One of the most important things that people think about before planning a Padmashali matrimony wedding or any other type is money. Yes, without funds, it is almost impossible to arrange the dream marriage. But it doesn’t mean that you go all out and plan your wedding by selling your property.
You should try to arrange the marriage as per your budget and if you’re falling short of some funds, you can always go for a marriage loan for your Padmashali matrimony. A marriage loan is a kind of personal loan where you can get the required funds from a lender without submitting collateral or security. So, it is kind of an unsecured loan.
But when we talk about the personal loan for your marriage, one of the important things that you should know is the interest rates on your loan. Yes, the interest rate directly affects your repayment amount i.e.
the monthly installments towards paying back the loan amount in a fixed tenure. This article will talk about the factors that affect your marriage loan interest rate so that you can plan accordingly for your Padmashali matrimony wedding. Read on!
These Factors Will Affect Your Padmashali Matrimony Marriage Loan
Before we talk about the factors, you should know that the lower the interest rate on your marriage loan, the lower will be your repayment amount (EMI) and vice versa. Now let’s check out the factors mentioned below.
How much you can repay directly depends on your monthly income? The lender understands this point. The higher your monthly income, the higher portion of your income you can set off towards the repayment. So, if you are planning your Padmashali matrimony and thinking of getting a wedding loan, the chances of you getting a lower interest rate are quite high if you have a higher income.
One of the most important factors deciding your marriage loan interest rate is your credit score. A higher credit score shows creditworthiness and a score of 700 or above is considered a high score among lenders.
When planning your Padmashali matrimony, you will be able to get a lower interest rate if you have a higher credit score. Lenders always check the credit score of individuals before approving the loan amount.
Nature of Employment
On the basic level, employment is of two types in our country – Salaried and Self-employed. And your rate of interest on your marriage loan also depends on the employment type of an individual.
Like lenders feel that since a salaried employee is getting a fixed income per month, he or she has a higher probability of repaying the loan on time as compared to self-employed people. So, some lenders offer lower interest rates to the salaried people who are planning their Padmashali matrimony as compared to self-employed people.
Your Current Location
Yes, your current location can also affect your marriage loan interest rates. Some lenders approve the loan amount with higher interest rates for different locations. So, you should check which lender is providing you with lower interest rates and then decide accordingly. Not many people know that this factor can also affect your wedding loan rate of interest.
Relationship with the Marriage Loan Lender
If you are asking for a personal loan for your Shaadi from a lender with whom you have a long history of banking relationships, you might get lower interest rates as compared to a lender with whom you don’t have any banking history. So, when you are planning a Padmashali matrimony wedding, you should always go first to your bank with whom you have an existing relationship.