Are You Applying for Wedding Loan? Avoid These Mistakes

Last Updated : July 10, 2016, 9:48 a.m.

With the help of a wedding loan, you can cover all your wedding expenses, and can make your wedding truly memorable. It allows you to pay for all your wedding expenses without any hassle. But, one thing that needs to be mentioned here is the fact that at times due to some common errors, your wedding loan application is rejected. So, what you should do to avoid those mistakes so as to quicken your loan approval process.

Applying without comparing

Well, one of the most common mistakes that usually make while taking a wedding loan is applying for it without comparing the different lenders. Yes, in order to grab the best deal for marriage loan, you need to do the thorough research by comparing the different lenders, offering this loan to you. Once you know what others are offering, only you would be able to access the pros and cons of each lender, and can easily decided which one to choose that suits you best.

Being unsure about loan amount

It is very important to know the exact amount you require. When you approach a lender to avail a loan, and you don’t tell him the exact loan amount that you are looking for, the lender won’t be able to help you. So, to get the loan, it would be great, if you could just know the exact amount that you require. Be specific about your requirement, don’t be confused so that you can easily avail the loan that you are looking for.

Underestimating the importance of credit history

Before offering you any sort of loan, the lenders do check your credit history and on the basis of that your loan application might be rejected. Yes, being an unsecured loan, in wedding loan the lenders only trust you on your credit score, and if it is low, your loan application might be rejected. If you have a good CIBIL score , it further helps you in getting a low interest rate, low processing fee & charges, if lenders are convinced with your profile. So, do not underestimate the importance of credit history.

Hiding details of an existing loan

If you have any other loan running on you, it is imperative that you should be honest with your existing financial condition as well as liabilities. It is important to inform your lender about your previous loan as it helps in creating a good image of you, and lenders consider this thing while offering you loan. Hiding the information about your previous loan, can only create a problem for you in the future.

Submitting False Documents

If you submit the false documents while availing a wedding loan, it can actually harm you in a way that your loan application can be rejected at a glance. Yes, if you make a default during the loan process, it will adversely affect your application process, and you would not be able to avail the desired loan amount. In fact, the lenders will consider you as a fraudster, and it is difficult for you to get the loan from any one in the future.

Not reading the fine print

When it comes to applying for wedding loan, many people actually don;t read the fine print, thinking that it has incomprehensible jargons. People do not make the efforts to understand the very important terms and conditions, and paperwork related to it. You should not skip this most important step, and take out some time to understand them so as to clear the concept. You can even take the help from an expert, if you find any confusing part. It is better to clear all your doubts in the first sight, before you sign the document.