You should not borrow money for a big party, even if it is your wedding. Borrowing money means you start your married life in debt -- or in more debt if you're like most people and you also have loans or credit card debt to contend with.
A wedding loan — which is simply a personal loan that you use for wedding expenses — or a credit card could be viable options, but only if you can afford to pay the debt off within a reasonable time. You probably don't want to start your new marriage stuck in high-interest debt for years to come.
Yes, personal loans can be used for wedding financing — and for financing any of life's big events. Because you can choose any amount from $2,500 to $35,000 and your repayment term, a personal loan can cover wedding costs now while you get fixed monthly payments that work with your budget.
Personal loans are an attractive option if you need quick cash; with many lenders, especially those that operate online, funds can be made available in a matter of days. Interest rates can also be low, particularly if you have good credit, making personal loans a good way to consolidate and pay off credit card debt.
There's no mystery to it: A personal loan affects your credit score much like any other form of credit. Make on-time payments and build your credit. Any late payments can significantly damage your score if they're reported to the credit bureaus.
How to pay for a wedding with no money:
Compare Marriage Loan Interest Rates and Processing Fee May 2021
| Bank | Personal Loan Interest Rates |
|---|---|
| HDFC Bank Personal Loan Rates | 10.50% |
| ICICI Bank Personal Loan Rates | 10.50% |
| Bajaj Finserv Personal Loan Rates | 12.99% |
| IDFC First Bank Personal Loan Rates | 10.49% |
“Often times, it's a combination of parents, families, and the couples themselves.” On average, couples cover about 60% of their total wedding costs. The bride's parents pay for about 21%, while the groom's parents typically cover a bit less, according to debt.org.
The interest rates on marriage loans range from 11.25% to 24% p.a. The maximum loan amount can go up to Rs. 25 lakh.
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Marriage Loan Interest Rates from Top Banks, October 2021.
| Name of the Bank | Interest Rate | Maximum Loan Amount |
|---|---|---|
| ICICI Bank | 11.25% onwards | Rs.20 lakh |
Where can couples get wedding loans with bad credit?
Disadvantages of Personal Loans
Money in bank within 24 hours*
Bajaj Finserv offers the fastest personal loans in India – with disbursal in just 24 hours* of your loan getting approved.
Taking out a personal loan for credit card debt can help you pay off your credit card debt in full and get control of your finances. ... Make sure the personal loan you are considering offers lower interest rates than your credit cards, and have a plan to pay off your personal loan without going into new credit card debt.
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