Published on Nov 29, 2022Updated on Jul 17, 2023
One of the most pride-filled moments of a parent’s life is to witness the daughter's marriage. This important milestone is best celebrated in a grand hall with lavish decorations and traditional rituals. Typically, an Indian wedding stretches over 3-5 days with various rituals to be performed. Both the bride’s and groom’s families get together and celebrate the wedding day.
Expenses can include purchasing gold jewellery, booking the venue and destination in advance, making catering reservations, hiring professional videographers, and arranging for gifts for all guests that arrive. To manage the expenses, it is recommended that parents take up a personal loan for the daughter’s marriage.
You can take up a marriage loan for up to INR 25 lakhs*. You can comfortably plan your daughter’s marriage without any financial constraints. There are several benefits of taking up a marriage loan:
NBFCs like SMFG India Credit offer an online personal loan EMI calculator for you to find out how much monthly obligation you carry, and gives you an estimate of how much will be your loan EMI. The formula on which the personal loan calculator works is as follows:
EMI = [P x R x (1+R) ^N]/[(1+R) ^N-1]
Where P is the principal amount, N is the loan tenure in months, and R is the monthly interest rates. The personal loan interest rates can range from 11.99%* up to 36%* per annum and can depend upon your CIBIL score, repayment capacity, employment, and income. For example, if you have taken a marriage loan of INR 9,50,000 at a rate of interest of 15% for a timeline of 36 months, then by the personal loan calculator, you can determine that your EMI will be at INR 32,932 and your total interest payable after 3 years will be INR 2,35,554.
For salaried individuals:
For self-employed individuals:
The best way you can manage your daughter’s wedding expenses is by taking up a marriage loan. Forget all worries and celebrate this memorable event by organising your dream wedding with external financial support. That’s why, in times like these, it is best to approach a lending institution that understands your financial needs well. SMFG India Credit’s marriage loan empowers you with the reality of fulfilling yours and your daughter’ dreams. It is simple to apply for this loan. Just visit our website, click on Apply Now, and upload your documents. You can avail of the funds shortly after loan approval and put them to immediate use!
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*Terms and Conditions apply. Loans are disbursed at the discretion of SMFG India Credit.