Marriage is a life event, which is wonderfully celebrated in our Country. It is the event full of enjoyment, happiness and high emotions. Marriages in India are celebrated in a unique manner and entirely different from rest of the world. Being the biggest celebration of a person’s life, people always want to celebrate it at the highest level even it demands some financial aid.
For covering up the cost of marriages, a Marriage loan come to the rescue for most of the people. A Marriage needs to be perfect and is a one time affair in most people’s life and thus it needs to be celebrated at the highest spirit. Wedding loans or Marriage loans allow people to celebrate this moment at the highest level. With the availability of several banks and lending agencies, there is no dearth of options available for the people who are looking for marriage loans.
There are several banks, which offers marriage loans at low rate of interest and offer a quick and speedy loan disbursement to the people in need. The Marriage loan is a quick way to meet all expenses during the times of marriage. These are in fact personal loans, and come as a short term loan with the loan amount generally varying from 1 lakh to 15 lakh.
Quoting an old news, we can say that the marriage loan market in Mumbai alone is more than 600 crore and thus one can predict, what can be the total size of the Marriage loan market in the entire country. With the marriage season coming closer, one can witness a long queue in the banks for the purpose of marriage loans. Several private lenders have even come up with the separate segment for marriage loans seeing the opportunity they can cash in. Based on a survey, people who are above the age of 50 approaches banks for the purpose of marriage loans for their children and more recently a new trend among youths has also been noticed, regarding approaching banks for the purpose of marriage loans for their own.
Average Loan Amount
More recently this type of loan was not considered as a separate type of loans, but seeing the huge demands, many banks have started to come up with these loans as a separate type of loans. However, those banks, who follow traditional aspects of personal loans, offer loans for the purpose of personal spending, which can vary across different aspects of lifestyle and marriage also comes under the same category. However, the approach is quickly changing and changes can be seen in the banking segment when talked about marriage loans. As mentioned above, the marriage loans come as a loan requirement varying from 1 lakh to 25 lakh depending on the way you are going to lavish on your or your kin’s wedding.
Interest Rates on Marriage Loan
The rate of interest for marriage loans varies with each lender, but generally the rate of interest varies around 13% per annum. There may be a disparity seen when it comes to the marriage loans rate of interest as many banks, consider it as personal loans and thus a higher rate of interest, as high as 16% can also be seen.
Who can benefit?
All salaried individual working as a professional and having a salary of around Rs. 18000 min, can avail marriage loans with ease. However, the criteria may differ, depending upon the banks. Hence you are advised to consult the concerned bank to get the complete and correct information on marriage loans. The age of a person desiring for marriage loans vary from 21 years to 60 years.
Mortgage loan status in India and rest of the world
When it comes to the comparison between India and the rest of the world, one can quite easily make a comparison with the situation. As India is a country where nuclear lifestyle is new, the need of taking marriage loans can be said in the starting phase as compared to the outside world, where there is a tradition of self dependency and nuclear lifestyle. In India, people often take help of their close relatives, when it comes to the marriages and relatives are more than happy to offer help in this regard.
But things in the metros are changing rapidly and people are increasingly being seen as applying for marriage loans to banks, as mentioned above in the case of Mumbai. The other parts of the world are also having a nuclear family and people are more self dependent or are more than happy to take the services of marriage loans or wedding loans for their financial needs during weddings.
In India, most of the banks consider it as the personal loans. Thus having a good credit is very essential for marriage loans approval and one need to follow all guidelines as one needs to be taken care of, in the personal loan applications. Build a good credit score over the time with several techniques and try to obtain a CIBIL Score at the first go, in order to better analyze the scenario, at which you are standing. Take the help of your credit cards for improving the credibility and credit limit of yours, which can prove to be a pivotal step towards the betterment of the CIBIL Score.
The Weddings ought to be celebrated in a grand fashion as it’s a one time affair in a person’s life. Fulfill your desire for a perfect wedding with the grand ceremony with the help of wedding loans. With the quick and easy steps towards the marriage loans approval, there is nothing to worry much except, your credibility. You can have a dream wedding within your budget if you plan well. But, even if you are in dire need of finances, then you can quite easily seek Marriage loans to meet your financial needs.