Millennials and their family relations become a crazy marriage required due so you’re able to stress away from society, friends and family. Rachit Chawla, Maker and you may Chief executive officer of credit and you will financial support advisory program Finway said, A married relationship mortgage should simply be popular in the event that borrower have no financial obligations to spend in the early in the day which is completely capable repay it totally on the loan tenure.
Tiwari suggested, Before-going on the a loans pitfall that have marriage loan to cover your dream day, consider cutting costs and you can bring your relationship expenses in line with your allowance.
As an instance, ICICI Bank keeps a beneficial lock-from inside the away from six months and prepayment charges is actually 5 %
Prepayment of one’s financing is possible once lock-into the months and you may bank costs prepayment charges to the very early installment. These costs can differ out of financial so you can bank.