Reasons to Opt for a Personal Loan While Getting Married

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Reasons to Opt for a Personal Loan While Getting Married

08 AUGUST, 2019

Indian weddings are a lot more than just events – it is about culture, traditions and the union of two families. However, they are also considered to be a huge monetary venture. Since the average cost of weddings in India range from 10 to 15 lakhs, sometimes even more, the Indian wedding is often called as The Big Fat Indian Wedding! Parents are always worried about saving for their children’s marriage. However, with the help of personal loans for marriage which is basically a personal loan for marriages, weddings can be pulled off even without savings. The availability of such loans help you realise your dream wedding and even gives you the freedom to fund your own wedding.

Why should you go for a personal loan for marriage?

Cost Effective: Dedicated event management companies that make wedding events grand and successful help in making a fair estimation about the total expenses based on your budget. Early payments to various service providers even fetch you discounts and help you save money.
Ease of getting personal loan for a wedding: The dynamics of personal loans for wedding have seen a great transformation in terms of interest rates, approvals and documentation. Banks today offer convenient interest rates on personal loans for marriage, easy approvals and quick disbursement of loan amount. The entire process, barely takes a day or two with minimal documentation. You can choose the tenure of the repayment based on your preference and convenience.

Factors to keep in mind while taking a personal loan for marriage

Interest rate - The interest rates have gone down due to the competition in the money lending business. Each bank is competing with another to give you the best interest rates. Hence it is advisable that you study the market well and go for the best interest rate.
EMI amount - While going for a personal loan for wedding, it is important to determine the EMI based on your initial planning of repayment of the loan. This planning is important because even though you will have other monetary commitments, you must keep repaying your loan amount on time. Therefore, select an EMI amount that will not affect your monthly expenses.
Tenure of the loan – The EMI amount is determined with respect to the tenure of loan repayment. Thus, longer the tenure lesser is the EMI amount but higher will be the interest charged. It is hence important for you to decide the tenure to repay the loan.

Personal loans are quite affordable with the flexibility to repay the loan without any financial burden. Do not worry about expenses in your or your loved ones’ wedding. Take a personal loan for marriage and make your big day a grand success!

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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.