Should You Take a Marriage Loan?

Who does not want to have the glitz and the glamour of a big fat Indian wedding? The sangeet and Mehendi ceremonies, replete with colourful clothes that have been a part of most Indians all throughout their lives. Additionally, the trend of destination weddings and candid photography has raised the benchmark to a completely different level. Hence, when it is your big day, the temptation to splurge to make your wedding dreams come true is undeniable.

No doubt, marriages in India generally are an expensive affair. The fun and enjoyment of a big fat Indian wedding are often followed up with a hefty bill. Not sure how to get finance for your wedding?

Financing Your Wedding with a Marriage Loan

You do not want to be in a situation where you have a financial crisis just prior to your wedding. If such a situation does arise, the conventional way is to borrow from family and friends. However, millennials today are more independent and prefer to arrange funds through professional lending channels. Hence, millennials with a steady income are opting to take out a marriage loan to meet their wedding expenses.

A marriage loan is just like a personal loan. It is a collateral-free loan which means that you do not have to put up security against the loan amount disbursed to you. The lender does not really have a say in how you wish to use the funds that are disbursed to you in the form of a marriage loan. This makes it a very popular financial product among the younger generation today.

Must Read: How to Finance your Wedding in Few Steps?

Advantages of Taking a Marriage Loan:

Swiping your credit card to pay your wedding bills is the easy way out. However, accruing a lot of credit card debt and paying it within a single shot may be a difficult option for many young adults. Therefore, applying for a marriage loan instead is a prudent and wise move that helps you to manage your finances better in the long run. Some of the key advantages of applying for a marriage loan includes:

1. It is Collateral-Free: A marriage loan is like a personal loan where you do not need to pledge an asset as security against it. Being a collateral-free loan makes it more accessible to a wider group of applicants.
2. Minimum Documentation: When you apply for a marriage loan, documents required for a personal loan of this type are very basic. You can simply fill up the application form online, upload softcopies of the documents in order to process the loan application.
3. Simple and Easy Processing: Marriage loans can be easily applied online. SMFG India Credit offers a completely online process of applying for marriage loans on its website. After opening the online application form, fill it up with the required personal, financial and employment details to start the process. You can click on the “Apply now” button on this page to start your journey right away.
4. Quick Turnaround and Disbursement: Lending partners like SMFG India Credit often do a quick turnaround of the marriage loan application. If the application form, paperwork and credit history is in order, you can expect the loan to be processed within a span of 1 to 3 working days. The loan amount is directly disbursed to your registered bank account.
5. Long Repayment Tenure: Generally, marriage loans come with a flexible repayment tenure of between 12 to 60 months. Applicants can determine the monthly instalment amount and select a repayment period that does not put additional pressure on their finances during this tenure.
6. Affordable Personal Loan Interest Rates: Any form of debt can put a little pressure on your overall finances. Hence, SMFG India Credit offers affordable interest rates on their marriage loans that ensures that you are able to pay off your monthly instalments without any occasion to default.
7. Cheaper than Credit Cards: Marriage loans with SMFG India Credit is a better option any day against accruing debt on your credit card, as credit card debts are usually much more expensive when compared to personal loans.

Must Read: How Much Does the Average Wedding Cost in India?

How to Apply for a Marriage Loan?

Marriage loans from SMFG India Credit can be applied for by any individual who is over 21 years of age and is a citizen of India. In addition to that, you need to have a minimum monthly salary of Rs. 25,000 if you reside in metro cities, or Rs. 20,000 if you live in any other part of the country. Salaried applicants should also have a minimum work experience of 1 year, with at least 6 months in the current organisation. Your final eligibility will also depend on other criteria such as debt to income ratio, creditworthiness, etc.

Applying for a marriage loan is an easy and quick process. Simply navigate to the appropriate marriage loan application form on the SMFG India Credit website, fill in your personal, financial and employment details and submit it online. You can upload the soft copies of your KYC, employment and financial documents online to process the loan. If your paperwork is in order, your loan will be approved, and the amount credited to your bank account shortly after final approval.

Final Thoughts

You should not put off your dreams of a grand Indian wedding simply because of a fund shortage. SMFG India Credit offers a viable marriage loan that will make your once in a lifetime moment memorable forever. If you have any questions, feel free to get in touch with SMFG India Credit’s Customer Service team on their toll-free number 1800 103 6001. Alternatively, you may email them at   or visit the SMFG India Credit branch near you.