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00:00Should you take a marriage loan? Pros and cons.
00:07Are loans available for marriage? Nowadays, many finance companies and banks are giving marriage loans of lakhs for marriage.
00:15Most people are also taking advantage of this facility to make their wedding grand.
00:21What is a marriage loan? How much can you get?
00:24A marriage loan is charged like a personal loan. In this, a loan ranging from 5 rupees lakhs to 50 rupees lakhs can be availed.
00:31The best part is that no security has to be deposited.
00:36Who is eligible for a marriage loan?
00:38Indian citizens from 20, 1 to 60 years, employed, minimum salary of 15,000 rupees, must have salary slip bank statement, credit score 750 or more, Aadhaar, voter ID, PIN card.
00:55What to do to get a marriage loan? Marriage loan comes under personal loan. It can be applied online, offline.
01:01Documents required are identity card, address proof, 3 months salary slip, 3 months account statement.
01:10What to do before taking a marriage loan? Marriage loan terms and interest rates vary by bank. Compare options carefully before proceeding.
01:21Should you take a loan for marriage? If your savings fall short of the wedding budget, a marriage loan can help.
01:26However, opt for it only if no other options are available and borrow within your means.
01:33Disadvantages of taking a loan for marriage
01:36High interest marriage loans constrain finances. Misty Mai may lower credit scores and increase stress.
01:44Which banks offer marriage loans?
01:47Isisai Bank, 10.85% interest rate, HDFC 1120, 2%
01:53Axis Bank, 11.25%
01:56Bank of Baroda, 11.1% interest rate
01:59Katak Mahindra Bank loan from Rs 50,000 to Rs 35 lakhs