Let’s tell you my sister’s story about marriage. Some years ago, my sister married and the arrangement was not the best but it’s good. There were different kinds of stalls and food. The catering service is also good with unlimited tasty food. But, the total marriage cost was Rs. 10 lakh.
This cost includes from venue and catering to attire and decorations. This expense was some years ago. But now wedding costs continue rising and the question is it to take a loan for marriage?
We explain to you various aspects of marriage loans with pros and cons. Scroll below to know more…..
Understand Weddings Costs and Expenses
A wedding is a cultural and grand celebration that is cost-effective. Normally, the wedding cost goes around 5 to 10 lakh depending on the wedding ceremony, pre-wedding photo shoot, and other expenses. Also, you have to plan a honeymoon package. So, this total cost will be approx 12 to 13 lakh.
Sometimes we can’t manage these expenses, so you should go for a marriage loan. This will help to achieve the dream.
Types of Wedding Loans
Borrow wedding loans in several forms. The below discussion is helpful to know in-depth:
1. Personal Loans
You may take a personal loan which is an unsecured loan and you can use it for various purposes including wedding expenses. This loan is available based on your salary income. 24hrLoan provides a personal loan at Rs. 12,000 net salary. This loan comes with a fixed interest rate and fixed repayment term.
2. Credit Card Loans
Credit cards are one of the instant solutions for wedding expenses. Easily take credit card loans if you have a higher credit limit or manage expenses from a credit card and convert to EMI. But it is often available at higher interest.
3. Mortgage Loans
If you have your own property, you can pledge mortgage loans. This is collateral or secure loan. You can take a loan for your property valuation. Manage wedding costs and other expenses from mortgage loans.
4. Refinance Car
Car owners can take personal loans through car refinance. This is another type of security loan. Obtain loan on behalf of car valuation and repayment at fixed tenure.
Also Read: Marriage Loan Interest Rates
Pros and Cons of Marriage Loans
| Pros | Cons |
| Borrow an immediate wedding loan to pay the expenses. | It can be difficult for a new couple to manage debt if both already manage other debt. |
| The loan amount is fixed and will be repaid within the fixed period. | Generally, you have to pay an extra amount including the interest rate. |
| If you hold a good credit score, personal loans available at lower interest rates. | Marriage loans can be pressable for married couple to repay the loan amount. |
| Wedding expenses can be managed by taking a marriage loan. It will reduce your stress. | Your other dream can delay because of paying wedding loan. |
Top Lenders Offering Marriage Loans in India
| Lenders | Interest Rate | Salary | |
| WeRize | 16% to 18% p.a. | Rs. 12,000 | Apply Now |
| MoneyView | 1.33% per month | Rs. 13,500 | Apply Now |
| HDFC Bank | 10.50% to 24% p.a. | Rs. 25,000 | Apply Now |
| Axis Bank | 10.49% to 22% p.a. | Rs. 15,000 | Apply Now |
| InCred | 11.49% to 18% p.a. | Rs. 15,000 | Apply Now |
| Fibe | 24% to 30% p.a. | Rs. 15,000 | Apply Now |
| Credit Saison | 14% to 24% p.a. | Rs. 25,000 | Apply Now |
| Prefr | 18% to 36% p.a. | Rs. 18,000 | Apply Now |
| Finnable | 16% to 22% p.a. | Rs. 15,000 | Apply Now |
| IDFC | 12.50% to 18% p.a. | Rs. 15,000 | Apply Now |
| PaySense | 1.4% to 2.3% per month | Rs. 18,000 | Apply Now |
| Upward | 9% to 32% p.a. | Rs. 18,000 | Apply Now |
| mPokket | 1% to 6% per month | Rs. 9,000 | Apply Now |
| Kreditbee | 1.02% per month | Rs. 10,000 | Apply Now |
Benefits of Taking a Marriage Loan
Manage your Marriage Expenses: You can cover up multiple expenses by taking a marriage loan. Expenses like pre-wedding photo shoots, decoration, catering service, expensive gifts, and jewellery are manageable from the loan.
Instant Approval at 12,000 Salary: Get an instant marriage loan at Rs. 12,000 monthly income. This will cover all your wedding expenses and provide an emergency loan.
Multiple Lenders Available: Obtain wedding loans from multiple lenders. Compare interest rates and other eligibility criteria from 24hrLoan and choose the right lender for you.
Take a Hassle-free Wedding Loan: We all make it digital for you. Now get a hassle-free loan approval without visiting a bank. Digitally loans are available from application to disbursement.
Not Required Hard Criteria: Taking a personal loan for marriage is not painful. A normal employee with a Rs. 12,000 salary is applicable for a loan. Our banking partners provide loans with minimal documents.
Also Read: I want 1000 rupees loan urgently
Conclusion
Don’t take a wedding loan without making proper planning. Borrower should calculate repayment amount and other expenses after marriage. You have to manage addition debt if already running. Read the pros and cons of a marriage loan and take a loan if you can repay the loan at a fixed time.
FAQs
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Is a marriage loan beneficial?
Yes, a wedding loan can cover your expenses like decoration, photoshoots, catering, buying gifts, etc. These costs can be fulfilled by a marriage loan.
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Is a marriage loan another type of personal loan?
Generally, personal loans fulfill all your expenses including marriage loans. Self-employed or salaried persons can obtain personal loans for various expenses.
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Can I take a marriage loan at Rs. 12,000 salary?
Yes, 24hrLoan offers a wedding loan at Rs. 12,000 income from various lenders. You must check other eligibility like job experience, and credit score before a loan application.