The Indian wedding industry is considered as one of the largest in the world, 2nd only to the United States of America. Naturally, it consists of several businesses working directly towards, or as ancillary service providers towards that industry.
Commonly categorised under personal loans for wedding, short-term unsecured credits that is offered against an affordable rate of interest and flexible tenor. These credits do not come with any end-use restrictions, allowing a borrower to utilise the amount according to his or her requirements.
A large loan amount (of up to Rs.25 lakh) disbursed in a marriage loan can provide sufficient financial assistance to mitigate any monetary shortcomings a borrower might face while arranging such a family occasion.
The additional funds can help a borrower arrange better engagements on the occasion. They can also use any leftover fund to finance post-wedding expenses. Additionally, some reputed financial institutions allow their customers to withdraw only the particular sum they require (from the available line of credit) and pay interest only on the borrowed sum. This helps keep the overall cost down and experience zero financial strain during repayment.
Marriage loans are offered by several financial institutions, including NBFCs, which require fulfilling only minimum personal loan eligibility criteria to avail a credit. Moreover, the entire application process can be completed online that eliminates any hassle during application.
The above-mentioned reasons can be considered as some of the primary causes why wedding loans might prove to be the best solution to mitigate any financial crisis experienced during a wedding ceremony.