Weddings are once-in-a-lifetime events, and we prepare for one of the most memorable experiences of our lives, deeply rooted in love and personal connection, but weddings are often expensive and sometimes big and fat. You might always need more money for venue, decor, catering or jewellery. No matter the need, a personal loan for marriage offers a simple way to take care of it all.
While families traditionally relied on savings or borrowings from relatives, today many are turning to personal loans for weddings. In this blog, we will understand what a personal loan for marriage is and how it helps you plan your dream wedding without compromising.
Marriage loan for personal loan for marriage is an unsecured loan that offers financing to cover the cost of a wedding without exhausting long-term savings or selling assets.
DMI Finance offers personal loans to cover all wedding-related expenses, such as booking a venue, catering, decor, jewellery, photography, travel, etc.
Here are the features of a DMI Finance personal loan that make it a perfect financial solution for weddings.
Here is the eligibility criteria for DMI Finance personal loans in Delhi are given below.
| Type | Documents |
| Identity Proof | Aadhaar, PAN, Passport, Voter ID (Anyone) |
| Address Proof | Aadhaar, Utility Bill, Rent Agreement (Anyone) |
| Income Proof | Salary Slips / Bank Statements / ITR (Anyone) |
Hereās the step-by-step application process:
Your application will be submitted for review, and youāll be notified of approval shortly.
Also read: Tax benefits on personal loans.
Your dream wedding is in front of you, but then the financial reality bites you with the quotes for a venue. With the average Indian spending ā¹37 lakh to host a wedding in India, it is easy for many couples to find themselves between their aspirations and their savings account balance.
This is where a wedding loan personal proves helpful. It plays an essential role in turning your special day from a financial nightmare to an unforgettable experience. Here are the usual costs of weddings that you must consider:
Venue and Catering (40-50%)
Attire and Jewellery (15-20%)
Photography and Videography (8 to 12%)
Decorations and Flowers (8-10%)
Miscellaneous Expenses (15-20%)
These numbers are not absolute but suggestive. The cost of a wedding in India is very dynamic and may change greatly depending on the city, size of the celebration, the venue, the number of guests, and individual preferences.
Your personal loan for marriage amount should be calculated precisely, taking into account the immediate needs of the wedding and financial commitments after marriage. A helpful and systematic approach is to:
Make a list of every expense you might have, with a buffer of 10-15% for unexpected and emergency costs. Create a comprehensive list that includes everything, including:
Subtract the amount of available resources from the total budget. However, do not borrow the whole deficit. Instead, see if you can tweak your wedding plans, lowering the marriage loan requirement to the maximum of what is bearable.
Weddings have always been a grand affair in India, but in recent times, it has become even grander. Even if you have the funds, you are always gonna need them for one or the other expense. Here, a personal loan for marriage not only offers seamless access to funds but also allows you to turn your dream wedding into a reality.
Don’t let funds stop you from hosting your dream wedding. Apply for a personal loan for marriage with DMI Finance and get up to ā¹5 lakh. While our digital process will save your time, our flexible tenure makes repayment flexible.
1. What is the maximum amount I can receive for a wedding expenses loan?
At DMI Finance, you can get a personal loan for marriage of up to ā¹5 lakh.
2. What documents do I need for a personal loan for marriage?
Essential documents include a salary slip (last 3 months), a bank statement (last 6 months), a PAN, and an Aadhaar card.
3. How long does it take to get approved for a personal marriage loan?
With DMI Finance, you can receive the funds within 24 to 72 hours after approval.
4. What is the normal interest rate associated with marriage loan India options?
At DMI Finance, our personal loans for weddings offer a low interest rate starting at just 14.25%.
5. Can I make prepayments against my wedding loan without penalties?
Yes. Many lenders are now eliminating the prepayment fee, particularly in the case of personal loans.
6. What is the minimum credit score for a loan for marriage?
Most lenders will demand that you have a minimum credit score of 700. A credit score of 700+ not only improves approval chances but also helps you get favourable terms.
7. Is collateral required for a wedding loan?
No, personal loans for weddings are unsecured loans that don’t require collateral. Approval is based on your income, credit score, employment stability and repayment capacity.
8. What happens when I can’t repay my wedding expenses loan on time?
Late payments incur penalty charges and adversely affect your credit score. Contact your lender as soon as possible for restructuring options such as tenure extension or EMI moratorium, in case of any financial difficulties.
9. Is there any tax benefit to a loan for marriage?
Personal loans for weddings are not eligible for tax deductions under current Indian tax laws. Unlike home loans or education loans, the interest payments on a wedding loan are not tax-deductible.
