Indian weddings are so pompous that it has given birth to a standard phrase in the English language “big fat wedding”. It has also spawned a veritable “industry”, the size of which was at least $130 billion dollars in FY24, or more than Rs 10.5 lakh crore, according to investment bank Jeffries.
Wedding is regarded by many youths to be the day of dreams – a dream destination, that diamond ring, a delectable feast and a gorgeous honeymoon. Significantly, if you don’t have ready money to fund it, banks are prepared to pick up the bill with a loan. Let’s see what some of the big banks are offering.
HDFC Bank
India’s largest private sector lender, HDFC Bank has personal loan for wedding between Rs 50,000 and Rs 40 lakh. The repayment tenure can vary between 12 months and 60 months. The interest rate is between 10.5% and 21%. If one takes a loan of Rs 25 lakh at 15% interest payable in 5 years, the EMI works out to be Rs 59,475.
What’s more, the bank does not demand any collateral from the applicant. Proof of regular and timely salary would be enough to make you eligible for such a loan. The bank also states that if you have an account with HDFC Bank, a pre-approved wedding loan can be sanctioned almost instantly. External applicants, too, can get a loan sanctioned in as little as 4 hours.
ICICI Bank
This bank sanctions wedding loans between Rs 50,000 and Rs 50 lakh. The rate of interest starts from 10.85% and rises up to 16.25%. A processing fee of 2% and other charges will be added to the cost of the loan. The repayment tenure is between a year and 6 years.
Kotak Bank
Wedding loans range between Rs 50,000 and Rs 40 lakh. The rate of interest starts from 10.99%. The repayment period is between 1 year to 5 years. The age of the applicant has to be between 21 years and 60 years and must be working for at least one year. He/she must be a graduate and have a monthly income of at least Rs 30,000.
Planning the wedding day is a dream for many youths. Banks are ready with loans if you have the capacity to repay. Personal Finance Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
