Is It Okay To Take A Loan For Marriage

Nov 22, 2022

5 min. Read

Is It Okay To Take A Loan For MarriageConsumer Loan

Marriages may be made in heaven, but they have to be paid for on earth. Marriages in India are a costly affair. From the venue to the outfits, the jewellery, the caterer, the pre-wedding shoot, the honeymoon, setting up the apartment, etc. everything requires money and lots of it. And you don’t really want to borrow money from your parents or relatives, correct? Neither would you want to disappoint your partner or family by being stingy? After all, you only marry once. So, not only is it okay to take out a loan for marriage, but it's also a popular choice. Typically, a loan for marriage in India is also known as a personal or a consumer loan used for marriage-related activities.

But which type of loan for marriage should you opt for - Gold loans or consumer loans? Gold loans are highly popular in India, but they do have some downsides. For instance, gold loans require compulsorily pledging of your gold with the lender whereas consumer loans have a strong benefit of no hypothecation/collateral unlike gold loans. Here are a few other reasons why taking a consumer loan for marriage is the smarter choice:

1. No haircut: But in the case of a marriage loan, you do not have to arrange for any down payments. You can avail 100% loan for marriage.

2. No collateral required: When you take a consumer loan for marriage, you do not have to pledge any assets.

3. Easy and convenient: A loan for marriage can be easily applied online and if your credit score and documentation are proper, then your loan will be processed without any hassle and instantly. Yes, you read that right you have to submit any minimal marriage loan documents and you can get the desired loan amount easily.

With these benefits, opting for consumer loans to finance your marriage is the ideal choice. The next important question is which is the best marriage loan in India? The answer is  L&T Finance consumer loans, where you can get a marriage loan of up to Rs 7 Lakhs.

The marriage loan interest rate starts from 11% p.a.

Advantages and Benefits of applying for a Marriage Loan:

1. Completely digital process: Availing L&T Finance consumer loan for marriage in India is super convenient owing to our 100% digital loan processing system. Simply fill the contact us form and submit the required details. Once verified, the loan amount will be transferred to your bank account within 30 minutes.

2. Loan for all – no discrimination: You can be working or owning a business, L&T Finance consumer loans for marriage are available to both salaried and self-employed professionals.

3. Low interest rates: The marriage loan interest rates start as low as 11% p.a at L&T Finance. Additionally, as a reward for your discipline, the interest charged on our consumer loans is based on your Credit Score. A high credit score can lead to huge savings in interest payable.

4. Easy Accessibility: You do not have to go anywhere to avail this loan, you can apply for a consumer loan for marriage in the comfort of your home or office.

5. Benefit from the Brand: L&T Finance is a trusted brand and the financial services arm of the parent Larsen & Toubro company.

Low processing fees, prepayment facility, transparency etc. are other benefits of opting for an L&T Finance consumer loan for marriage. Let us now look at the marriage loan eligibility criteria and documents required to avail our consumer loan.

L&T Finance Consumer Loan Documentation

Marriage loan documents are very minimal which means less hassle for you and faster processing of the loan. Here are the documents required for availing our consumer loans:

· Aadhaar number

· PAN number

· Current address proof – Aadhaar, Passport, Voter ID, Driving license, water / electricity bills, job card by NREGA etc.

· Bank details

Marriage is the coming together of families and loved ones. So, pull out all the unnecessary obstacles and dance your heart away (literally) to a Bollywood-themed sangeet and fun-filled mehndi night. With minimal documentation, fast-direct-to-bank disposal, transparency and no collaterals, L&T Finance consumer loan is simply class apart. So, it's time to eliminate stress from your wedding prep with L&T Finance, right by your side. Enquire or apply for our consumer loans in one click now.

This article is authored by L&T Finance.

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