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Personal Loan

Should You Take a Personal Loan for Your Wedding in India? Pros and Cons Explained

17 Sep 2025 by Team FinFIRST

Indian wedding couple exchanging garlands

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Indian weddings are cultural milestones rather than just ceremonies. From venue and catering to outfits and jewellery, to décor, entertainment, photography, and gifts, expenses can add up quickly.

Here’s what a typical wedding can cost in India:

Modest Wedding (₹5–10 lakh): Local venues, limited guest list, simple décor, budget outfits.
Mid-Range Wedding (₹15–25 lakh): Destination venues within India, designer wear, elaborate catering, professional entertainment.
Premium Wedding (₹40 lakh+): Luxury venues, celebrity performers, international destinations, high-end décor.

When to consider a personal loan for wedding

For many, having a dream wedding is non-negotiable. If your savings do not add up to your budget, a personal loan can come to the rescue. Here’s how a personal loan for a wedding can help turn your dreams into reality:

Quick access to funds: Personal loan apps often come with instant disbursal within 24–48 hours. With FIRSTmoney, you can get funds for your wedding in just 30 minutes.
No collateral needed: Unlike gold loans, a wedding loan is unsecured. You don’t need to pledge any asset or collateral to get the funds.
Flexible usage: The loan doesn’t come with any restrictions. You can use the funds to cover any wedding-related expenses, including the venue, catering, outfits or even your honeymoon travel costs.
Structured repayment: A personal loan allows you to break your expenses in comfortable EMIs with a tenure up to 60 months. This way you don’t need to spend up front.

💡 For example: A ₹5 lakh loan from IDFC FIRST Bank at 9.99% for 36 months = ~₹16,131 EMI/month. You can use the personal loan EMI calculator to get an accurate estimate of your EMI.

READ MORE

Smart financing for your big day: Leveraging a personal loan for ultimate wedding bliss

Wedding budget planner: Avail a Personal Loan with FIRSTmoney for a perfect celebration

When to avoid a personal loan for wedding

While a personal loan for wedding comes with its advantages, there are certain cases where you need to think twice before opting for it.

Long-Term Debt: If the EMI stretches beyond your monthly budget, you need to think twice before opting for a personal loan. You don’t want to turn a week-long celebration into a financial burden for the next 3 to 5 years.
High Interest Rates: You should go for a wedding loan only if the interest rates are affordable. For example, with FIRSTmoney you can get a wedding loan starting at low interest rate of just 9.99% p.a.

Are there any alternatives to taking a wedding loan

Use a part-savings, part-loan approach: Use savings for essentials and borrow only for the gaps. Relying too much on a personal loan for wedding can lead to unnecessary debt burden.
Consider family support: Contributions from parents or relatives can reduce your borrowing needs.
Go for smart planning:
- Research vendors and compare quotes before finalising.
- Consider off-season dates or weekday functions to avail discounts.
- Consider limiting guest lists for significant savings.
- Opt for rental outfits and jewellery and go for local designers.
- Bundle décor, photography, and event management in packages.

Decide what’s right for you

You should consider a wedding loan if:

You want to preserve your emergency savings and investments.
You have partial funds and need to bridge the gap.
Your monthly disposable income comfortably supports the additional EMI.

On forums like Reddit, users share mixed views on taking a personal loan for a wedding:

The skeptics suggest avoiding debt for one-time events.
The pragmatists suggest going for a mix of savings + loan is reasonable if EMIs are manageable.
The ones who are cautious advice not letting societal pressure push unnecessary borrowing.

Why consider a wedding loan from IDFC FIRST Bank

If you are going for a wedding loan, you should consider IDFC FIRST Bank’s FIRSTmoney Personal Loan for the following reasons:

You get a wedding loan at competitive interest rates starting at 9.99% p.a.
You can close your loan early with zero foreclosure charges
You can get funds up to ₹10 lakhs through a 100% digitalprocess without any paperwork and in as little as 30 minutes.
You can choose a flexible tenure, ranging from 9 to 60 months
You can enjoy transparency & control in all aspects of your wedding loan

Final words

A personal loan for a wedding can be helpful if used wisely. Borrow responsibly, blend with savings, and choose a transparent lender. With IDFC FIRST Bank’s FIRSTmoney Personal Loan, you get affordability, flexibility, and digital convenience— so your dream wedding doesn’t turn into a financial burden.

Frequently Asked Questions

Is a wedding loan the same as a personal loan?

Yes, a wedding loan is essentially a personal loan customised for wedding expenses.

What is the typical wedding loan eligibility?

Eligibility depends on your age (21–60), monthly income and credit score (ideally 700+). At IDFC FIRST Bank, you need to be between 21 and 60 years old, have a stable income, and a CIBIL score of 730 or above to be eligible for a personal loan for wedding.

What are wedding loan interest rates in India?

Typical wedding loan rates range between 10%–24% in India depending on the lenderyou’re your profile. IDFC FIRST Bank offers personal loans for wedding starting at 9.99% p.a.

Can I prepay my wedding loan?

Yes. Depending on the lender’s policy you can prepay your personal loan for wedding. Do check the terms and charges, if any. With FIRSTmoney, you can pay off your wedding loan early with zero foreclosure fees.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

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