Marriage is a special occasion for everyone. But, money is a big problem for many of us. It is especially so since the cost of wedding is rising at a rate of ten per cent per year.
Many couples do not have an extra 17,000 in their pockets. So, what do they do? Of course, some take help from their friends, relatives and parents while some may decide to borrow money from the lenders.
Unsecured personal loans are one of the primary funding methods for the Big Day. These loans help many couples in making their wedding a giant spectacle. Those who like to spend lavishly on their weddings can apply online for a personal loan.
Unsecured personal loans ensure a quick processing of your loan application. These loans do not involve any collateral and, hence, there does not arise any need for valuation of property. It results in a lot of time being saved. Normally, you can get an unsecured loan of up to 25,000. However, the lenders policy, your credit history, income and repayment capability plays an important role in determining the loan amount that may be offered to you. But, one thing is sure you wont have to wait for too much time.
Unsecured personal loans are safe; your property cannot be repossessed even if you miss some instalments. Lenders sanction you a loan amount on the basis of your repayment capability. The repayment capability is determined with the help of a mathematical formula called debt-to-income (DTI) ratio. The lower the DTI, the greater will be the amount that you can get as a borrower.
You should shop around before finally striking a deal with any lender. In these days of cut-throat competition, you will find a lot of lenders who deal in unsecured personal loans. So, compare different loan plans as available with different lenders and come out with a good loan deal which suits you the most.
