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.
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