Weddings are loved by everyone. But it can be possible that some people do not have enough money to have a wedding as they wished for. In such cases, wedding loans come to the rescue. In some banks, you can also get personal loans to cover your wedding expenses but the lenders are very few who give you such types of loans by the name of the wedding.
You can celebrate your wedding in the style which you have always wanted only if you fall into the eligibility bracket the lender can give you the loan without any trouble. But what if you have a bad CIBIL or credit score? How will you be able to get the wedding loan?
A LOW OR BAD CREDIT SCORE CAN AFFECT YOUR CHANCES OF GETTING A WEDDING LOAN
· You must have or it is advisable to have a credit score of 750 or more, to avail of a wedding loan. The lenders accept or reject your application for the wedding after checking your CIBIL score. The more the score, there are higher the chances of getting the loan approved.
· The first step in the loan process is to run a credit score check again. The application for a wedding can be rejected also if the score is low.
· One important thing is that such types of loans are unsecured loans therefore, the lenders check your CIBIL to check your creditworthiness. It also tells the lenders whether the borrower will be able to repay the loan or not.
· Nowadays, there are many lenders that offer you these types of loans even if you have a low CIBIL score. In case, a reputed lender rejects your application, you can always go to such lenders to get your wedding loans. But regardless of this you must maintain an appropriate credit score and check it regularly.
· It is advisable to improve your credit score before applying for the wedding loan to become eligible in the future.
· The other thing which lenders take into consideration is your (CIL) Credit Information Report which has your track record of making the repayments. If you have delayed or missed payments in CIL, it can give the negative idea to the lenders that you are not a responsible borrower in the fast, and have failed to fulfil your obligations.
HOW CAN YOU IMPROVE YOUR CREDIT SCORE TO BECOME ELIGIBLE FOR A WEDDING LOAN
If you have a bad or low CIBIL score, it is necessary to take steps immediately to improve the credit score. By doing so, you can at least reach a minimum of 750 scores. It will increase your chances of getting a wedding loan in the future when needed. To become eligible for the loan, it may take 2 – 12 months depending upon how much your credit score is affected. Some ways to do so are by using a secured credit card, getting closed status on previously settled accounts, and by improving your credit profile.
If you follow the instructions systematically, you can improve your score effectively. This will increase the chances of getting a loan easily.
Maintaining a good CIBIL score is very important as you can see to get wedding loans or any such types of loans. A bit of patience, self-discipline, and commitment is required to maintain a fair CIBIL Score. This will help you get your loans hassle-free, easily, and also without wasting your time.