So you are about to get married. Dreaming of the new life with someone on your side to share the joys. All excited about the preparation that is undergoing to solemnize the marriage. Anyone would be. But one thing that the newly going to be couple miss out on is planning on financial front. Do not usually get to discuss the ways how they would want to settle into the new life. Sharing the desires and planning them out will only help achievement of these wishes but will also help in creating bond and trust.
Two thought process that is commonly seen in the youth today is that they do not want to be dependent financially on parents and they want to achieve their goals much sooner than their parents had. Following are the three loans that the newly married couple would need to opt for to settle into the new lifestyle.
This is probable the foremost desire of the newly wed. To attend the late night parties thrown for the newly wed and going on that weekend long drives is only possible with owning a vehicle. And since it involves a large amount, it is better to take a loan rather than save money over months or may be years to be able to own that vehicle.
Loan for honeymoon
We get married once and the honeymoon also happens once. The couple would want to spend time together for a few days before getting into the daily routines and pressures of work. This can be planned by taking a persona loan. The quantum of loan can be decided to based on the destination. These loans are quite easy to avail. Say you apply for a HDFC personal loan online. The process can get over in just about 3-4 days and money credited to your account.
Now this is something that everyone desires of. Having to live in own house is the foremost dream of all married couples. You can sit along with your spouse and plan to avail a joint loan as soon as the marriage festivities are over and you get some time on this front. An investment on the house early on will only help in building bigger and better properties as the disposable income grows over a period and help in creating wealth.
While the couples can plan to take the above loans to settle into the new lifestyle and enjoy it, the following considerations are equally important before signing on the loan application.
Check your credit score
A healthy credit score is highly important for anyone to have access to loans. So running a CIBIL score check is as important as getting the loan. Check of any anomalies, wrong updates on the bureau report. Any such error should be immediately highlighted to the bureau and the concerned lending institution.
Plan the need
Just do not go by the desire. One can desire for larger and expensive products but owning them right away may not be feasible. Say for example, while planning to buy the car, couple can settle on an entry level car rather than going in for a more expensive model with loaded features.
Plan the repayment
This is of high importance. The couple would need to plan for the repayment since initiating married life with a burden of high EMIs may lead to cutting corners on other expenses. Plan out the qualification for loans and how would you be managing the funds so as you are able to meet your loan obligations without much concern.
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