Marriage One of the most auspicious and happy occasions in a person’s life is when two people come together in a sacred bond to be with each other. Everyone wants to make their wedding grand and memorable, but in this era of inflation, the budget for wedding ceremonies has started touching the sky.
According to a report by global investment bank Jefferies, the average cost of a wedding in India is around Rs 12 lakh. These expenses may increase or decrease depending on the city and status. There are many types of rituals and programs at a wedding. In such a situation, the wedding budget may be several times higher than your savings. Especially when you want to make the wedding grand and attractive.
In today’s times, there are also wedding loan facilities, which can be helpful in making your wedding grand. There are many financial companies in India that provide loans worth hundreds of thousands of dollars for marriage.
Therefore, today in the needs news we will talk about where one can get a loan for marriage? You will also learn that-
What are the criteria for taking out a wedding loan? Is it good to get married by taking a personal loan?
Expert: Rajshekhar, financial expert (Dehradun)
Question: What is a wedding loan?
Answer – Marriage loan comes under personal loan. However, some banks and financial institutions also offer marriage loans separately. In this context, only personal loan interest rates are charged. Under this, one can get a loan ranging from Rs 5 lakh to Rs 50 lakh. The best thing about the wedding loan is that it does not require you to deposit any kind of security.
Question: What kind of planning do young people do for their weddings these days?
Answer – Indian online personal services company “IndiaLends” released the “Wedding Spending Report 2.0” last year. In this report, it is explained how the new generation takes responsibility for their marriage. On this subject, a survey was conducted among 1,200 millennials between October and November 2023. Millennials are people born between 1981 and 1996. Only 41% of the Millennials surveyed planned to finance their wedding themselves.
Question: Which are the top banks offering marriage loans in India?
Answer – Many major banks in the country offer marriage loans. There is also a difference in their interest rates. Before taking out a loan, it is essential to compare the interest rates of all banks.
ICICI Bank
Provides personal loan for marriage ranging from Rs 50,000 to Rs 50 lakh. Its interest rate starts at 10.85% per annum.
Kotak Mahindra Bank
Provides loans ranging from Rs 50,000 to Rs 35 lakh, which you can use for wedding-related expenses.
HDFC Bank
You can take a loan ranging from Rs 50,000 to Rs 40 lakh. Its interest rate varies from 11% to 22%. The loan repayment period varies from 1 year to 5 years.
Axis Bank
This bank provides loans up to Rs 10 lakh for marriage, the interest rate of which starts at 11.25% per annum.
Bank of Baroda
Provides a loan for marriage at an interest rate of 11.10% per annum. In this, you can take a loan up to Rs 20 lakh. The loan repayment period can be up to 7 years.
Question – How to apply for a wedding loan?
Answer – Marriage loan is used for personal expenses. It therefore remained within the framework of the personal loan. There is no separate provision for interest subsidies for wedding loans. To apply for a loan, it is important to have the documents ready a few months before the wedding. These include the identity card, proof of address, salary slip for the last three months and bank account statement for the last three months.
Then compare the interest rates, fees and terms of different banks and financial institutions. Then choose the bank or financial institution according to your needs. Make sure to check the authenticity of the bank or financial institution you are taking a wedding loan from.
You can apply for a wedding loan online or offline by visiting the website of the bank or financial institution. After that, discuss your EMI with the bank advisor and know how much you will have to pay monthly.
Question – What are the criteria for a wedding loan?
Answer – Certain criteria have been set by different banks and financial institutions for the wedding loan. This implies some commonalities. You can see this in the chart below.
In addition to these conditions, the bank or financial institution may also impose additional conditions in accordance with its policies. Therefore, before applying for a loan, contact the bank and get complete information on all conditions.
Question- Under what circumstances should you take out a loan for marriage?
Answer – If your savings are less than the wedding budget and you need money immediately, then taking out a wedding loan is a good option. However, for this, it is important to check the interest rate, EMI and loan tenure. Along with this, also make sure when you can pay it back.
Question: Is wedding loan the right option to cover wedding expenses?
Answer – Wedding expenses can be covered by a wedding loan. This is not a good option for those who have other options. For this, you must make the decision based on your financial situation. Go for a wedding loan only if you are able to pay the EMIs for a long period of time.
Question: Can a loan for marriage be harmful?
Answer – It is very important to keep certain things in mind before taking a wedding loan. The interest rate on the matrimonial loan is high. It can therefore be difficult to repay it.
Apart from this, the marriage loan installment must be deposited every month. This can affect your savings in the long term. If you are unable to pay the monthly payment on time, it will hurt your credit score. Additionally, the interest on the loan will also increase.
…………….. Also These Wedding Related News Necessary News – Setting the Budget for Wedding: Save Thousands of Dollars by Planning Ahead .
There will be around 35 lakh weddings in India between November and mid-December, on which it is estimated that Rs 4.25 lakh crore will be spent. It is important to set a budget for the wedding. Not doing so can sometimes cost more or less. …