Wedding Loans – Every person dreams of getting a good education, achieving something significant in life, and having a grand wedding. The celebrations and rituals often last for several days and involve many people. The beat of the drums, the booming music of the DJ, and the dazzling display of fireworks and lights make the event truly special. All of this, however, comes at a considerable cost.

In modern times, wedding expenses are constantly increasing. Considering these rising costs, the government has now introduced loan facilities for weddings. You can take a personal loan for your wedding to meet your needs. But will taking a personal loan be expensive? You can find out more about this below. How beneficial is a personal loan for a wedding?

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Learn about loans for weddings.

You might be surprised to know that there isn’t a separate category of loans specifically for weddings. The loan given for a wedding is usually an unsecured personal loan. This is provided by banks and NBFCs (Non-Banking Financial Companies). With this loan, you don’t need to specify how the money will be used. Therefore, people use it for weddings, vehicles, and other expenses. There are some important features of personal loans that you should know.

Learn about the features of a personal loa.n

Personal loans have several advantages. Typically, you don’t need to mortgage any property or asset. Based on your income, credit score, and needs, you can get a loan of ₹20 lakhs or even more. The interest rates on these loans usually range from 10% to 25%.

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The repayment period for personal loans is usually 1 to 5 years. The documentation is also minimal. In many cases, the money is transferred to your account within 24 to 72 hours. However, since the COVID-19 pandemic, there has been a significant increase in smaller ceremonies, limited guest lists, and court marriages.

Many couples prefer not to spend too much on their wedding and instead invest the money in buying a house or other investments to grow their wealth. Big weddings are certainly memorable, but without a proper budget and planning, these memories can turn into long-term financial problems.

How effective is a personal loan for a wedding?

A personal loan taken out for a wedding can be effective if used wisely. Personal loans typically have an interest rate of 10 to 25 per cent. This means that a ₹10 lakh loan will ultimately cost you between ₹10 and ₹14 lakh.

The joy of a few days of wedding celebrations translates into paying EMIs for many years. While the wedding itself lasts only a week, you’ll be paying EMIs for years. This can hinder your ability to invest in other plans, buy a house, or start a business.