By Admin 
Marriage in India is not just two people, but the pride of the entire family. Large pavilions, theme decorations, destination venue, bridal entry to great food, perfection in everything. But the price of this perfection is also large. According to the report of WedmeGood, in 2024, between October and December, there were about 48 lakh weddings in India and this led to a business of Rs 6 lakh crore.
Well, if you are also going to get married and is in tension about this long expense, then your tension can now be removed. Actually, there are many banks in the market that give marriage loans. Let us tell you how you can take a marriage loan for your magnificent wedding.
how much is spent in an average Indian wedding?
Nowadays a normal wedding budget starts from 5 lakhs to 20 lakhs, but as soon as it comes to Destination Wedding, this expenditure can also go up to 1 crore. According to a wedding report, an average of 36.5 lakh was recorded on a wedding in 2024, which is 7 percent higher than in 2023. At the same time, this figure has reached 51 lakh in Destination Wedding. This expenditure is increasing rapidly every year due to increasing inflation, venue and catering like hospitality charge.
Marriage loan will be made support
When the expenses of marriage reach such a height that the savings fall short, then people turn to ‘marriage loan’. This is a personal loan which is specially taken for the expenses related to marriage. Such as marriage venue, decoration, clothes, photography, bridal entry or stay of guests, everything can be managed with this loan.
Taking a loan is now easier than ever
Now taking a loan in the digital age is not as complex as before. Now marriage loan can be taken in just a few clicks. There is no long paperwork, just fill basic information, kyc and choose your EMI scheme. In a few minutes, money can be transferred directly to your account. Even loans up to 15 lakh are available at an initial rate of 12 per cent per annum, that too without any hidden fee.
who can take marriage loan?
Those applying for marriage loan in India should be between 21 and 60 years and they should be Indian citizens. Also, a source of stable income, whether it is a job or business, is mandatory. Due to better credit score (750 or above), both the possibility and interest rate of getting a loan become better. Some banks like HDFC prefer their existing salary account holders and also give them instant loan facility.
what is interest rate and loan period?
Interest rates on marriage loans in India can range from 10 per cent to 24 per cent annually, which depends on your income, credit score and bank rules. Usually the loan duration is kept from 12 months to 60 months, which gives you flexibility in installments.
Take a loan for marriage or not?
Although marriage loan many times proves helpful in reducing the financial burden, it is also a responsibility. You should make sure that you take only the loan as needed and can pay it on time. It is also very important to choose the right option by comparing interest rates and deciding the EMI plan according to your income.
Read also: Is this coin going to stop? The government was losing crores, was continued in 1973