Millennials in addition to their household members getting an extravagant relationship is required due so you’re able to tension out-of society, relatives and buddies. Rachit Chawla, Originator and you may Ceo away from lending and you will resource consultative program Finway said, A wedding loan will be simply be popular in the event that debtor keeps zero bills to expend regarding the past which will be fully able to repay it totally about mortgage tenure.
Tiwari advised, Before-going on the a financial obligation trap with matrimony mortgage to cover the your dream big date, imagine reducing will cost you and you will take your matrimony expenditures according to your finances.
For example, ICICI Lender has actually an effective lock-when you look at the of six months and you can prepayment charge is actually 5 per cent
Prepayment of your own mortgage is achievable just after lock-from inside the months and you can financial costs prepayment charges on very early repayment.