Marriage is an event of a lifetime, which comes in everyone’s life. Marriage loans are like Personal loans provided to you for your marriage or your children’s marriage. Today marriage has become a lavish affair and everyone wants it to be a big fat one. Not everyone can arrange that kind of money by themselves; in these kinds of scenarios marriage loans could come as a very handy loan.
Marriage loans are generally of two types:-
Secured marriage loans – are the marriage loans that are provided to you by a bank or entrepreneur against a security or collateral. It can be your property or any other asset which fits to them as appropriate security or collateral against the marriage loan. The interest rate in this type of marriage loan is comparatively low.
Unsecured marriage loans – are the marriage loans that are provided to you by a bank or entrepreneur without any security or collateral. This type of marriage loan comes with a higher interest rate and a shorter time period. This type of marriage loan is provided to a person with a good financial record and good credit history.