Indian weddings are celebrations of togetherness, not only for the couple but for their entire families. Marriage ceremonies continue for several days that demand high costs and expenses. This is when a personal loan for a wedding provides much-needed financial support. These days, using an instant loan app to apply for a wedding loan is a blessing. It gives you instant access to funds when you need them the most. Besides benefits like online application, fast approval, and flexible repayment, an instant personal loan for a wedding also helps achieve your investment goals. Let us see how.
No Collateral Requirement
Many Indian parents sell or mortgage their property, gold, or other investments to fund their child’s marriage. They save money for their entire life to make the wedding memorable. However, you don’t need to do that any longer with a personal loan for a wedding. Since a personal loan is unsecured, you don’t need to liquidate your assets to obtain the required funds. Most lenders determine your loan eligibility based on your credit score and debt-to-income ratio. If you have a consistent repayment history and responsible credit behaviour, you may get an easy loan to cover your wedding-related expenses without providing any collateral, security, or guarantor. Therefore, it helps you retain your assets without disturbing your investment goals.
No Need to Exhaust Your Savings
Since wedding-related expenses may cost a lot, they may drain your savings quickly. However, making your grand day special and memorable is also essential. This is why you must apply for a wedding loan using an online loan app. It makes funds available to you within minutes so that you can keep your savings intact. Consequently, you can use your savings to achieve your investment goals and build wealth over time. The savings you exhaust today will take years to build up again, thereby ruining your investment goals.
Easy Repayment Suitable to Your Budget
Since most personal loans have flexible repayment terms, you don’t need to worry about their EMI payments. Calculate your existing financial obligations and investment goals and decide how much EMI amount you can afford every month. Accordingly, use a personal loan EMI calculator to select a repayment term suitable to your budget. By doing that, you can pay your EMIs regularly without sacrificing your investment goals. Find an EMI calculator at the Fullerton India loan app and make an informed decision regarding your repayment tenure.
Competitive Interest Rates
The interest rate applicable to your marriage loan makes a big difference in your total loan cost. The higher the interest rate, the more you will need to pay. Therefore, it’s crucial to compare interest rates offered by different lenders and select the best deal with the lowest personal loan rates.
As compared to credit cards and other loan types, personal loans have lower interest rates that help you save money in the long run. You may avail even lower personal loan rates if you have a high credit score, low DTI ratio, and a steady job with a regular income. The money you save by availing of lower interest rates can help you achieve your investment goals over time.
A Chance to Improve Credit Score
A credit score is a significant number that indicates your repayment history and past credit behaviour. Credit bureaus compute your score based on your EMI and credit card bill payments, debt-to-income ratio, credit utilisation ratio, credit length, and other vital parameters. Individuals with a high credit score attract lenders with a higher loan amount and reduced interest rates.
Since personal loans have flexible repayment terms that you choose according to your repayment capacity, their repayment remains easily manageable throughout the loan term. While you consistently manage the wedding loan EMIs, you get an excellent chance to improve your credit score. In the future, when it comes to achieving your investment goals, a high credit score you built will help you get the required finance with favourable terms and conditions.
Need financial help to cover your wedding-related expenses? Apply for a personal loan through the Fullerton India instant loan app and get the necessary funds within minutes. It not only gives you the money you need now but also makes your investment goals easier to achieve in the future. So, why wait any longer? Install the loan app on your smartphone and start the application procedure now.