NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / Business News / Say 'I do' to affordable weddings with smart loans 
    Summarize
    Next Article
    Say 'I do' to affordable weddings with smart loans 
    Refer to this guide

    Say 'I do' to affordable weddings with smart loans 

    By Sanjana Negi
    Jan 06, 2025
    05:35 pm

    What's the story

    In India, weddings aren't just events—they're full-blown festivals of extravagance. Think of the lavish arrangement that could buy a small car.

    But behind the glitz and glamour lurks a harsh reality: skyrocketing costs that can drain family savings. That's where wedding loans come in. Offering quick, collateral-free cash with flexible payback options, they're the modern-day saviours for budget-conscious families.

    So, whether it's a dream destination wedding or a hometown celebration, wedding loans are rewriting the script of Indian nuptials.

    Basics

    Understanding wedding loans

    Wedding loans in India are essentially unsecured personal loans that are advertised specifically for the purpose of funding wedding expenses.

    As unsecured loans, they do not require borrowers to pledge any collateral.

    Financial institutions offer loan amounts ranging from ₹50,000 to ₹25 lakh, and repayment tenures can be up to five years.

    Interest rates differ significantly among lenders, typically ranging from 10% to 20% based on the borrower's creditworthiness.

    Criteria

    Eligibility and documentation

    In order to be eligible for a wedding loan in India, applicants need to fulfill specific requirements stipulated by lenders.

    These typically involve being within the age bracket of 21 to 60 years and possessing a steady income stream, either through employment or business ventures.

    Necessary documents usually include identity proof, address proof, income proof (like salary slips or income tax returns), and bank statements.

    Options

    Comparing lenders

    If you are planning to take a wedding loan in India, it is important to compare different lenders before making a decision.

    Consider factors like interest rates, processing fees (typically 1% to 3% of the loan amount), prepayment charges, and customer service.

    Some lenders may offer special benefits like flexible repayment options or lower rates for existing customers.

    Planning

    Financial planning tips

    Borrowing responsibly for a wedding requires thoughtful financial planning.

    Couples should establish a clear budget for their wedding costs before seeking a loan to prevent borrowing more than needed.

    It's also wise to start saving for the wedding well in advance and only borrow what can be comfortably repaid without burdening their future finances.

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    Finance

    Latest

    Pakistan attacks India with drones again; family in Punjab hit    Jammu And Kashmir
    Carlos Alcaraz returns to form at Rome Masters after injury Carlos Alcaraz
    Michael Vaughan suggests UK as potential venue for IPL 2025 Michael Vaughan
    Arsenal's Mikel Arteta warns fans about potential striker signing challenges Mikel Arteta

    Finance

    Leveraging off-season travel for budget vacations in India Lifestyle
    Navigating cyber insurance for Indian small businesses Lifestyle
    Insurance guide for home-based entrepreneurs in India Lifestyle
    EaseMyTrip CEO Nishant Pitti steps down, Rikant Pittie takes over India
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025