🔑 Key Features of a Wedding Loan
| Feature | Details |
|---|---|
| Loan Type | Unsecured Personal Loan |
| Purpose | To fund wedding-related expenses |
| Loan Amount | ₹50,000 to ₹40,00,000 (varies by lender and profile) |
| Interest Rate | Typically 10% – 20% p.a. |
| Repayment Tenure | 12 to 60 months (1 to 5 years) |
| Collateral | Not required |
| Processing Time | 24–48 hours (in many cases) |
🎉 What Can a Wedding Loan Cover?
🏨 Venue rental & decoration
🍽️ Catering & guest hospitality
👗 Wedding attire (sarees, suits, jewelry)
📸 Photography & videography
🎶 Entertainment & music
🌍 Honeymoon travel
🛍️ Gifts and miscellaneous expenses
✅ Advantages of a Wedding Loan
💰 Avoid using all your savings or selling assets
🕒 Fast approval – great for last-minute needs
📉 No need for a high-value collateral
🔄 Fixed EMIs – predictable monthly budget
✍️ Can be taken by the bride/groom or family
Apply Loan
🧾 Documents Required
Aadhaar & PAN Card
Address proof (utility bill, passport, etc.)
Salary slips or income proof
Bank statements (last 3–6 months)
Form 16 (for salaried), ITRs (for self-employed)
⚠️ Things to Consider
| Concern | Why It Matters |
|---|---|
| High interest costs | Weddings are non-income-generating, so borrowing adds a burden |
| Repayment discipline needed | Missed EMIs hurt credit score and incur penalties |
| Processing fees | 1–3% of loan amount may apply |
| EMIs post wedding | You’ll be repaying even after the wedding is over |
💡 Example
Loan: ₹5,00,000
Tenure: 3 years
Interest: 13% p.a.
EMI: ~₹16,900/month
Total interest: ~₹1,08,400 over 3 years
🔁 Wedding Loan vs Credit Card
| Factor | Wedding Loan | Credit Card |
|---|---|---|
| Interest Rate | 10–20% | 30–45% if not repaid in full |
| Repayment | Fixed EMIs | Revolving credit |
| Loan Amount | ₹50k to ₹40L | Limited to card limit |
| Tenure | 1–5 years | No fixed term |
👥 Who Can Apply?
Bride or groom
Parents or guardians
Salaried or self-employed individuals
Must meet basic credit score & income requirements