You must have planned everything for your wedding. But what if it could turn out to be more expensive than you might think? In this case, you can get a lump sum amount from a bank or any non-banking financial institution. How to get a lump sum amount? personal loan apply for a wedding. To do the same, go to the branch office or visit their official website. The advantage of borrowing a personal loan is that you don’t need to provide your asset to the lender to get the same. You can easily get a lump sum amount based on your credibility. Keep reading this page below to know more about the personal loan for weddings.
No Worry About Repayment Amid Wedding Preparations
Personal loan repayment is allowed in equated monthly instalments. And this helps you manage the wedding preparations without any worry of repayment. The lender will mention the start date of repayment on the loan documents. Check the same so that you can plan and not default on the loan.
You can repay via cheque or other payment methods like ECS or NACH. Choose the preferred one at the time of loan application.
Affordable Rate of Interest to Take Care of Your Needs
Many think that personal loan interest rates are too high. Well, that’s not entirely true! You can find lenders offering you a personal loan for the wedding at an attractive rate. And the rate will be less if you’re highly eligible for the loan amount.
If you’ve a good income with no record or due or late payment, the credit score will be good and it can help you negotiate with the lender.
Flexible Loan Closure Options Available
You can close your loan early with the prepayment option. Upon doing so, you need to pay a scheduled charge. By doing prepayment, you don’t need to repay the remaining interest. Just pay off the principal balance and you’re good to go!
You can pay the lump sum amount through cheque. To accumulate such a heavy amount, start investing from the day you borrow a personal loan for the wedding. Because if you don’t invest your money, it might be difficult for you to prepay.
Access to Online Tools for Easy Repayment
Use personal loan calculators for EMI, Eligibility or Balance Transfer. Because they’ll help you meet your financial needs at your convenience. With the help of an EMI Calculator, you can generate our EMI amount and choose the tenure accordingly.
Whereas an eligibility tool lets you know the maximum amount you can borrow. This way, you can apply for a suitable loan amount without any trouble. The balance transfer tool helps you know the savings you’ll have if you transfer your existing loan to a new lender at a lower interest rate.
Reasonable Charges On Personal Loans
For the loan processing, the lender may charge a 1-3% processing fee, which will be deducted from your principal loan amount. So, the disbursed loan will, obviously, be 1-3% less than what you applied for due to the processing fee.
Penalty on your due repayment amount – If you miss an EMI, the lender will charge a penalty on the due amount that’ll be 2% of the due amount. So, take care of that while you’re repaying the dues.
When you decide to prepay, the lender may apply a Personal Loan Interest Rate that can be 3-5% of the prepaid amount. So, calculate your savings keeping that fee in mind. Otherwise, your savings may come different from what you may expect.
So, borrow a personal loan for the wedding and keep the financial worry aside on your special day. The loan will be disbursed to your account within two to three working days or whatever the period the lender offers.
