan for a wedding. First, if your wedding fund is short, this could be a good fallback option. Second, if you dont want to spend your emergency funds, a loan would help you finance your big day. You can use a wedding loan to cover day-to-day expenses during and after the event. This includes venue deposits, vendors, hotel blocks, attire, wedding rings, special event liability insurance, travel arrangements, honeymoon, and more.

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Getting An Affordable Wedding Loan In Singapore

It is impossible to find the best loans program for organising a wedding. Responsible money lenders have drastically scaled back their loan product lines over the past couple of years, abandoning specialised forms of financing in favour of classic consumer loans with fine-tuning of individual contract terms.

Licensed money lenders totally understand that interest rates are an essential factor while choosing the financier to take the wedding loan. Taking out a wedding loan will not turn your envisioned wedding dream into a reality but also fulfil all your requirements. All you have to bring the essential documents and follow the appropriate eligibility criteria. With easy pay off debt, a couple can quickly manage the simple ways of processing the loan applications.

How We Picked These Wedding Loans

When comparing the best loans, we looked at personal loans from banks and online lenders that you can use for personal expenses, including weddings. Then we compared the interest rates, loan terms, fees and borrower benefits to bring you the best personal loans that can help cover your wedding costs.

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  • Quick Tips for Your Credit Health
  • Recommended Reading: Oneaz Auto Loan

    How To Get Wedding Loans With Bad Credit

    While many lenders review your credit history to decide if you qualify for a loan, there are bad credit wedding loans from companies like that you can get. Such lenders dont perform credit checks as they use your income information to decide if you qualify for a loan. The loan application process remains as described above.

    Factors That Affect The Credit Score

    Tackle Student Loans Before We Get Married?

    Wedding loan is a personal loan used for wedding celebrations. Credit utilization is a challenge under limits. If you use over 30% of the credit, it will make way into its negative scale.

    Buddy Loan and credit limits run parallel with each other. Estimate your score and enhance it with a personal loan. Building credibility is always a long process and will lead to high scores. EMIs and interest rates are the reasons to afflict change in your .

    There are factors that consider the improvement:

    • Utilising too much available credit for your own good.
    • Missing out on the settlement dates.
    • Credit portfolios This is having a mix of scores with a , car loan, mortgage or even credit products.
    • New credit the number of new credit lines you have access to and those you have recently opened.
    • Exploiting available credit you have a hands on right to use your credit score, yet, using it with optimum interest is important. Over/deliberate use can lead to a red flag with creditors.
    • Short credit time: Higher the credibility period, higher the . Creating a credit score in a short time is less stable.

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    Eligibility For Personal Marriage Loan:

    • Employees who earn a salary at certain private limited companies as well as public sector enterprises
    • Should be between 21 to 60 years old
    • You must have been employed for at least two years, and at an average of one year at the company currently employed.
    • The salary requirements for you will vary according to the bank you wish to apply to.

    Taxes and levies imposed by the government in the event that they are applicable, will be charged in addition to the fees and charges. Loan repayment is at the discretion of any bank you choose to apply.

    How To Get Personal Loans To Cover Wedding Cost

    Falling in love and finding your soul mate may be free, but getting married is an expensive affair. Indian weddings are communal celebrations its a time for the extended family, kith, and kin, and friends – to gather to bless, wish and celebrate the young couple starting their lives together.

    Indian weddings are multi-day extravaganzas with an array of ceremonies and rituals. Each ceremony could very well cost 5 lakh rupees , and an average wedding ceremony has at least three to four, such rituals.

    There are endless expenditures hiring the best designers for the bride and grooms clothing, jewellery purchases, venue, caterers, band, accommodation and more. With that said, no one wants to compromise on their big day, after all, its a huge milestone in ones lives.

    What to do if you dont want to use up the entire lifes savings of your parents to fund your wedding? Or what to do if you find that you dont have enough savings to finance your daughter/sons dream wedding?

    Worry not, this is where wedding loans come into the picture.

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    How Does A Marriage Loan Work

    On average, a wedding costs $33,900, according to a 2019 Real Wedding Study. If you want higher loans for weddings, you should focus on loans offering low interest. For unsecured loans, APRs range from 6% to 36%. For example, if you apply for a three-year wedding loan for $16,950, which is 50% of the average cost, and the APR is the low 6%, you would be making monthly payments of $516, which gives an overall cost of $18,563. The same loan with an APR f 36% would require $776 in monthly payments and would cost $27,949 overall. Its advisable to calculate all these things before you apply for the loan to understand how it works.

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