Wedding Loan: Know Full Calculation
Wedding Personal Loan: Now, the wedding session is live in India. However, Indian weddings are too expensive. So, Many parents or groom-bride take a loan for their wedding. But personal loan good or bad? Let’s know all about it and know the full calculation of a personal loan for a wedding.
Key Features of Personal Loans:
– Personal loans typically do not require any property or asset to be pledged as collateral
-Get loans above Rs 20 lakh as per your income or credit score.
-Interest rate is under 10% to 25%
-Duration of loans payment is 1to 5 years.
-Document is limited and many cases money transfer to bank account is 24to 72 hours.
These Banks are Give, personal loans for weddings:
State Bank of India- 10.05% to 15.05%
HDFC Bank- 9.99% to 24.00%
ICICI Bank- 10.45% to 16.50%
Axis Bank- starting upto 9.99%
Kotak Mahindra Bank- Starting from 10.99%
IDFC First Bank- Starting from 9.99%
Induslnd Bank- Starting upto 10.49%
Yes Bank- Starting from 10.85% to 21%
Bank of Baroda- Starting from 10.40%
Bank of India- Starting from 10.85%
Punjab National Bank- Floating rate: starting from 10.60% Fixed rate: starting from 11.60%
IDBI Bank- 11% to 15.50%
Bank of Maharastra- 9.00%
When is it wise to take out a wedding loan?
- If you need money for a short period to cover only a portion of your wedding expenses.
- If you have a stable income and a clear plan for repaying the EMIs.
- If you don’t already have any major financial burdens.
- Repaying a small and manageable loan on time can also improve a young couple’s CIBIL score.
- This can help them get cheaper car or home loans in the future.
- The loan EMI should be within 10 to 15 percent of the couple’s joint income.
If you opt for a smaller wedding, that same money can change the course of your life. You could use it for a down payment on a house. Investments like mutual funds or SIPs (Systematic Investment Plans) can provide significant growth over the long term.
Some couples choose a smaller wedding and use the money for a memorable honeymoon and other experiences. You can also build an emergency fund to protect yourself against situations like medical expenses, job loss, or family emergencies.
