Do you know the average cost of an Indian wedding? No? We will tell you. But the first promise is that you won’t be surprised. Well, the figure is around 25 lakhs on average. And here we are talking about different types of matrimony whether it’s Christian matrimony or Hindu matrimony. Considering this average cost of weddings, you can imagine that not everyone can afford to pay the entire expenses from their savings. Well, that’s where a marriage loan helps them. A wedding in India is a grand event as it involves so many things – catering, wedding planners, caterer, DJ, Choreographer, Mehendi, Reception, etc.
For all these different events to be as perfect as you imagined, you need a substantial amount of money. Without enough money and proper planning, your special day can get ruined and you wouldn’t want that. If you are planning your Christian matrimony and thinking of getting a marriage loan to fulfill your wedding-related requirements, you should ask a few questions before getting the loan. We are not questioning the validity of a marriage loan. It is an incredible option, but you should be fully aware of everything before taking credit.
These questions will help you decide if you are ready to apply for a marriage loan or not. Check them out.
Is a Marriage Loan Absolutely Necessary? Can You Avoid it?
You’re all excited about your Christian matrimony wedding. We understand that you want to make your special day a lavish event exactly like the weddings of top celebrities in India. It just seems logical to you at the moment but let’s pause for a second and think if taking a marriage loan is absolutely necessary.
Think in this way–You are borrowing money to make your special day the way you want. And then you will be repaying this money every month over a few years. If you are okay with this, you can take a marriage loan. Or if you know that you will be getting a huge bonus next year, you can totally get the loan. But even then, when you are going for a marriage loan, check if you can cut down some unnecessary expenses. If you look closely, you will find many. Let us give you a pro tip: Write down the top 5 expenses on your wedding and see if you have some space to cut down some money there. The overall budget at your Christian matrimony will automatically go down.
Who will be Responsible for the Repayment?
When you take a personal loan for your Christian matrimonial wedding, one thing you should know is its repayment. After your marriage is done, you will be paying monthly installments over a few years. So, it would be better for you to be clear beforehand about who will be responsible for the repayment. If both of you (you and your partner) want a lavish wedding and have no concerns regarding the marriage loan, you can go ahead with the loan. In fact, it would be easier to repay the loan as there will be two people sharing the monthly installment.
Will the Marriage Loan Affect Your Overall Financial Goals?
Before making your final decision on the loan for your Christian matrimonial wedding, make sure it doesn’t affect your future goals like buying a house, starting a family, etc. Wondering why? Well, a significant portion of your income will go towards the repayment of the marriage loan. So, it might hamper your financial goals. That’s why you should see that you have enough budget to repay the loan and have a wonderful wedding.
How Much Time Do You Need to Repay?
You must’ve understood by now that a marriage loan is a great option to fund your Christian matrimonial wedding. Once you are close to making the final decision, make sure you know how much time you will need to repay the loan. Some lenders offer a repayment tenure of up to 7 years.
However, if you choose a shorter repayment period, you will be able to repay it quickly despite the higher monthly installments. So, if your budget allows, always choose a shorter tenure as compared to a longer one where you will pay more interest over the period.