One of the most common problems that people face while planning their Jain Matrimony weddings is that sometimes they are short of some money. And because of this, they can’t plan the wedding they always dreamt of. But we’ve got a solution for you in the form a of marriage loan. Yes, a marriage loan is a type of personal loan that can be availed from multiple lenders at the lowest interest rates. With this service, you can easily plan your wedding with the money you get. However, you will need to remember that you will need to repay the loan within a certain tenure.
Now you must be wondering how to choose the best marriage loan for your Jain matrimony wedding. Well, we can understand your concern because there are several lenders available to give you the loan and these many options can get you confused. However, you don’t need to worry as we will be helping you out! This post will talk about tips to choose the best marriage loan for yourself. Keep reading to know more!
Follow These Tips to Choose the Suitable Marriage Loan for Yourself
Here are a few tips to help you select the best marriage loan option for your Jain matrimony wedding.
Compare the Marriage Loan Interest Rates
One of the most important things that you need to do before choosing a suitable marriage loan for yourself is to compare the interest rates on your loan. Let us tell you why? Interest rate is that factor that prominently affects your repayment amount. The higher the marriage loan interest rates, the higher will be your EMI amount or monthly installment. So, it would be better for you to choose the lowest interest rates if you want to pay a lower EMI amount. While we are talking about the interest rates, you should know that it depends on several factors such as monthly income, age, employment type, location, etc.
See What Loan Amount You Can Get with a Particular Lender
When you are going for a marriage loan for your Jain matrimony wedding, you should see what loan amount you will get. Suppose you are not getting the desired amount, you won’t be getting any benefit from this type of personal loan. Different lenders will give you different marriage loan amounts depending on your eligibility. So, go with the lender who is giving you a higher loan amount at lower interest rates so that there won’t be much pressure on your pocket.
Check out the Processing Fees and other Charges
While getting a marriage loan, you should also check the processing fee of all the lenders from where you are applying. Generally, lenders charge a processing fee that ranges from 2-5% of the loan amount. So, it will be an additional amount that will be deducted from the loan amount before the disbursement. If you choose a lender with a lower processing fee, you will be automatically paying a lower amount. Apart from this charge, lenders also ask for different charges which may prove costly to you. That’s why when you are planning a Jain matrimony wedding, keep an eye on these charges so that you can save yourself from them.
Ask for the Prepayment Charges
With the prepayment facility, you can pay your loan amount before the pre-decided tenure. However, lenders charge a definite amount if you want to do this. And this charge varies from one lender to another. That’s why, when you are choosing a wedding loan for your Jain matrimony wedding, you should make sure that the prepayment charges are lower. Always choose a lender which gives you the flexibility to repay the loan amount as per your needs.
We hope these tips will help you choose the best marriage loan and you will be able to plan your dream Jain matrimony wedding with extreme perfection!