Is it appropriate to get married by taking a loan?: How to get a marriage loan, what are its criteria, know the answers to every question from experts

Marriage is the most auspicious and happy occasion of any person's life, because two people have entered into a sacred bond to live with each other, hence everyone wants to make their marriage grand and memorable, but in this era of poverty, the budget of marriage ceremony has started reaching the sky.

According to the report of global investment banking firm Jefferies, the average cost of a wedding in India is Rs 12 lakh. This cost may increase or decrease depending on the cities and situation. There are many types of rituals and programs in marriage. In such a situation, the wedding budget increases many times more than your savings. Especially in such a situation when you want to make the wedding grand and attractive.

In today's era, there is also the facility of marriage loan for marriage, which can help in making your marriage grand. There are many finance companies in India which give loans worth lakhs for marriage.

so today in the news of work We will talk about where one can get a loan for marriage? You will also know that-

Expert: Rajshekhar, Financial Expert (Daheradun)

Question- What is marriage loan?

Answer- Marriage loan comes under the purview of personal loan. However, some banks and financial institutions also offer separate marriage loans. In this, the interest rate is the same as that of personal loan. Under this, loans ranging from Rs 5 lakh to Rs 50 lakh can be availed. The best thing about marriage loan is that no security is required to deposit it.

Question- Nowadays, what kind of planning are the youth doing for their marriage? Answer- India's online personal service provider company 'Indialands' had released 'Wedding Spends Report 2.0' last year. In this report it was told how the new generation is fulfilling the responsibility of their marriage. In this regard, a survey was conducted among 1200 Millennials between October and November 2023. Millennials means those people who were born between 1981 and 1996. Only 41% of Millennials surveyed planned to finance their wedding themselves.

Question- Which are the main banks giving loans for marriage in India?

Answer- Many big banks of the country give loans for marriage. There is also a difference in their interest rates. Before taking a loan, compare the interest rates of all the banks accurately.

ICICI Bank Rs for marriage 50,000 to Rs. Provides personal loan up to Rs 50 lakh. Its interest rate starts from 10.85% per annum.

Kotak Mahindra Bank Rs. 50,000 to Rs. Provides loan up to Rs 35 lakh, which you can use for wedding related expenses.

HDFC Bank You can take a loan ranging from Rs 50 thousand to Rs 40 lakh. Its interest rate ranges from 11% to 22%. The loan repayment period is from 1 year to 5 years.

Axis Bank This bank gives loans up to Rs 10 lakh for marriage, the interest rate of which starts from 11.25% per annum.

Bank of Baroda Loans are given for marriage at an interest rate of 11.10% per annum. In this you can take a loan up to Rs 20 lakh. The loan repayment period is up to 7 years.

Question- How to apply for marriage loan? Answer- Marriage loan is used for personal expenditure purpose. Therefore it has been kept under the purview of personal loan. There is no separate provision for interest subvention for marriage loan. To apply for a loan, it is necessary to have the documents ready a few months before the wedding. This includes identity card, proof of residence address, salary slip of the last three months and bank account statement of the last three months.

Then compare the interest rates, fees and terms of different banks and financial institutions. Then choose the bank or financial institution as per your requirement. Make sure to check the authenticity of the bank or financial institution from which you are taking a wedding loan.

You can apply for marriage loan online or offline by visiting the website of the bank or financial institution. After this, discuss your EMI with the bank advisor and know how much you will have to pay weekly.

Question- What are the criteria for marriage loan? Answer- Some criteria have been set by various banks and financial institutions for marriage loan. It includes some general things. You can see this .

Apart from these conditions, the bank or financial institution may also impose additional conditions as per its policies. Therefore, before applying for a loan, contact the bank and get complete information about all the terms and conditions.

Question- Under what circumstances should a loan be taken for marriage? Answer- If your savings are less than the wedding budget and you need money immediately, then taking a wedding loan is a good option. However, for this it is necessary to check the interest rate, EMI and tenure of the loan. Also, make sure to know when you can repay it.

Question- Is a marriage loan a suitable option to cover the wedding expenses? Answer: Wedding expenses can be covered through marriage loan. This is not a good option for those who have other options. Therefore, you should take the decision according to your financial situation. Opt for marriage loan only if you are able to pay EMIs for a long time in future.

Question- Can taking loan for marriage be harmful? Answer- It is very important to keep some things in mind before taking a loan for marriage. The interest rate on marriage loan is high. Therefore, it may be difficult to repay it.

Apart from this, the marriage loan has to be paid every month. This can affect your long term savings. If you can't make your monthly payments on time, it will hurt your credit score. Apart from this, the interest burden on the loan will also increase.