How to Get a Loan for an Engagement Ring
The real task does not lie in finding the perfect engagement ring but how to afford that ring. To multiply the joy of your potential life partner, one always surges to find the most appropriate engagement ring, as this portrays your emotions and love, therefore one always tries to find the best engagement ring.
After the engagement ring is finalised, the real problem lies in how to finance it. Some try to buy the most fabulous ring affordable within their pocket range while many decide to go out of their range to please their partner. As engagement is not just about the ring but one has to bear other expenses also, therefore it is considered reasonable to finance your engagement ring and cover all other expenditures from your pocket.
In this way one can keep a balance between his assets and loans sensibly. Previously, taking a loan for your wedding ceremonies was considered a terrible thing but now a days, this is not the case. Now, majority of the people go for financing the engagement ring to build a credit history that would ultimately help them in the longer run, that is: getting home financing after marriage.
Instructions
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1
Visit multiple jewellers and finalise the ring you want to buy. Negotiate on the price and when a mutual price is agreed you will know how much you have to borrow.
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2
Calculate how much you have in your pockets to know what will be your contribution in the ring and what you have to borrow.
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3
Before approaching a bank for loan, do ask your jewellery store as now-a-days many of these provide these services with no or very little interest. They usually ask you to make the payment in equal instalments within a particular time and if you do so, no interest will be charged but otherwise they charge a certain amount of interest on the amount.
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4
Financing the ring through credit card is a very considerable option. You should check your credit history and if applicable, you can finance the ring from there, this way you can earn bonus rewards on your credit card.
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5
You can also contact your regular bank or any other bank in order to avail personal bank loan. For this, you have to visit multiple banks and select the one which offer you loan on minimum interest and easy instalments.
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6
After you have decided from where to avail financing, whether a lender or a bank, complete the necessary documentation by providing them with your credit history, social security number, home address and your bank statement.
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7
Until the lending decision has been made, submit a deposit to your jeweller so he/she should hold the ring for you.
