Wedding Loan Eligibility Criteria Explained | Interest Rate | Important news – Is it okay to get married by taking a loan?: How to get marriage loan, what are the criteria, know the answer to every question from the expert.

Marriage One of the most auspicious and happy occasions in any 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 of wedding ceremonies has started touching the sky.

According to a report by global investment banking firm Jefferies, the average cost of a wedding in India is around Rs 12 lakh. This expenditure may increase or decrease depending on the cities and status. There are many types of rituals and programs in a wedding. In such a situation, the wedding budget can be many times more than your savings. Especially when you want to make the wedding grand and attractive.

In today’s era, there are also facilities for marriage loan for marriage, which can be helpful in making your marriage grand. There are many finance companies in India which give loans worth lakhs for marriage.

so today news of need I will talk about where one can get a loan for marriage? You will also learn that-

Expert: Rajshekhar, Financial Expert (Dehradun)

Question- What is marriage loan?

answer- Marriage loan comes under the purview of personal loan. However, some banks and financial institutions also provide marriage loans separately. In this, only personal loan interest rates are charged. Under this, one can get loan ranging from Rs 5 lakh to Rs 50 lakh. The best thing about marriage loan is that it does not require any kind of security to be deposited.

Question- What kind of planning are the youth doing for their marriage these days?

answer- India’s online personals provider company ‘IndiaLends’ released ‘Wedding Spends Report 2.0’ last year. In this report it was told how the new generation handles the responsibility of their marriage. Regarding this, a survey was conducted among 1200 millennials between October and November 2023. Millennials are those people who were born between 1981 and 1996. Only 41% of the Millennials surveyed planned to finance their wedding themselves.

Question- Which are the major banks providing marriage loans in India?

answer- Many major banks of the country provide marriage loans. There is also a difference in their interest rates. Before taking a loan, definitely compare the interest rates of all the banks.

ICICI Bank

Provides personal loan for marriage ranging from Rs 50,000 to Rs 50 lakh. Its interest rate starts from 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 thousand to Rs 40 lakh. Its interest rate ranges from 11% to 22%. The loan repayment period ranges from 1 year to 5 years.

Axis Bank

This bank gives loans up to Rs 10 lakh for marriage, the interest rate of which starts from 11.25% per annum.

Bank of Baroda

Provides 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 is up to 7 years.

Question- How to apply for marriage loan?

answer- Marriage loan is used for the purpose of personal expenses. Therefore, it has been kept under the purview of personal loan. There is no separate provision for interest subvention for marriage loan. To apply for a loan, it is important to have the documents ready a few months before the wedding. These include identity card, home address proof, salary slip of the last three months and bank account statement of 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 as per your requirement. Be sure to check the authenticity of the bank or financial institution from which you are taking marriage loan.

You can apply for marriage loan online or offline by visiting the website of the bank or financial institution. After this, discuss your EMI with the bank advisor and know how much installment you will have to pay monthly.

Question- What is the criteria for marriage loan?

answer- Some criteria have been set by different banks and financial institutions for marriage loan. It involves a few things in common. You can see this in the graphic below.

Apart from these conditions, the bank or financial institution may also impose additional conditions as per its policies. Therefore, before applying for the loan, contact the bank and get complete information about all the conditions.

Question- Under what circumstances should a loan be taken for marriage?

answer- If your savings are less than the wedding budget and you need money immediately, then taking a marriage loan is a good option. However, for this it is important to check the interest rate, EMI and loan tenure. Along with this, also ensure that by when you can repay it.

Question- Is marriage loan the right option to cover wedding expenses?

answer- Marriage expenses can be covered with a marriage loan. This is not a good option for those who have other options. For this, you should take the decision according to your financial condition. Opt for marriage loan only if you are able to pay EMIs for a long time in future.

Question- Can taking a loan for marriage be harmful?

answer- It is very important to keep some things in mind before taking a loan for marriage. The interest rate on marriage loan is higher. Therefore, it may be difficult to repay it.

Apart from this, marriage loan installment has to be deposited every month. This may affect your long term savings. If you are not able to pay the monthly installment on time, it will damage your credit score. Besides, the interest burden on the loan will also increase.

…………………. Read this news related to marriage also Necessary news- Fix budget for marriage: Save lakhs by pre-planning.

There will be about 35 lakh marriages in India between this November and mid-December, in which Rs 4.25 lakh crore is estimated to be spent. It is important to fix a budget for the wedding. Not doing so may cost more or less at times. Read the full news…

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