Marriage is an alliance of two souls and families. Maybe every family, every parent, dreams of seeing their children wed with pomp and opulence. Parents want to make this an exciting occasion in their child’s life since it’s a significant milestone in their lives as adults.

To plan and achieve this great occasion, prudent saving and investing are essential, but today, taking out a personal loan may also be a feasible option.

A personal loan offer is called or emailed to you almost every day these days – often with an instant or pre-approved approval. Is it still pending? There can be quite a lot of attraction and temptation in these offers.

Which factors should be considered for taking a personal loan for a wedding?

1. Interest rates

Interest rates play an important role in deciding whether or not you should take out a personal loan. To determine your interest rate, you need to take into account the following factors: 

• Age
• Income stability
• Salaried or self-employed
• Total Work Experience (with the current employer/business/function)
• Credit score
• Existing EMIs (if any)
• Repayment capacity

 2. Loan tenure

In addition to affecting your budget and long-term financial wellbeing, your interest outgoing determines your EMI. Hence, make sure that you’re getting a cheap loan. When comparing interest rates between lenders, it makes sense. The interest rate offered by Money View is much lower than the others so that you can take the personal loan at ease without any stress and strain from the high interest rates. 

3. Fees & charges for processing

Lenders impose processing fees and other charges along with the interest rate on a personal loan. Processor fees are one-time charges based on a certain percentage of the loan amount and are subject to a minimum fee. Depending on the lender, it varies. Taking out a loan means you will have a higher cash outflow. The processing is done very fast, and your loan gets approved instantly with Money View. 

4. Tenure of the loan

Personal loans usually have a maximum tenure of five years. With a longer tenure, your EMIs will be lower, making repayments more manageable, while a shorter tenure (like 2 to 3 years) will increase your EMI.

5. Flexible repayments

 In addition to assessing the above aspects, you should check whether the lender offers you the option of paying your loan off sooner and at what cost. The flexibility of this type of loan can help you pay the loan off early and provide relief when times are hard. However, if you want to pay off your loan on time and keep your financial health in tip-top shape, it is best to adopt financial discipline.

6. Service to customers

You wouldn’t want to undergo an unpleasant experience when you apply for a personal loan during times of need, would you? As such, ensure the lender has a high level of customer service. In addition to monitoring your loans, this service allows you to be in charge of your finances better. Money View app and website have a very easy interface, and support is available via call or email. The response time is very fast. 

7. Conditions of use

Be sure to read the terms and conditions carefully before making a decision. As a result, issues will be avoided later, and the process will run smoothly. 

Availing of a personal loan carries the following benefits:

• There is no exhaustion of your current funds, and you can tailor the loan to your budget, allowing you to save.
• Suppose your existing investments are assigned to other important financial goals, such as your children’s education (and the costs associated with their marriage) and your retirement. In that case, you are not required to touch them.
• There is no need to mortgage your assets because a personal loan is an unsecured loan, which means that no collateral is required (house, car, investments, etc.). Credit history and credit behaviour are considered when offering a loan.
• An individual loan requires little paperwork and is usually approved within 48 hours; even same day if required
• Whether you need the loan for a wedding expense, home renovation, travel, an emergency, or whatever else you need, you can use it.
• While you fulfill your personal loan obligations, you can enjoy your family’s company.

Thus, if you want to take a Personal Loan for Marriage, then Money View is the best option as it will make your work very simple, and you will get the money in your account in 24 hours without any collateral attached.