We know that a lot of money is spent on weddings in India. Sometimes it becomes difficult to arrange money. The problem increases further when a new need suddenly arises. In such a situation, the money required for the wedding can be arranged very well by taking a loan. Many banks and NBFCs provide loans for marriage.

If you take a loan for marriage, then there is no separate rule for it. Banks or NBFCs provide personal loans for marriage. Personal loans ranging from Rs 50 thousand to Rs 30 lakh can be taken based on credit score or income. At the same time, some banks or NBFCs offer loans of more than Rs 30 lakh.

These 5 things must be known.
If you are also planning to take a personal loan for marriage, then it is important to keep 5 things in mind.

1. Do ask about the interest
A personal loan is an unsecured loan. Banks charge very high interest on this. It can be up to 10 to 15 percent annually. In such a situation, paying EMI is very expensive. Wherever you apply for a loan, do ask about the interest rate. Take a loan from the bank or NBFC which has a low interest rate.

2. Keep the need in mind

Take only as much loan for the wedding as you need. Your eligibility may be Rs 20 lakh, but you need Rs 5 lakh. So, take a loan of Rs 5 lakh only. If you take a loan of a higher amount, the burden of EMI will be very high. In such a situation, repaying the loan can also be difficult.

3. EMI according to income

Here it is also important to see whether the EMI will put an additional burden on the pocket. Expenses increase after marriage. In such a situation, it is not possible to save as much after marriage as we do before marriage. In such a situation, it is difficult to take out the EMI of the loan amount needed. EMI should not be more than 30 percent of the monthly income.

4. Repay quickly
Repaying a personal loan is quite expensive. If possible, repay it before time. This saves you from paying more interest. For this, you can make a partial payment to the bank. If you get a bonus from the office or a big amount from somewhere else, then make part payment of the loan. This helps in repaying the loan quickly.

5. Pay EMI on time

Make sure to pay the loan EMI on time. If you delay repaying the loan, it not only affects your CIBIL score but also spoils your credit history. You will not be able to take a loan in the future. Also, you will not get other things on loan. There will be problems in getting a credit card also.

Disclaimer: This content has been sourced and edited from News 18 hindi. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.