Have you fixed your marriage date? Have you booked the venue? Have you started preparing for other important things in your marriage? Have you realised that you will need more money to make your Assamese matrimony wedding a perfect one?
If you’ve said YES to all the questions, you don’t need to worry about anything. Yes, if you are thinking about where you will arrange the money, we’ve got some happy news for you. You can get the required money with the help of a marriage loan and plan everything as you always wanted on your Assamese matrimony wedding. If you had this misconception that a personal loan can’t be used for marriage-related purposes, it’s okay. Many people think the same.
However, we want to tell you that you can plan your Asssames matrimony without any fuss with the money you will get from the lender. Once you take the money, you will need to repay it in easy monthly instalments over a chosen period. Also, lenders will charge interest on the loan amount. And that’s what this article is about. You need to understand one important thing in case of a marriage loan. The higher the interest rate, the higher will be your monthly instalments.
So, in this article, we will be talking about the factors that affect your interest rate while taking a marriage loan for your Assamese matrimony wedding. Let’s read on!
Factors That Can Affect Interest Rates for Your Assamese Matrimony Wedding Loan
We’re sure that you’re all excited about your Assames matrimony wedding. And while planning that, you don’t face any money problems, you can take a marriage loan. Here are some factors that could affect your interest rates.
Monthly Income
When you are taking a marriage loan to fulfil all your wedding-related expenses, one of the first things that lenders check is your monthly income. The reason is simple: a person with a higher monthly income will be able to repay the loan easily as compared to a person with a lower income. And that’s why interest rate also depends on your income. If you have a higher income than the required eligibility, you will get the best interest rate on your loan.
Credit History
Would you want to lend money to a person who has a history of not repaying the debt? Certainly not, right? Lenders do the same also by checking your credit history and score. People with a score above 750 enjoy chances of getting lower interest rates as compared to people who have a bad score. Hence, you should think twice before getting a loan for your Assamese matrimony marriage if you have a bad credit history because it can affect your final rate of interest.
The reputation of Your Employer
If you are a salaried person, the quality of your employment can also affect your interest rates. An individual working in a government office has more chances to get lower interest rates as compared to a person who has just joined a private company. Lenders check the reputation of your company before approving the loan amount and deciding the interest rate.
Existing Relationship With Lender
One of the most important factors that can bring the interest rate on your marriage loan lower is your existing relationship with the lender. If you are an existing customer with a lender for a long time. You can get better interest rates as compared to you’re going to a new lender for the marriage loan for your Assamese matrimony.
Existing Debts
Your interest rates also depend on the existing debt. Suppose you already have a home loan and a part of your income is going towards the repayment. In such a case, lenders will give you a lower loan amount or a higher interest rate. So, when you are planning your Assamese matrimony wedding. Make sure you don’t have any existing debt if you want a lower interest rate.
