How does a wedding loan affect my credit score at Buddy Loan?

Digitization has improved loan availability. Today, wedding loans hold more significance among the young population. 75% of the weeding loan applications are between Rs. 3 Lakhs to Rs. 20 Lakhs. 

Personal loan disbursals from both banks and credit providers seem seamless. They are digital and hassle -free. They require very minimal documentation for loan approval. With the rise in medical emergencies and financial stakes, Buddy Loan app provides you the provision to avail a loan from the lenders of your choice. 

The app is a one stop shop for all the financial needs and can even help you procure a job at Buddy Loan. The personal loan here has competitive interest rates starting as low as 11.99% p.a. You can choose your lender and have a flexible loan tenure up to 60 months (5 years). EMI pay outs are flexible, if you budget your expenses based on your income. 

Credit score and wedding loan 

The interest rate varies from lender to lender, depending on the credit history of the borrower. You will first need to calculate the estimated amount in need after validating your assets. It is wise to not liquidate your fixed assets. Personal loans serve you best with debt consolidation, medical emergencies, travel, business expansions, building commercial malls and your wedding ceremonies. 

However, nationalised banks, NBFCs and other financial firms require a set of documents and the previous credit report will role play in evaluating your loan application and its approval. Your lenders will lend you the loan amount if the financial behaviour and credit score are around 700 and above. 

At Buddy Loan, lenders here disburse personal loans at various competitive interest rates, which will help you avail loan. If you’ve a poor credit score, the interest rate is likely to go high. There are other schemes such as pre-payments or loan pre-closure. 

Your loan approval varies depending on the credit score and financial behaviour, timing. 

Factors affecting credit score. 

Wedding loan is a personal loan used for wedding celebrations. The diffused here is a onetime transaction for the bank while for the borrower, his EMIs play a major role in building his credit report. 

There are factors that hinder the credit score if: 

• By not paying your “1” EMI on time, you can bring down the score for 2 years. 
• Utilising too much available credit for your own good. 
• Missing out on the settlement dates.  

Conclusion 

 Increase your credit score by applying for a loan through Buddy Loan app. The lenders help you customise your EMI pay out based on your income and extend your loan tenure of 60 months. This leaves you with very less room for defaulting on monthly payments. 

Keywords: credit score, personal loan, credit, EMI pay out, wedding loan