Weddings in India are grand and often come with a hefty price tag. From venue bookings and catering to décor and jewelry, expenses can quickly add up. If you’re planning your dream wedding but worried about finances, the right loan option can help you manage costs without stress.
1. Personal Loan for Wedding Expenses
Why choose it? Unsecured loan with quick approval.
Best for: Covering multiple expenses like décor, travel, and catering.
Tenure: 1–5 years.
Tip: Compare interest rates across banks to get the best deal.
2. Gold Loan for Immediate Funds
Why choose it? Fast disbursal against gold ornaments.
Best for: Short-term needs like advance payments to vendors.
Tenure: 6–36 months.
Tip: Ideal if you already have idle gold at home.
3. Loan Against Fixed Deposit (FD)
Why choose it? Lower interest than personal loans since it’s secured.
Best for: Those with existing FDs who don’t want to break them.
Tenure: Linked to FD maturity.
4. Top-Up Loan on Existing Loan
Why choose it? Add-on amount over your current personal or home loan.
Best for: Borrowers already servicing loans with good repayment history.
5. Credit Card EMI Loan
Why choose it? Convenient for smaller purchases like jewelry or travel tickets.
Best for: Short-term, low-ticket wedding expenses.
Caution: Interest may be higher compared to other options.
FAQs
Q1. Which is the cheapest loan for a wedding?
Gold loans or loans against FDs usually come with lower interest rates.
Q2. Can I get a wedding loan without a credit score?
Yes, gold loans and secured loans don’t depend heavily on your credit history.
Q3. How much loan can I get for a wedding?
It depends on the loan type, your income, and lender’s policies. Personal loans can go up to ₹20–25 lakh.
Q4. Is it better to take a gold loan or personal loan for marriage?
If you have gold and need short-term credit, a gold loan is cheaper. For large, multi-purpose expenses, a personal loan works better.
Published on : 3rd September
Published by : SMITA
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