Millennials and their nearest and dearest be an extravagant marriage is necessary owed to help you tension regarding community, friends and family. Rachit Chawla, Originator and Ceo from lending and you can investment advisory platform Finway said, A wedding financing would be to only be popular in the event the debtor features zero bills to pay regarding early in the day and that’s fully capable pay it back completely in the loan period.

Tiwari recommended, Before-going into the an obligations trap having wedding financing to purchase your dream big date, think cutting will set you back and you will bring your marriage expenditures in accordance with your financial budget.

For-instance, ICICI Bank has a lock-within the off 6 months and you can prepayment costs try 5 %

Prepayment of mortgage can be done immediately following secure-within the period and you may lender charges prepayment punishment into very early installment. These charges may vary away from lender to help you bank.

Gupta told you, However if, marriage will get terminated shortly after bringing a marriage mortgage for all the style of need, and you may borrower decides to pay the latest the financing. (more…)