Apply Wedding Loan in India
Compare Personal Loan for Marriage in India
Most of the banks offer Personal Loans which can be utilized for your meeting your wedding expenses. Key features of these loans are:
- Lowest interest rate ranges from 10.50% to 19.00%
- The loan tenure for marriage loans ranges for a longer period of 1-5 years i.e. 60 months
- Option of flexible EMI and nil prepayment charges are also available
- Loans of upto Rs. 2,000,000 available for both salaried and self employed customers
- Minimal paper work and documentation required in marriage loan
- Apply for marriage loan online and avail attractive cashback upto Rs. 2,500
- Collateral free loans with no security or collateral required
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Interest Rates, EMI on Marriage Loan Sep 2019, Best rates
| Bank | Personal Loan Interest Rates | Processing Fee |
|---|---|---|
| SBI Personal Loan | 12.50% | In the range of 2% to 3% |
| HDFC Bank Personal Loan | 10.75% | Upto 2.50% Min Rs. 1,999 |
| ICICI Bank Personal Loan | 11.25% | Starting from 0.99%, Up to 2.25% |
| Bajaj Finserv | 11.99% | Starting from 1.50%, Up to 3% |
| Citibank | 10.99% | Upto 0.5% |
| IDFC First Bank | 11.50% | 1 - 1.5% |
| Axis Bank | 11.25% | 1.50% to 2.00% |
| Tata Capital | 11.75% | Flat fee of Rs. 1499*, Upto 2.50% |
| Fullerton India | 13.99% | Min 2% |
| IndusInd Bank | 11.00% | Min 1% to Max 2.50% |
| Kotak Bank | 10.50% | Upto 2.5% |
| RBL Bank | 13.99% | Upto 2% |
| IIFL | 12.99% | 1 - 2% |
| HDB Financial | 13.99% | Upto 2% of loan amount |
| PNB | 12.00% | 1.8% + taxes |
| Andhra Bank | 11.55% | Case to Case |
| Yes Bank | 10.99% | Starting at 0.99%, Up to 2% |
| Union Bank of India | 12.70% | 0.5%, Min Rs. 500 |
| Bank of Baroda | 11.60% | 2%, Min Rs. 250 |
| Syndicate Bank | 13.40% | 0.5%, Min Rs. 500 |
| Standard Chartered Bank | 10.99% | 1.00% |
| Bank of Maharashtra | 15.10% | 1%, Min Rs. 1,000 |
| Canara Bank | 13.00% | 0.50% |
| Corporation Bank | 12.95% | 1.5%, Min Rs. 500 |
| Karur Vysya Bank | 13.90% | 0.40% |
| Federal Bank | 11.49% | 0.5%, Min Rs. 500 |
| Indian Overseas Bank | 12.70% | Rs. 204 per lakh |
| Indian Bank | 11.05% | 0.5%, Min- Rs. 508 |
| Allahabad Bank | 13.15% | 1.06%, Min- Rs. 1068 |
| IDBI Bank | 13.20% | 1% |
What is a Marriage Loan?
Marriages are made in heaven. And they are celebrated here in India like nowhere else in the world. Marriage marks one of the most joyful and memorable events for any individual. While marriage spends vary among people based on their tastes and spending capacity, most weddings overshoot the planned budget. Wedding loans are specially designed personal loans to efficiently finance marriage expenses with some of the popular schemes being:
- 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
How do banks calculate marriage loan eligibility?
Loan eligibility on Wedding Loan or Personal Loan is dependent on your monthly income, rate of interest and loan tenure. Typically, EMI on an unsecured personal loan is limited to 35% of your take home salary excluding all other EMIs. Rate of interest is dependent on the following factors:
- Your monthly income or take home income after deducting your fixed obligations and other EMIs to
- Your credit history and your credit score. Typically banks look for a credit score of 750 and above for granting a personal loan
- Your profession, as loans for salaried customers are offered personal loans at a lower rate than that of self employed professionals
- Your company, where you work. Banks run special schemes attractive interest rates for large reputed corporate.
What are the key factors to keep in mind while going for a wedding loan?
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
Nowadays, almost all banks offer attractive schemes on Personal Loan at competitive rates with many customer friendly features. You can do rates comparison, check your eligibility, calculate EMI, apply online and get the best Personal Loan rates. MyLoanCare helps you throughout the loan process from the day you apply to the time you get disbursement. You can register with us, track your loan status on a regular basis and get an option to earn attractive cashbacks and refer and earn benefits.
- Apply Personal Loan Online
- Compare Personal Loan Interest Rates
- Check Personal Loan Eligibility
- Calculate Personal Loan EMI
- Personal Loan Application
- Personal Loan Offers in Your City
- Personal Loan for Self Employed
- Personal Loan for Government Employees
- Tax Benefit on Personal Loan
- MyLoanCare Personal Loan Guide
- Marriage Loan
- Travel, Vacation Loan
- Instant Loans
- Doctor's loan
- Personal Loan Reviews
- Personal Loan Documents
- Personal Loan Balance Transfer