Indian wedding industry is considered to be the 2nd largest in the entire world, with an estimated value of approximately 50 billion dollars. This extensive industry caters to more than 10 million occasions every year, and has given rise to several ancillary industries to completely fulfil the demands of its customers.
One such industry, wedding loan, has seen substantial growth in recent years. A significant number of individuals are opting to avail credit to pay for their marriage ceremony, instead of utilising their savings for this purpose. Credits like a personal loan for wedding have come to the forefront of such lending industry thanks to the various features and benefits it has to offer.
Personal loans are short-term unsecured credits that an individual can avail to cater to any financial requirements. These have become popular means to finance big-ticket expenses like weddings because of the large sum disbursed. Eligible applicants can avail as much as Rs.25 lakh, which is sufficient to fulfil any financial requirements that might occur during a wedding ceremony.
Another benefit of personal loans as fund your dream wedding is that these credits do not come with any end-use restrictions, allowing a borrower to spend the sum as they require. Most financial institutions provide these credits against an affordable interest rate, along with a flexible tenor, which helps the borrower during repayment.
Most financial institutions allow online applications for credits like wedding finance, which streamlines the entire process and helps save time. Borrowers only have to meet some simple eligibility criteria, like age, annual income, residence, etc. to avail such a credit, and finance their wedding.