Top 5 Lenders for Wedding Loan in India

23 Dec 2019 // 24 min read // Personal Loans
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There is a famous saying that Marriages are made in heaven, well, that may be true; but one thing is sure that the expenses for wedlocks have to be borne on this earth!

Whether it is your marriage or that of your child, you do not want to leave any stone unturned. But organising a lavish wedding does not only require a lot of effort but a lot of money as well. Many times it has been seen that one always faces a cash crunch while arranging for a marriage. Thankfully, there are the following 5 lenders in the market who are willing to offer a high-value Marriage Loan, enabling you to organise a dream wedding without stretching your personal savings.

1. Bajaj Finserv:

Bajaj Finserv is a leading NBFC of India offering various Types of Personal Loan for its customers, including Wedding Loans. These are specialized Personal Loans that are disbursed for the purpose of the wedding ceremony and other related expenses. You can use the loan amount as per your discretion.

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Some of the major highlights of Bajaj Finserv Wedding Loans are:

  • Maximum loan amount up to Rs. 25 Lakhs.
  • Quick processing. In many cases, you can also get disbursal within 24 hours of document verification.
  • Minimal documentation-based process, requiring only a few basic documents.
  • Flexible repayment tenor ranging from 24 months to 60 months.
  • Pre-approved offers for existing Bajaj Finserv customers.
  • Flexi Interest-only Loan repayment option available
  • Marriage Loan interest rates start from as low as 12.99% per annum.
  • Processing fee is 4.13% of the loan amount, inclusive of GST.
  • Part pre-payment charges of 2% plus GST applicable on the amount paid.

2. Tata Capital:

Tata Capital is amongst the most well-known Non Banking Financial Corporations of India and offers various types of credit facilities to the customers. Tata Capital Wedding Loans are designed to offer you a hassle-free wedding experience. Multiple useful features, as mentioned below, make it an option worthy of your consideration:

  • High-value wedding loans ranging from Rs 75,000 to Rs. 25 Lakhs
  • Flexible repayment tenor between 12 months to 72 months
  • Attractive Marriage Loan interest rates starting from 10.99% per annum onwards.
  • Multiple repayment options to choose from as per your convenience
  • Minimal paperwork and online process ensure speedy approvals and disbursals.
  • No collateral required to secure the loan amount.
  • Nil prepayment charges when you make part prepayment against the Wedding Loan.
  • Processing charges levied can go up to 2.5% of the loan amount plus GST
  • Foreclosure charges of 4.5% plus GST are applicable

3. Kotak Mahindra Bank:

Kotak Mahindra Bank is a premier private sector bank of India that offers several Types of Personal Loans to its customers. With its exclusively designed Personal Loans, Kotak Mahindra Bank allows you to have a wedding that you always dreamt of. Spend on any wedding-related expense and repay in convenient EMIs. Some of the major highlights of Kotak Mahindra Marriage Loan are:

  • Loan amounts available range between Rs. 50,000 to Rs. 15 Lakhs.
  • Flexible repayment tenor ranging between 12 to 60 months.
  • Interest rates starting from as low as 10.99% per annum.
  • Processing charges up to 2.5% plus GST.
  • Check Wedding Loan eligibility online before applying with EMI calculator.
  • Quick processing and minimal documentation ensure speedy approval.
  • Separate loan account to ensure easy management.
  • Option to apply online as well as offline in just a few easy steps.
  • The facility of doorstep document collection is also available.

4. ICICI Bank

ICICI Bank is the second-largest private sector bank of India and enjoys a great reputation with the customers for its innovative products. Marriage Loans from ICICI Bank allow you the flexibility of taking care of the necessary wedding-related expenses without many hassles. Some of the most noteworthy features of ICICI Bank Marriage Loans are:

  • High-value Personal Loan for weddings ranging up to Rs. 20 Lakhs.
  • No need to offer any collateral to secure the loan amount.
  • No need to inform the bank regarding the usage of money.
  • Flexible repayment tenor ranging between 12 to 60 months.
  • Interest rates starting from as low as 11.25% per annum.
  • Quick processing and minimal documentation for a hassle-free experience.
  • Separate loan account to ensure better management of the repayments.
  • Pay the EMI directly from your ICICI Bank account.
  • Apply through the website, mobile app, SMS, or branch visit.
  • Pre-payment charges of 5% plus GST.
  • Processing charges of up to 2.25% of the loan amount.

5. Yes Bank

Yes Bank is a leading private sector bank that has been aggressively marketing its different types of Personal Loans, including Wedding Loans. With some attractive features, Yes Bank Wedding Loans are definitely one of the best options when you need fast funding for marriage related expenses:

  • Yes Bank offers the highest loan amounts for Wedding Loan, i.e., up to Rs. 40 Lakhs.
  • Flexible repayment tenor ranging between 12 months to 60 months.
  • 1-minute in-principal approval to help you determine your eligibility.
  • Wedding Loan Interest Rates starting from as low as 10.99% per annum.
  • Flexible repayment options allow you to make the repayments conveniently as per your comfort level.
  • Minimal documentation based sanctioning process ensures faster disbursals.
  • Apply online or through bank branch as per your convenience.
  • The facility of Personal Loan Balance Transfer is also applicable for wedding purpose.
  • Besides, as a Yes Bank customer, you will also get access to an online loan account through net banking or mobile app.
  • Doorstep document collection offers extreme ease while applying for the loan.
  • Option for part-prepayment also available after 12 months of disbursal.

With such diverse Wedding Loan options available, you can finally have the wedding that you have always dreamt of and that too without bottoming out your savings.

Also Read: Marriage Loan: Top 5 Things to Keep in Mind While Availing this Line of Credit!

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