Is it worth taking a loan to get married?: How to get a marriage loan, what are the criteria, know the answers to every question from experts

Marriage is the most auspicious and happy occasion of any person's life, because two people are bound in a sacred bond to be with each other, so everyone wants to make their wedding grand and memorable, but in this era of inflation, the budget of the wedding ceremony has started to skyrocket.

According to a report by global investment banking firm Jefferies, the average cost of a wedding in India is 12 lakh rupees. These costs may increase or decrease depending on cities and conditions. There are many types of ceremonies and programs in a wedding. In such a situation, the wedding budget increases many times over your savings. Especially when you want to make the wedding grand and attractive.

In today's era, there is also the facility of marriage loan for marriage, which can help in making your marriage grand. There are many finance companies in India that provide loans worth millions for marriage.

So today In work news We will talk about where to get a loan for marriage? You will also know that-

Expert: Rajasekhar, Financial Expert (Dehradun)

Question- What is Marriage Loan?

Answer- Marriage loans come under the ambit of personal loans. However, some banks and financial institutions also offer marriage loans separately. These have the same interest rate as personal loans. Under this, you can get a loan ranging from 5 lakh to 50 lakh rupees. The best thing about marriage loan is that it does not require any kind of security for deposit.

Question- What kind of planning are young people doing for their marriage these days? Answer- India's online personals provider company 'Indialands' released the 'Wedding Spends Report 2.0' last year. The report revealed how the new generation is handling the responsibilities of their marriages. A survey was conducted between October and November 2023 among 1200 millennials. Millennials are people who were born between 1981 and 1996. Only 41% of millennials surveyed planned to pay for their wedding themselves.

Q- Which are the major banks that offer marriage loans in India?

Answer- Many big banks of the country offer loans for marriage. Their interest rates also differ. Compare the interest rates of all banks accurately before taking a loan.

ICICI Bank For marriage Rs. 50,000 to Rs. Offers personal loans up to 50 lakhs. Its interest rate starts at 10.85% per annum.

Kotak Mahindra Bank Rs. 50,000 to Rs. Offers loans up to 35 lakhs, which you can use for wedding related expenses.

HDFC Bank You can take loan from 50 thousand to 40 lakh rupees. Its interest rate ranges from 11% to 22%. The loan repayment period is from 1 year to 5 years.

Axis Bank The bank offers wedding loans up to Rs 10 lakh, with interest rates starting at 11.25% per annum.

Bank of Baroda Offers loans for marriage at an interest rate of 11.10% per annum. In this you can take a loan up to 20 lakh rupees. The loan repayment period is up to 7 years.

Q- How to apply for marriage loan? Answer- Marriage loans are used for personal expenditure purposes. So it is kept under the ambit of personal loan. There is no separate provision for interest subvention for marriage loans. To apply for a loan, it is necessary to prepare the documents a few months before the wedding. These include identity card, home address proof, last three months salary slip and last three months bank account statement.

Then compare interest rates, fees and terms from different banks and financial institutions. Then select the bank or financial institution as per your requirement. Make sure to check the authorization of the bank or financial institution from which you are availing the marriage loan.

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

Q- What are the criteria for marriage loan? Answer- Several criteria have been set by various banks and financial institutions for marriage loans. It includes some common things. 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. So, before applying for a loan, contact the bank and get complete information about all the conditions.

Question- Under what circumstances should a loan be taken for marriage? Answer- A wedding loan is a good option if your savings are less than the wedding budget and you need money immediately. However, for this it is necessary to check the interest rate, EMI and loan tenure. Also, make sure when you can repay it.

Question- Is a marriage loan a good option to cover wedding expenses? Answer: Wedding expenses can be covered by marriage loan. This is not a good option for those who have other options. For this you should decide according to your financial condition. Opt for a marriage loan only if you are able to pay the EMIs for a long time in the future.

Question- Can taking a loan for marriage be harmful? Answer- Before taking a loan for marriage it is very important to keep in mind some things. Interest rates on marriage loans are high. Therefore, it can be difficult to pay.

Apart from this, installments of marriage loan have to be deposited every month. This can affect your long-term savings. If you cannot pay the monthly installments on time, it will hurt your credit score. Besides, the interest burden on the loan will also increase.