It has become quite normal for people to take a marriage loan when they are short of some funds while planning their marriage. And it applies to all types of matrimony whether a Saini matrimony or any other. The fact that the process of getting a marriage loan has become so easy also helps people who want their dream marriage. If you are unaware of this, you should know that a marriage loan is a type of personal loan that lenders provide without any security or collateral. That’s why it also comes under the unsecured loan.
Since this is an unsecured loan you’re going to take for your Saini matrimony wedding, lenders will check thoroughly before giving you the loan amount. And that’s where the part of eligibility comes. Different individuals will have different eligibility depending on different factors. If you are also going to take a marriage loan for your Saini matrimony wedding, you should know that factors beforehand so that you can get the desired loan amount without any trouble. And this article will talk about that only. So, let’s start without any further delay!
Factors Affecting Your Marriage Loan Eligibility Criteria for Saini Matrimony
Here are a few factors that you should keep in mind when going for a marriage loan. Have a look!
How Much You Earn in a Month?
You’re planning your Saini matrimony marriage and ready to take a personal loan. The first thing that you should know about that your monthly income is one of the biggest factors that affect your marriage loan eligibility. Let me tell you the reason: how much you earn decides how much you can repay. So, the more your monthly income is, the higher repayment capacity you have. So, if you have a higher monthly income, you are more likely to get a marriage loan and vice versa.
What is Your Credit Score?
After the monthly income, your credit score also affect your marriage loan eligibility. Your credit score, a 3-digit number ranging from 300 to 900, defines your creditworthiness. Anything above 700 is considered to be a good score and you won’t have any problems regarding getting the loan amount for your Saini matrimony wedding. For lenders, it is easier to trust on those people who have a high score as they have a history of responsible repayment behavior.
How Young are You and Your Location?
If you are a young person, which most likely you’re, lenders are most likely to give you the marriage loan amount for your Saini matrimony as compared to older people. The logic behind this is simple: younger people have less obligations so they can easily repay the loan amount. Apart from the age, lenders also decide the marriage loan eligibility depending on the location. Sometimes, there are some locations where you won’t get the loan. So, you should check before applying for a loan whether your location is serviceable or not.
How much Current Obligations You Have?
If you are planning your Saini matrimony wedding with the help of a marriage loan, you should make sure to have nil or minimum existing obligations. The lesser obligations you have, the higher chances of getting the loan amount. The reason is quite simple: if you have no existing loans to pay. You can easily repay the marriage loan amount. That’s why, lenders are more likely to approve your marriage loan application when you have zero to minimum obligations like EMI or credit card due.
All of these factors affect your marriage loan eligibility since you are getting the amount without any security. We hope that these points will help you to get the required money in a hassle-free manner.