How Marriage Loan Can Help You Keep Your Savings Intact | Personal Loan Stories - Kotak Mahindra Bank

11 APRIL, 2022

Almost everyone wants a dreamy wedding for themselves. Perhaps, a wedding that is enjoyed by all the guests and cherished by the entire family. Maybe that is why it is not surprising when Indians often spend lakhs or even crores of rupees on weddings. Often, having a lavish wedding is also a matter of status and social standing. You could be one of those who wish to have a dream wedding. However, it is equally true that wedding expenses can deplete your savings. You could end up emptying your hard-earned money and savings to plan the best wedding. A better alternative is a marriage loan. A marriage loan can help you plan your dream wedding and keep your savings intact too. Read on.

 

What is a marriage loan?

Marriage loan is an unsecured loan that banks and financial institutions offer. You can avail this loan to meet your wedding expenses and all the costs associated with it. A marriage loan requires no collateral and can be availed by anyone.

 

Features of marriage loan

 

  • No restrictions on the usage

Unlike other loans like home loans, car loans, etc., where you need to use the loan amount for the purpose you applied for, a personal loan has no end-use. Lenders do not ask you the reason you need the loan for. You can use the loan amount to fund the expenses of rituals, decoration, catering, or outfits. You can also plan your honeymoon with a wedding loan.

 

  • Easy to avail

Applying for a marriage loan is just a matter of a few clicks. The application process is quick and simple without complex paperwork. You can apply for it from your office or home. All you have to do is fill in your personal and professional details in the form and submit the scanned documents. Once the lenders process your application, you can get approval within a few minutes.

 

  • Flexible repayment plan

While you are busy planning your wedding, you need not stress about repaying the money instantly. Lenders offer flexible repayment options for loan repayment. You can choose a tenure ranging from one to five years as per your comfort. Opting for a flexible repayment helps you get an EMI amount that you can comfortably repay.

 

  • No security required

While you avail a marriage loan, you need not arrange any collateral or security. You can apply by providing your personal and professional details. Therefore, while you are busy with your wedding preparations, you need not worry about pledged security.

 

  • Favorable for your pocket

With marriage loans, you can cover the entire cost of the wedding without burdening your pocket. You need not use credit cards with a high-interest rate or liquidate your investments like bonds or mutual funds for wedding rituals.

 

A personal loan can help you manage your marriage expenses hassle-free. However, ensure that you can afford the loan amount you avail. Use a personal loan EMI calculator to check your affordability and apply now.

 

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.