Marriage Loan Guide: All You Need to Know

Marriage is a special event in every individual's life, which is not only about the union of two people but also becomes a cherished memory for the entire family. To make these moments truly memorable and special, a dream destination, proper catering, a professional photographer, and other arrangements are essential. However, organizing such a dream wedding requires adequate funding. Therefore, it's important that money does not become a hurdle for anyone in achieving their dream wedding. So, a personal loan for a wedding is the perfect financial solution for your dream wedding.

What is a Marriage Loan?

A wedding loan or a marriage loan is a personal loan that you can use to cover your wedding expenses. With a wedding loan, you can not only handle all the expenses of your wedding celebration, but you can also manage other marriage expenses.

There are no restrictions on how to use the personal loan amount. You can use a marriage loan for:

• To pay for all wedding-related expenses such as wedding invites, venue, decoration charges, bride-and-groom attire, catering, make-up and photography charges, gifts, etc.
• Funds for honeymoon expenses.
• Purchase for furnishing your new house.
• Special gifts for your spouse-to-be.

A wedding loan is similar to a personal loan, it provides a higher loan amount to bear all the wedding expenses swiftly. Wedding loans are collateral-free and do not require any security to avail the loan.

Why Choose My Mudra Marriage Loan?

My Mudra offers a convenient and efficient personal loan for marriage. With instant online approval, you can check your credit score, and your eligibility, fill out the application form, and get access to personal loans online. My Mudra will assist you throughout the process from the online application form to the disbursement of the loan amount in your account. Apply now for an online marriage loan and live your dreams in reality!

Pros and Cons of Wedding Loan

There are both positive and negative sides of availing a marriage loan:

Pros of Wedding Loan:

• A wedding loan is the best option to fund your wedding in a convenient and quick manner.
• You do not have to take any financial help either from your parents, friends, or relatives.
• You can keep your savings intact and no need to compromise your dream wedding.
• Wedding loans come with large loan amounts. There are many banks that provide wedding loans up to 75 lakhs or 20 times more than a borrower's monthly income.
• It can also improve your credit score if you make timely payments.

Cons of Wedding Loan:

• Your marriage will begin with a debt.
• Availing marriage loans can be tempting for you at times and you may spend beyond your budget.
• A marriage loan is unsecured, which means you have to give higher interest rates on your loan.

Tips to Consider Before Applying for a Marriage Loan

If you are planning to get a marriage loan then there are a few tips to keep in mind:

• Plan your wedding expenses and set the total budget for the marriage.
• If you have your savings, then see how much you can use the savings for your wedding expenses, and then for the remaining amount take the wedding loan.
• Compare the loan options provided by various lenders, see the offers, and then decide your lender wisely.
• If you are capable enough to put your collateral then do consider a secured loan because a secured loan comes with lower interest rates.

Marriage Loan Eligibility

Now you know the pros and cons of taking a marriage loan and some tips too, here is what you need to know more about marriage loan eligibility:

• Applicants must be of marriageable age to apply for a marriage loan. Most banks require marriage loan applicants to be at least 21 years old for marriage loan eligibility.
• Borrowers must have a monthly income of at least Rs. 15,000.
• Salaried individuals, self-employed, and even professionals can apply for a wedding loan.
• Maintain a good credit score of a minimum of 750 and above.
• You will need to submit all required documents including identity proof, address proof, age proof, salary slips, and recent bank statement of a minimum of 6 months.

Conclusion

Marriage loans have helped many people who needed financial support to bear their marriage expenses. This blog was completely about marriage loans and would help you to make the decision to avail of a loan. My Mudra provides the best loan for marriage at competitive interest rates. Marriage loan rate of interest depends on various factors such as tenure, loan amount, your credit score, and also varies from lender to lender.

Also read: Why Is Gross Income Important While Taking A Personal Loan?