Indian weddings are very special. Colorful programs, the atmosphere created in traditions and special attention to small things-they all together make them among the most brilliant weddings in the world. The wedding season of 2024 broke all the records. According to the 2024-2025 annual report of WedmeGood, there were about 48 lakh marriages between October and December, which led to a turnover of about 6 lakh crore rupees.
However, it is not a cheap deal to have such a grand ceremony. The average budget of an Indian wedding is between 5 lakh to 20 lakh rupees lakhs and if it is about a destination wedding, then this expenditure reaches 1 crore rupees or sometimes above it.
The report of the wedding states that in 2024 a wedding average budget reached Rs 36.5 lakh, which is 7% more than the previous year. At the same time, the average cost of destination wedding has reached 51.1 lakh rupees. The reason for this uptrend is to increase the expenses of hospitality service like venue and catering. According to Weddingwire India, a wedding average cost in 2023 was Rs 28 lakh, which was Rs 25 lakh in 2022.
Due to these increasing expenses every year, many couples and their families are now turning to options like personal loans for weddings, so that their savings are not completely eliminated.
With the arrival of digital platforms like Moneycontrol, it has become easier than before taking 100% digital and instant personal loan. Now, without any paper hassle, you can follow these easy steps – fill your details, complete KYC and choose EMI plan. After this, in a few minutes the money can come directly to your bank account. Moneycontrol has a partnership with 8 big lenders, from which you can take an instant loan of up to Rs 50 lakh at an initial rate of 10.5% annually. There is no hidden charge in it.
What is marriage loan?
Marriage loan is a kind of personal loan, which is specially taken for the needs related to marriage. Whether it is to book venue, book catering, take bridal clothes or decoration, marriage loan gives financial support for all these expenses.
Marriage loan in India is found without any guarantee or security, that is, you do not need to pledge any property or asset. A loan amount of Rs 50,000 to 50 lakhs can be found under marriage loan and the repayment tenure is between 12 and 60 months. This flexibility is very beneficial for those who want to remove the desire of their dream wedding by removing the mess of money.
Eligibility to take marriage loan in India
Some common conditions related to eligibility to take marriage loan are as follows:
- Age and citizenship: Applicant should be an Indian citizen and should be between 21 and 60 years of age.
- employment: Whether it is applicant salary or self-eligy, there should be stable income source in both cases.
- Credit Score: A good credit score, especially above 750, is necessary for the loan approval. The interest rate can also be reduced if there is a good score.
- Bank Relationship: Some banks pay attention to existing customers. For example, HDFC Bank offers an instant loan to its salary account holders based on some conditions related to income.
Interest rates on marriage loan
Interest rates on marriage loans in India can range from 10% to 24% per annum, which depends on your credit profile, lender and current market status. For a good deal, it is necessary to compare different lender terms and interest rates.
How to take marriage loan?
Step-by-step guide to take marriage loan:
- Research and compare: Understand the interest rates, processing fees and tenure of different lenders.
- Prepare the document: Prepare documents like Aadhaar card, address proof, income proof (salary slip or bank statement) and recent photos.
- Apply online: Fill all the required details on the Lander’s website or mobile app.
- Upload the document: Scan and upload all the documents.
conclusion
If you do not have any instant funds for marriage, then marriage loan can be a smart option. However, before taking a loan, make a correct assessment of your economic status and the ability of the repayment. Marriage takes place only once in life, but taking more loans can increase the financial burden later.
Summary
Indian weddings are fantastic, but their increasing expenses can also bring trouble. Here we are telling how the marriage loan can give you financial flexibility, so that you can make your marriage special without worrying the budget.
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Disclaimer
This fraction/article is written by an external partner and does not reflect the work of the editorial team of Moneycontrol. This may include references to products and services offered by Moneycontrol.