Apply for Marriage Loan

If you or your loved ones are getting married and you don’t have ample funds to manage your wedding expenses, you can finance your marriage by a wedding loan. A marriage loan is a personal loan taken to manage the expenses of the wedding. The expenses of a wedding can range from booking a venue for wedding, catering, jewelry, foods and gifts for the relatives.

Here are some of the popular schemes offered by various banks to efficiently manage your marriage expenses.

• Axis Bank Wedding Loan
• ICICI Bank Personal Loan for Weddings
• HDFC Personal Lifestyle Loan
• Tata Capital Wedding Loan
• Corp Shubh Vivah Scheme
• SBI Saral Personal Loan
• PNB Personal Loan

The marriage loan eligibility is dependent on various factors which may vary for every bank. Here are some common factors which affect the marriage loan.

• Age: The minimum age to get a marriage loan can vary from 21 years to 23 years, depending on the bank from which you are taking a personal loan. The maximum age can range from 58 years to 65 years of age.
• Income: The minimum monthly income to avail of a marriage loan can vary depending on your profession, age, and city. It can range from ₹ 15,000 to ₹ 25,000 after deducting your fixed obligations and other EMI’s.
• Credit score: The lending institutions prefer to lend to applicants who have a credit score of 700 and above.
• Type of Profession: Personal loan for marriage can be taken by salaried and self employed professionals.
• Loan Amount: The amount of marriage loan banks lend to you will be dependent on your repayment capacity. The maximum loan amount you can avail for wedding is ₹ 75 Lakh.

To avail a marriage loan without any hurdle, you need to submit the updated copy of the following documents:

• Identity proof: You can provide Voters ID, Passport, PAN Card, Aadhar Card, Driving License, or Ration Card as an identity proof.
• Address proof: To submit the address proof, you can provide the documents such as driving license, passport, ration Card, Aadhar Card, Water/Electricity/Telephone bill, Rental Agreement and Voter’s ID.
• Age Proof: School leaving certificate, Birth Certificate, and PAN Card can be submitted as age proof.
• Income proof: The salaried individuals can submit form 16 or latest salary slips or bank account statements.

Here are five useful tips that can help you, while planning to take a wedding loan:

• Plan your wedding budget meticulously and estimate your loan requirement
• Take a stock of your existing savings and monthly income to estimate the amount of EMIs that you can comfortably service
• Compare your estimated loan requirement with the loan EMIs you can service and adjust the loan amount accordingly
• Always compare offers from multiple banks on MyLoanCare to choose the offer most suitable for you. Remember that even if some banks do not offer special wedding loan schemes, they often extend personal loan for wedding. There can be significant savings in interest, processing fees and other charges by comparing and choosing the loan scheme carefully
• Remember to follow a prudent approach while taking a decision to avail a personal loan as these loans come at high interest rates and any over the budget spend may land you in a financial soup

✅Do banks offer wedding loans?

Wedding loans are a type of personal loan to meet the marriage expenses, and most of the banks offer wedding loans.

✅How can I get a marriage loan?

Application for a marriage loan requires minimal documentation like a personal loan and can be availed by submitting the application form along with the required documents.

✅What are the different tenure options for the Marriage Loan?

The loan tenure for marriage loan ranges for a period of 1-5 years i.e., 60 months.

✅Is there a minimum and maximum loan amount?

The loan amount can vary from bank to bank depending on various factors like credit score, type of profession, age, etc. and it can range from ₹ 5,000 to ₹ 75 Lakh.

✅Can I foreclose or prepay Marriage Loan?

Yes, a marriage loan is a personal loan and can be foreclosed or prepaid like any personal loan.