Wedding Loans: The wedding season is ongoing across the country, and Indian weddings are unique in many ways compared to those in other countries. They are grand events, with rituals lasting for several days and celebrations held at extravagant venues. This is why people often spend large sums of money on Indian weddings. However, many people may not have enough funds to plan the weddings as they envision. In such cases, they may resort to borrowing from relatives or friends. Alternatively, a wedding loan or credit card can be used to cover wedding expenses, sparing you from borrowing money from loved ones.
Choose the option based on your needs
Many banks offer wedding loans to their customers. A wedding loan is a type of personal loan that can be used for wedding expenses. Alternatively, you can use a credit card, but it has a spending limit. The option you choose depends on your wedding expenses. If you need more money, a wedding loan may be a better option. If you need less, a credit card can suffice.
Important points to consider
Wedding loans generally have lower interest rates than credit cards. With a wedding loan, you pay a fixed EMI. In contrast, credit cards allow for immediate purchases without any documentation. However, taking a loan requires various documents. You can use both options depending on your needs, but remember, if you miss a credit card payment, the bank will charge a high penalty interest.
Marriage Loan Features and Benefits:
- A personal loan for marriage ensures a stress-free and joyous wedding day.
- No need to worry about running out of money during your wedding events.
- The loan process is entirely digital, with no paperwork involved.
- Get real-time approval for a personal loan or credit line up to ₹5 Lakh.
- Use funds as needed and only pay interest on the amount used.
- Repay your loan with convenient EMIs, choosing a tenure that suits you, ranging from 3 months to 48 months.
- With Stashfin’s credit line, access money instantly, anytime, anywhere.
5 Indian Banks Offering Higher Interest Rates on Wedding Loans
- State Bank of India (SBI)
SBI provides personal loans for weddings with competitive interest rates, typically starting at around 10.50% per annum. The loan tenure can be flexible, allowing borrowers to repay comfortably. - HDFC Bank
HDFC Bank offers wedding loans with interest rates starting at 10.50%, depending on the applicant’s credit score and eligibility. They also offer quick approval and flexible repayment options. - ICICI Bank
ICICI Bank provides personal loans for weddings with interest rates starting from 10.99%. They also offer easy documentation and fast processing, ensuring timely disbursal. - Axis Bank
Axis Bank offers wedding loans at interest rates starting from 11%. The bank offers attractive repayment tenures, allowing borrowers to plan their finances better. - Bajaj Finserv
Bajaj Finserv offers wedding loans at competitive interest rates starting at 11%. Their loans come with flexible repayment terms, and borrowers can avail of the loan with minimal documentation.
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