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How to repay my marriage loan

By Shivi  Mishra In Business & Finance Posted On May 04,2020 0 Comments

After the wedding and honeymoon, its time to start making plans to repay your marriage loans
or begin making plans to start making payments. Avail the best marriage loan with
Buddy Loan, know your credit score and get maximum benefits with it.
You may be looking to be debt-free and thus straining on how to solve this puzzle and make
your payments quickly.
You are trying every trick possible so that you reduce your payment period to stay debt-free and
clear payments for your wedding loan.
Make Bi-Weekly Payments
When you are making payments to your financial provider, try to make at least two payments a
week when you can. When you do this, you will eventually shorten the time you take paying the
loan, and you will also reduce the amount of interest that’s due. In the long run, you will have
paid for more installments, thus clearing your loan faster.
Round-Up the Payments
When you apply for a marriage loan and the EMI calculated for you, ensure you pay the
installments without fail. You may also decide to round up the figures to whole figures. That way,
you realize that through your loan tenure, you will have made enough payments to save up on
some interest.
Find Extra Money
Best wedding loan providers will advance you the loan based on your salary and against your
payslip. When you start remitting your EMI, you may also try to look for more sources of income
that may allow making more payments to the bank to clear your instant marriage loan.
 Make One Extra Payment
When servicing your EMIs, sometimes, you may not have extra money to increase the size of
the EMI. However, you may get some extra cash from a bonus, lottery, or some dividends. You
can make one more payment once or twice a year to reduce your loan amount.
Make an advance EMI payment at the time of loan disbursement
After your honeymoon loan is credited to your account, you can choose to make an advance
payment so that your principal amount is reduced and, therefore, a reduction in the overall
interest rate. This ensures that you soon finish paying for your wedding loan.
Foreclosing the loan
After paying for your marriage loan monthly instalments, you may be lucky to get a lump some
amount. You can pay the whole amount of loan that is payable. This clears you off the debt.
However, you have to be careful that you are not incurring a foreclosure fee.

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