Marriage Loan : Weddings are a wonderful and grand part of Indian culture. Colourful costumes, lavish decorations, and the splendour of traditions make Indian weddings special across the world. But organising a wedding on such a large scale is not easy. The budget of a typical Indian wedding ranges between Rs 5 lakh and Rs 20 lakh, while the cost of grand events like destination weddings can reach Rs 1 crore or more. The WedMeGood report shows that the average wedding budget in 2024 reached Rs 36.5 lakh, up 7 per cent from last year. In particular, the average cost of destination weddings has reached Rs 51.1 lakh. The main reason for these rising expenses is the rising cost of hospitality such as venues and catering.

In view of these rising expenses, now people are resorting to personal loans for marriage to meet the wedding expenses without exhausting their savings. Yes. Loans are also available for marriage. Let us tell you how to get this loan and who can apply for it.

What is a wedding loan?

A wedding loan is a type of personal loan that is used to meet wedding-related expenses. Be it booking the venue, arranging catering, buying bridal attire, or decorations, this loan helps you manage all these expenses.

Wedding loans in India are collateral-free, meaning you don’t need to deposit any security to avail them. The loan amount ranges from Rs 50,000 to Rs 50 lakh, and can be repaid over a period of 12 to 60 months. Being so flexible, this loan is an excellent option for those who want to bring their dream wedding to life without any financial burden.

 

Eligibility for wedding loan

  1. Age and Citizenship: The applicant must be between 21 and 60 years of age and must be an Indian citizen.
  2. Employment: It is important to have a stable income source, whether you are salaried or self-employed.
  3. Credit Score: A good credit score (above 750) is required for loan approval.
  4. Banking relationship: Some banks give preference to their existing customers. For example, HDFC Bank offers instant loans to its salary account holders.

Interest Rates and Application Process

Interest rates on wedding loans range between 10% and 24% per annum. The rate depends on your credit profile and market conditions. It is important to compare different banks and their terms and conditions to get the right deal.