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Indian weddings are well-known to be lavish and grand affairs, with celebrations going on for days. In addition to traditional rituals and customs, dancing, decor, luxurious parties and singing make the event enjoyable. No matter how fascinating the whole affair sounds, organising marriage in India comes with a massive budget, and a marriage loan can aid you in covering all wedding expenses. The article guides you about marriage loans. You can undergo the CIBIL Score Check free.
Reasons to Opt for a Marriage Loan
In addition to the requirement for money, there are multiple reasons to apply for marriage loans. The reasons for opting for a marriage loan are as follows:
- A vital reason for applying for a marriage loan is to make the ceremony and day memorable and enjoyable. To make weddings an extravagant affair, you require a marriage loan.
- Marriage loans are a financial tool that everyone having a tight budget can access. It empowers you to explore the complexities of wedding plans.
- With the help of a marriage loan, you can book your desired location for the marriage ceremony, select your preferred caterer, and create splendid outfits for the wedding ceremony.
- You can plan a trip or a getaway to your dream destination with the funds from your marriage loan.
Factors to Consider Before Opting for a Marriage Loan
Before you apply for a marriage loan, you can research and gather information about the various facets of a marriage loan. You do similar things while opting for other loans, such as home, car, education, auto, personal loans, fixed deposits, mutual funds, and credit cards. Some factors you can consider before selecting a marriage loan are as follows:
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Eligibility Criteria for Marriage Loans
Marriage loans come under personal loans, and there is a specific eligibility criterion that you must fulfil before applying for a marriage loan.
- Indian citizen
- Full-time employment in the private or the government sector
- Minimum six months of work experience with three months with the current employer
- Employers must credit your salary to a bank account in your name.
- If you live in a Tier 1 city like Mumbai, your monthly salary must be more than Rs. 20,000. If you live in a Tier 2 city like Kochi, your monthly salary must be Rs.15,000.
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Interest Rates on Loans for Wedding
Checking interest rates before applying for a marriage loan is another crucial factor worth considering. You can check out the interest rates on wedding loans from different lenders and compare them. While comparing, you can find diverse interest rates. The interest rates on wedding loans vary from 16% to 28%.
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EMI Payment
If you plan to pay off your loan in equated monthly installments, you can use a calculator to check how much you will pay monthly. You can enter the principal loan amount, choose the interest rate, and the term with which you will pay off the loan. After entering the relevant details in the calculator, it will show you the monthly amount you will pay.
Perks of a Marriage Loan
The perks of applying for a marriage loan are as follows:
- Marriage loans are valuable and aid you in covering wedding expenses.
- Marriage loans have lower interest rates than other loans.
- You can quickly access marriage loans.
- Marriage loans have an extended repayment tenure giving you sufficient time to pay off the borrowed amount and set a proper budget for other expenses.
- There are no restaurants on marriage loans, and they are flexible.
- You do not need collateral.
Cons of a Marriage Loan
The cons of a marriage loan are as follows:
- The repayment tenure can be long-term if you do not get marriage loans at reasonable interest rates.
- A few wedding loans might have some hidden charges.
- Since marriage loans do not need collateral, they are unsecured loans. Hence, you need high credit scores. You can go through the CIBIL score check for free.
Conclusion
Marriage event is an auspicious occasion for everybody because it marks the start of a new relationship and companionship. You can find an apt balance between finances and celebrations so that you do not feel instability at any moment after your marriage. The guide mentions a few things that you need to know about a marriage loan. If you plan your wedding or someone near you and are short of funds, you can apply for marriage loans. You can repay the loan on time, so your credit score remains excellent and healthy. You can perform the CIBIL score check for free.
