Marriage Loan in India: All you need to know about personal loan for wedding

Indian weddings have a vibe of their own, possibly unmatched anywhere in the world. Colourful elaborate arrangements and deeply rooted in tradition, the sheer scale, grandeur and attention to details make Indian weddings most attractive. In 2024, India’s wedding season reached a new peak, with an estimated 4.8 million weddings between October and December, generating ₹6 trillion in businesses, according to WedMeGood’s annual wedding industry report for 2024-2025.

However, hosting such grand celebrations often comes at a steep cost. The average Indian wedding budget ranges between Rs 5 lakh and Rs 20 lakh, with high-end destination weddings reaching up to Rs 1 crore and above.

In fact, the WedMeGood report indicates that in 2024, the average wedding budget has reached Rs 36.5 lakh, a 7% rise compared to the previous year. Destination weddings, in particular, have seen costs soaring to Rs 51.1 lakh. This upward trend is attributed to rising hospitality expenses, including venue and catering costs. In 2023, the average cost of hosting a wedding stood at around Rs 28 lakh, up from Rs 25 lakh in 2022, as per WeddingWire India.

With wedding expenses rising each year, couples and families are increasingly exploring options like personal loans for marriage to finance their dream celebrations without draining their savings.

Accessing a 100% digital and instant personal loan has never been easier, thanks to digital platforms like Moneycontrol. Forget the hassle of paperwork — just enter your details, complete the KYC verification and choose your EMI repayment plan to get funds transferred directly to your bank account within a few minutes. Moneycontrol offers access to loans up to Rs 15 lakhs in partnership with seven top lenders. Interest rates start at 12% per annum, and there are no hidden charges.

A marriage loan is a type of personal loan to cover wedding-related expenses. Whether it’s booking a venue, hiring caterers, buying bridal attire or arranging decorations, a marriage loan can provide the financial flexibility needed to manage these costs.

In India, marriage loans are collateral-free, meaning you don’t need to pledge any security to avail of them. Loan amounts usually range from Rs 50,000 to Rs 50 lakh, with repayment tenures of 12 to 60 months. This flexibility makes wedding loans an attractive option for those looking to finance their dream weddings without bearing the burden of immediate expenses.

To apply for a marriage loan in India, you need to meet certain eligibility criteria:

The interest rates for marriage loans in India range between 10% and 24% per annum, depending on the lender, the applicant’s credit profile, and prevailing market conditions. Comparing interest rates and terms across lenders is essential to securing the best deal.

Here’s a step-by-step guide process to apply for a marriage loan in India:

Enjoy the ease of a 100% digital and instant loan with Moneycontrol. Say goodbye to paperwork and high processing fees—get funds directly credited to your bank account quickly. Moneycontrol provides access to loans of up to Rs 15 lakhs through partnerships with seven lenders, with interest rates starting at as low as 12% per annum.

A marriage loan could be a viable solution for those who lack immediate funds but wish to celebrate their wedding without compromise. However, it’s important to evaluate your financial situation and repayment capacity before applying. While a wedding is a once-in-a-lifetime event, taking on excessive debt can lead to long-term financial stress. Amid the rising costs of wedding arrangements, having a reliable and quick financial backup can make all the difference.

Summary

Indian weddings are grand, but their rising costs can be daunting. Learn how marriage loans offer financial flexibility, helping you celebrate your big day without compromising your budget.

Disclaimer

This piece/article was written by an external partner and does not reflect the work of Moneycontrol’s editorial team. It may include references to products and services offered by Moneycontrol.