- HOW IT WORKS?
- Credit Score & Report
- Credit Bureaus
Weddings are an expensive affair in India. Ask a father whose daughter’s marriage recently got fixed or a brother who has to make arrangements for his sister’s marriage and they will tell you what they are going through. The biggest challenge that most of the families face while making arrangements for the marriages of their loved ones is the cash-in-hand. It is one big requirement of all times during an occasion like marriage. Once a person starts booking hall, the caterer, the venue for the marriage what each one of them asks him is cash as a token amount.
And by any chance, if he or she is someone who has a history of bad credits then an arrangement of cash for a wedding could prove to be one uphill task of his or her life. If the immediate thought in your mind is that he/she can approach a bank to get a loan for the marriage then you first need to know the following facts:
1. Do banks provide Wedding loans in India?
Let’s put the question the other way round – Is there anything like a wedding loan or a marriage loan in India? Sadly, but No! There is no such concept of wedding loan in India. However, that doesn’t mean that you can’t borrow money from a bank for the marriage of your loved one. I am sure most of you have heard of an acquaintance having arranged money by taking a loan from a bank. So how was it possible if here it is said that there is no concept of marriage loan or wedding loan in India.
It is actually the other way round. What you can avail is a Personal Loan to fulfil the cash requirements of the marriage. At this point, you can rest assured, as almost all banks in India provide Personal Loans, though the rate of interest may vary from one to the other.
2. How much loan can I get for Wedding?
Now that’s an interesting question! The answer is ‘it depends’. Depends, not on how much you want BUT it depends on what is your Credit Score. For those who are not aware of the term, let’s be enlightened – Credit Score is a three-digit number that proves the creditworthiness of a person. It ranges from 300 to 900. A score of 300 or around means that the person is not creditworthy at all and no bank would be interested in lending money or providing loan to such a person, on the other hand, a credit score above 700 proves your diligence in paying your debts and ultimately your credit worthiness.
In simple words, better the scores, better are your chances of getting a loan from a bank. Hope the information is helpful as this score only will help you get the loan for the wedding too! If your Credit Score is above 750 then the chances are ripe that a bank may consider your application for a loan. If there’s a doubt on why this score and all and from where to know the score then check the given link – https://www.creditseva.com/check-free-credit-score-report
In a case of personal loans, there is no security involved and hence if a bank has to still lend money to a person so what it will check is that how diligent has he been in paying his debts and previous loans. This is where the Credit Score helps! Banks check a person’s Credit Scores through various means and get to know his/her credibility or loan-eligibility. If he/she had been a poor paymaster in past then there are high chances that the bank might not be interested in paying him/her more money but if the person had been paying his arrears on time, be it loans or credit cards EMIs, then banks consider him or her a credible person and prefers giving loan. Though there are several other factors also involved which a bank checks before lending money but this is one most important factor – that’s for sure.
3. Can I get a loan if I have bad credit history?
Now, this is the most important question of all. Knowing the fact that my credibility to the bank rests on my credit scores which could be low in past due to any reason, will I get a loan for the marriage? In simple words, what should I do if I have bad credit rating or how can I improve my low credit scores?
First thing first – if you want to take a loan, it is important that you maintain your CIBIL rating or Credit Scores. For this, you can also take help of several online tools available on CreditSeva and work on improving your credit scores. It can take you from 2 to 12 months to improve a bad rating. Patience, commitment and self-discipline are highly required. You will have to work on a lot of things before you prove yourself loan eligible to a bank. For example, you should try to get ‘Closed’ status on your previously ‘Settled’ or ‘Written Off’ accounts. You should use a secured credit card or take other initiatives to improve your credit rating. Several online tools on CreditSeva are also helpful in doing so.
It is essential to improve one’s credit rating in order to get a personal loan for an occasion like marriage. In fact, improving the score will help you for a lifetime. Every lender before lending money or a bank before accepting your application for loan or credit card will check your credit worthiness by checking your Credit Scores.
In India, a rating of 700 and above is considered to be loan-eligible though in various other countries the situation is different. All in all, the answer to the question that can you get a loan for the wedding with bad credit scores is ‘no’. You’ll have to work out a plan to improve your credit scores and make yourself eligible for the same.
Credit Score & Report
- Free Credit Score
- Free Credit Report
- Credit Monitoring
- Identity Theft Protection
- Credit Score Range
- Fix My Credit Score
- Improve Credit Score
- Credit Score Analysis
- Credit Score Advice
- Credit Score Vs Credit Report
- Know More about Credit Score & Credit Report
- How to Dispute Mistakes on Credit Report
- What is a Credit Information Report
- Can I Get a Wedding Loan with Bad Credit in India?
- How to Manage Debts before Moving Abroad?
- Instant Cash Loans with Bad Credit Score in India
- Credit Rating
- credit repair
- Why Do You Need to Check Your Credit Score Regularly
- Can I Get Car Loan with 650 Bad Credit Score in India
- Can I Get a Loan with a 700 Credit Score?