When it comes to occasions, Indians tend to go big. The concept of the “Big Fat Indian Wedding” is renowned. Weddings are usually a lavish affair, typically extending over a week. Be it a bridal or bachelor’s party, a lot of money is spent on things like trousseau shopping, jewellery, venue, catering and decorations, and so on. In such cases, the finances can go off the track. In these situations, apply for a Marriage Loan.

About Marriage Loans

Wedding Loans are Personal Loans offered by banks to fund the huge wedding expenses. You can use this Loan to purchase your wedding trousseau and your jewellery or pay caterers and stage decorators and meet other similar expenses incurred during a wedding. You can repay the Loan with an attached interest rate, by paying EMIs over a specific tenure. 

Things to remember

Have a set budget

Before you apply for such Instant Personal Loans, plan your expenses beforehand. As the expenses related to weddings can go overboard, it is best to decide your budget and stick to it. Plan how much you are going to spend on your trousseau, venue, etc., accordingly. Once you have the budget in place, assess how much of your savings you will use for the event and how much you need to borrow. Creating the budget provides clarity on how much you need to borrow.

Opt for Secured Loans

While banks offer Unsecured Marriage Loans, the interest rates are often high on them. If you can, it is better to opt for Secured Loans. These require you to pledge immovable assets or financial assets like Fixed Deposits, Insurance, national savings certificates etc. While Secured Loans have lower interest rates, unsecured ones are offered at anywhere between 12% to 24% interest rates.

However, remember that if you default on the Secured Loans or cannot repay them within the stipulated tenure, banks can auction off your assets and recover their money.

Compare Loan options online

Whether it is a bank or an NBFC, if you decide to apply for a Loan, ensure that you compare your various options online before approaching a lender. It is better to know what the competitor is offering so that you do not end up paying higher interest rates on your Wedding Loans. Ensure to compare the interest rates and additional charges like processing fees, taxes, etc., and then select an option that best suits you.