With the average cost of arranging wedding rising by the day, many families, especially those from the middle class might be forced to cut back on some of the arrangements. Only using personal savings to fund these increased costs can be quite a challenge. Taking a loan can be used to meet all these expenses as many banks in Bangladesh offer marriage loans.
Most banks offer up to 500,000 worth of loan that can be in a maximum of 48 monthly instalments. To be eligible for taking a marriage aren't too strict. Some of the criteria for obtaining such loans include having a minimum age of 25, a confirmed employment in a salaried position for at least three years and a certain minimum amount of annual income such as three times the total loan amount.
For many, taking a marriage loan may be a good source for financing the festivities. Here are some points to keep in mind before taking the loan.
Keeping the tenure as short as possible: Since loans can be repaid in many instalments, it can be tempting to take several payments. However, it is best to take the loan for the shortest tenure one can afford. A more extended tenure the higher the compound interest the bank will charge.
Keeping the family informed about the loan: Before taking a loan, it is always important to discuss with one’s family as the repayment will have an overall impact on a budget of the entire household.
Ensuring regular and timely payment: Missing or delaying an EMI payment will not only result in the payment of late fees but will also reduce one's creditworthiness. Multiple irregularities in the repayment will hinder one’s chances of being granted future loans for affording family essentials such as car loan or house loan.