Marriage loan in India: Getting married with pomp and show is no longer a difficult task. What a pity if there is no budget in the family. Today’s youth is very smart and intelligent. He does not want to put the burden of his marriage on his parents. The result of this is marriage loan. Yes, this is a youth trend. The special thing is that banks are also providing marriage loans very easily. If we look at the figures, in the annual marriage business of more than Rs 2 lakh crore, annual marriage loan of about Rs 20 thousand crore is being taken.
Experts believe that by the year 2030, the annual marriage loan market of the country will cross the limit of about Rs 80 thousand crores, while the annual marriage business will easily cross the limit of Rs 4 lakh crores.
This is how to get marriage loan (how to get marriage loan)
Today, every fourth urban youth who gets married is preferring to take a marriage loan of Rs 20 to 25 lakh on his own instead of putting financial burden on his family. He can easily get this loan provided his age is more than 21 years and he has a job with at least middle package i.e. Rs 8 to 12 lakh per annum. After this, he only needs an address proof, PAN card, two years’ ITR, Form No. 16 and income proof along with CIBIL score of more than 750 points. With the help of these documents, marriage loan is available instantly.
Marriage Loan vs Health Insurance
According to a recent survey conducted in 20 cities, 40 percent of the youth took a loan of Rs 5 lakh to Rs 25 lakh and bore the expenses for their marriage. Of these, the share of girls was 60 percent. The people among whom this survey was conducted had a direct relationship with the 35 lakh marriages that took place between November 1 and December 15, 2023. Due to these attractive figures, experts believe that in the coming years, the marriage loan market of the country will become bigger than the health insurance market. It is also likely to increase because the marriage loan market is a very competitive market. Today, these loans, available at an annual interest rate of 11 to 20 percent, are easily repaid by the youth.
Reason of marriage loan trend
Generally, even today, Indian people spend an average of one-fifth of their lifetime earnings on marriage. Weddings still remain one of the most expensive occasions in the lives of ordinary Indians. Today, to make your wedding memorable, there are very attractive themes available in the market ranging from dresses to entertainment, while banks and financial institutions stand waiting for the customers to bear the expenses of all this. If you have the necessary documents, you will get the marriage loan in less than a week. This is why India’s banking and financial market is now capitalizing on this wonderful sector. There are many reasons for increasing wedding loan trend.
Impact of TV-Cinema-Social Media
Now, through TV serials, cinema and other mediums of social media, people are being instigated to spend a lot of money on their wedding to make it as memorable and attractive as possible. This is the reason that nowadays there is a huge demand for hotels, function halls and luxurious marriage resorts for weddings. 10 out of 100 youth think about destination marriage. Many of them also do this. The attraction of getting married away from their native place in Udaipur, Bangalore, Mumbai, any hill station or even in a foreign destination is increasing among the youth. Obviously, there is a lot of expenditure involved for which a loan is taken.
