Wedding Loans: Relief or Future Burden?

• Indian weddings are becoming increasingly expensive, often leading families to consider personal loans.
• "Wedding loans" are typically unsecured personal loans, not a distinct loan category, used for various expenses.
• Personal loans for weddings usually have interest rates between 10-25% and repayment periods of 1-5 years.
• Taking a wedding loan can provide immediate relief but creates a long-term EMI burden, potentially impacting future financial goals and credit scores.
• It is advisable to consider a wedding loan only if income is stable, the amount needed is small, and the EMI is manageable (10-15% of joint income).

Why It Matters: It warns against wedding loans, highlighting long-term financial burdens for short-term joy.