If you’ve ever planned a wedding, you know that even a small and intimate one can cost at least a couple of lakhs. From paying for the venue, decorator, and caterer to buying an outfit for the event, an Indian wedding comes with a sizable bill. The good news is that you don’t have to foot this bill alone as you can easily apply for a personal loan for marriage.
Wedding loans are a type of unsecured personal loan designed to offer easy funding for all wedding-related expenses. These loans come with flexible tenures and a quick and easy application process.
This is an entirely personal decision. If you ask me, the answer is no. Strictly speaking, you don't need to get into debt just for a one-day event. You could argue that it's the most important day of your adult life, but that's for you to decide.
If you do decide to take a loan for your wedding, then personal loans for weddings give you the funds needed to finance your wedding expenses without liquidating assets. Moreover, you can use multi-purpose loans to do everything from buying wedding jewellery to funding your honeymoon.
Consider a personal loan only if you can handle the EMIs, especially as a newlywed with upcoming expenses. If unable to prepay a high-interest wedding loan within a few months, explore reducing expenses or smartly investing in debt funds to avoid getting trapped in wedding loan debt.
If you’re planning to take a personal loan for your wedding, here’s how you should go about it:
Carefully evaluate your funding to borrow only what’s needed. Borrowing more than your requirement will trap you in a long EMI payment cycle and increase your interest burden.
Lenders will have certain age, income and credit score requirements. Reviewing these criteria before applying for the loan prevents application rejections.
Defaulting on a personal loan for marriage can ruin your credit score, damaging your chances of availing of future loans. Using online EMI calculators can help plan better and keep EMIs manageable.
You should pick a loan with zero or minimal foreclose fees to prepay the loan and minimise hefty interest payments.
You can either visit the lender's official website or the physical branch office to fill up the loan application form and submit the supporting documents.
If your application is approved, you will receive a loan offer letter. Sign the letter and wait for the amount to reach your account.
However, your application can take up to a week to be processed, vetted, and approved. So, instant loans by leading online apps like Fi are better alternatives if you need immediate funds to meet your wedding expenses.
Depending on your requirement and credit score, you can secure between Rs. 50,000- Rs. 5 Lakhs as an instant pre-approved loan from Fi. Here’s a list of steps you’ll need to follow:
Step 1: Download the Fi Money app from the Google Play or Apple App Store.
Step 2: Register and set up your Savings Account.
Step 3: Check the app for pre-approved instant loan offers.
Step 4: Complete the online KYC procedures.
Step 5: Get a quick approval and have the amount instantly disbursed to your account.
If you’re short on funds when planning a dream wedding, availing a marriage loan in India makes sense. However, when starting this new chapter in your life, it's important to strike the right balance between celebratory expenses and finances. Thus, comparing loan rates, fees, tenures, and other terms is necessary to prevent jeopardising your finances.
Get pre-approved personal loans directly to your Savings Account through the Fi Money app. Interest rates are competitive, and you can manage your loan details in-app. Plus, no more late payments with automated payments. Our partner bank, Federal Bank, gives eligible users loans up to ₹5 lakh.
You can budget easily by using Fi’s personal loan EMI calculator tool. You can review your EMI burden on the tool and assess if a personal loan is right for you.
It can take up to a week to get your personal loan approved. To avoid this long waiting period, you can avail of instant loans that offer immediate approvals and fund disbursals.
Personal loans don’t come with usage restrictions. In other words, you can use a personal loan to meet all your requirements.
Yes, personal loans can be availed for marriage purposes in India. Many financial institutions and lenders offer personal loans specifically designed for weddings, providing funds to cover wedding-related expenses such as venue, catering, decorations, and more.
Choosing between personal loans and wedding loans for marriage in India depends on personal preferences and circumstances. Compare interest rates, terms, and eligibility to decide which loan best suits your needs.