How to get personal loans to cover wedding cost
December 03, 2018
Falling in love and finding your soul mate may be free, but getting married is an expensive affair. Indian weddings are communal celebrations – it’s a time for the extended family, kith, and kin, and friends - to gather to bless, wish and celebrate the young couple starting their lives together.
Indian weddings are multi-day extravaganzas with an array of ceremonies and rituals. Each ceremony could very well cost 5 lakh rupees (very often more), and an average wedding ceremony has at least three to four, such rituals.
There are endless expenditures – hiring the best designers for the bride and groom’s clothing, jewellery purchases, venue, caterers, band, accommodation and more. With that said, no one wants to compromise on their big day, after all, it’s a huge milestone in one’s lives.
What to do if you don’t want to use up the entire life’s savings of your parents to fund your wedding? Or what to do if you find that you don’t have enough savings to finance your daughter/son’s dream wedding?
Worry not, this is where – wedding loans come into the picture.
What is a Marriage Loan?
It’s a low-interest personal loan that you avail to pay for your wedding ceremony related expenses. It’s an unsecured loan, meaning you don’t have to submit any collateral to take the loan. Just like all other loan products, you pay back the principal along with interest as EMIs over a period.
If you’re considering taking a personal loan for wedding expenses, here’s what you should know.
Salient Features of ICICI’s Instant Marriage Loans:
- Marriage loan interest rates offered by ICICI bank starts at 11.25%. However, the final interest rate you’ll be charged depends on several factors like your credit history, credit score, income levels and more.
- You can avail a personal loan for a wedding for up to 20 lakhs. The tenure of this loan is usually around one to five years.
- Personal loan for marriage is an unsecured loan. Meaning, you don’t require the signature of a guarantor or submit collateral. As a result, the paperwork is minimal, and loan application and processing are straightforward and quick.
- You can apply for a marriage loan through any one of the following channels – internet banking, iMobile app, or visit your nearest branch. Alternatively, you can send an SMS PL to 5676766, and a personal loan expert will get in touch with you.
- The general marriage loan eligibility terms are – the loan applicant should be over 23 years, earn a steady income and must have been employed for at least two years. However, the eligibility criteria vary from individual to individual, so make sure to get in touch with a personal loan officer to know more.
Benefits of availing a Bank Loan for marriage from ICICI
- Speedy disbursal of funds – Once you provide the required documentation and other details, the funds are sent directly to your savings bank account within a few hours (or a few working days at the maximum). This means, you no longer have to put your marriage preparations on hold, due to the unavailability of funds.
- No restrictions on the Usage of Funds – You can use the funds for any marriage-related expense like booking the venue, hiring the caterers, makeup artists, purchasing designer outfits or even booking flight tickets for your honeymoon. The usage of funds is entirely at your discretion.
- Flexible EMI and Tenure – You can decide on the tenure of the marriage loan and choose the EMI that doesn’t strain your finances.
- Attractive Interest Rates – ICICI offers attractive wedding loan interest rates, which reduce your overall loan burden.
Make your big day picture perfect
Get the financial support you need for funding your wedding by availing a loan for a wedding in India and make your fairytale wedding dreams come true.
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