Get a marriage loan of up to Rs. 50 lakhs for all your wedding related expenses at interest rates between 8.45% to 36% p.a. Repay the borrowed amount in a flexible tenure of 6 months to 7 years.
|Loan Amount||Rs. 24,000 - Rs. 50 Lakhs|
|Rate of Interest||8.45% - 36% p.a.|
|Repayment Tenure||6 months - 7 years|
|Processing Fees||Up to 4.15% of loan amount|
|Foreclosure Charges||0% - 7% of principal outstanding|
Marriage Loan, also known as a wedding loan is a Personal Loan given to meet wedding expenses. You would want the wedding, be it your own wedding or the wedding of your child, which is a once-in-a-lifetime affair to be perfect. You can make your dream wedding come true with a Marriage Loan.
Some banks offer a pre-approved Personal Loan to their existing customers which will be credited instantly, within seconds of receiving a request, into the account maintained with them.
Even otherwise, the loan will be granted within a few hours if you apply for the loan online and provide all the required information and documents. The loan process will be hassle-free if you have a stable income and your credit score is good.
|Bank||Interest Rate||Tenure||Processing fee|
|HDFC Personal Loan||10.75%||5 Years||Upto 2.50% of the Loan Amount|
|ICICI Personal Loan||11.25%||5 Years||Upto 2.25% of the Loan Amount|
|SBI Personal Loan||9.60%||5 Years||Upto 1.50% of the Loan Amount|
|PNB Personal Loan||8.95%||5 Years||Upto 1% of the Loan Amount|
|Bajaj Finserv Personal Loan||13%||5 Years||Upto 2% of the Loan Amount|
|Tata Capital Personal Loan||10.99%||5 Years||Upto 1% of the Loan Amount|
|Indiabulls Personal Loan||13.99%||5 Years||Upto 3% of the Loan Amount|
|Citibank Personal Loan||9.99%||5 Years||Upto 3% of the Loan Amount|
|Yes Bank Personal Loan||10.99%||5 Years||Upto 2.5% of the Loan Amount|
The Marriage Loan Eligibility Criteria differ from lender to lender, but the common eligibility criteria are as mentioned below:
The maximum amount for personal loan for wedding ranges from Rs. 24,000 to Rs. 50 Lakhs depending upon the bank the loan is availed from. The loan quantum is fixed based on the income and the repayment capacity.
The following documents are required for a Marriage Loan:
For Salaried employees
Benefits of availing a Marriage Loan to meet the expenses are various. Some of them are as mentioned below:
The eligibility of a Marriage Loan primarily depends on the monthly income, rate of interest and loan tenure. The DTIR (i.e., the total EMI on consolidating all the present commitments including the present EMI) stipulated is 30% to 50% of the net take-home salary depending upon the bank the loan is availed from.
Rate of interest depends on the following factors:
You can apply for a marriage loan in bank or through MyMoneyMantra. Just visit our website, log in by providing some details, and submit your application. Our representatives will get in touch with you. Once the lender approves your application, the money is transferred into your account within a few hours.
Make sure you check the SBI marriage loan eligibility or eligibility for any other wedding loan before extending your loan application.
An applicant who satisfies the following criteria can avail a Marriage Loan:
The key factors that have to be kept in mind while availing a Marriage Loan are:
Now get Navi personal loan of Rs. 10,000 to Rs. 20 Lakhs at lowest interest rate starting from just 9.99% per annum. Repay in easy instalments of 3 to 72 months. The processing fee ranges from 2.5% to 6% of the sanctioned limit + GST.
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Marriage Loan is nothing but an unsecured Personal Loan offered to cover marriage expenses.
Salaried individuals and self-employed individuals having a stable income and a good credit score can avail a wedding Loan. The age of the applicant should be between 21 years to 60 years for a salaried individual and between 21 years to 65 years for self-employed individuals.
The eligibility is calculated based on the income, rate of interest and the loan tenure. The interest rate again depends on factors like income, credit score and the employer. Banks have special schemes for employees of reputed Corporates.
The maximum loan quantum ranges from 15 Lakhs to 50 Lakhs depending on the bank the loan is availed from. The quantum also depends on the income and the debt to income ratio, i.e., the percentage of net take-home salary after deducting all the present commitments including the EMI for the proposed loan.
Yes. Your credit history and credit score both affect your eligibility for a Wedding Loan. Most banks prefer a credit score of 750 and above.
You have many options to choose from. Canara Bank marriage loan, Axis Bank marriage loan, marriage loan SBI, and marriage loan HDFC are some of the most popular alternatives.
Yes, you can foreclose your marriage loan before the end of the agreed tenure. However, you might have to pay foreclosure charges of up to 7%. The charges vary from lender to lender. Some lenders may also let you prepay your wedding loan without any additional charges.
Yes. The minimum loan amount can be Rs. 24,000 and the maximum amount can go up to Rs. 50 lakhs for a wedding loan, depending on the type of lender, scheme, your repayment capability and requirement.
The wedding loan amount eligibility depends on the following factors: