Marriage Loans For Your Dream Wedding in India

Interest Rates, EMI on Marriage Loan Jan 2017

Last Updated 17th Jan 2017
Bank Marriage Loan Interest Rates* Lowest EMI per lakh for max tenure
HDFC Bank
4.2/5
167 votes
11.29% - 20.00% Rs. 2,189 for 60 months Explore More
SBI
3.4/5
4 votes
12.50% - 16.60% Rs. 2,658 for 48 months Explore More
ICICI Bank
4.1/5
22 votes
11.59% - 22.00% Rs. 2,204 for 60 months Explore More
Axis Bank
3.9/5
30 votes
13.50% - 24.00% Rs. 2,301 for 60 months Explore More
Bajaj Finserv
3.6/5
25 votes
11.99% - 15.50% Rs. 2,224 for 60 months Explore More
Standard Chartered Bank
3.8/5
7 votes
11.49% - 20.00% Rs. 2,199 for 60 months Explore More
IDFC Bank
4.6/5
5 votes
11.99% - 19.50% Rs. 2,224 for 60 months Explore More
Fullerton India
2.7/5
4 votes
16.00% - 34.00% Rs. 2,834 for 48 months Explore More
Kotak Bank
3.3/5
11 votes
11.50% - 24.00% Rs. 2,199 for 60 months Explore More
Citibank
4.3/5
42 votes
11.49% - 18.00% Rs. 2,199 for 60 months Explore More
IndusInd Bank
4/5
27 votes
11.49% - 19.00% Rs. 2,199 for 60 months Explore More
Bank of Maharashtra
0/5
0 votes
15.10% - 15.10% Rs. 3,471 for 36 months Explore More
Canara Bank
0/5
0 votes
13.65% - 13.65% Rs. 2,715 for 48 months Explore More
Dena Bank
0/5
0 votes
13.00% - 14.00% Rs. 3,369 for 36 months Explore More
Union Bank of India
3.3/5
1 votes
14.40% - 14.40% Rs. 2,348 for 60 months Explore More
Vijaya Bank
0/5
0 votes
12.70% - 13.70% Rs. 2,260 for 60 months Explore More
Yes Bank
0/5
0 votes
11.99% - 20.00% Rs. 2,224 for 60 months Explore More
Tata Capital
4.5/5
1 votes
13.00% - 18.00% Rs. 2,007 for 72 months Explore More
Andhra Bank
0/5
0 votes
13.85% - 15.10% Rs. 2,319 for 60 months Explore More
Allahabad Bank
0/5
0 votes
13.10% - 13.10% Rs. 2,280 for 60 months Explore More
IDBI Bank
0/5
0 votes
13.20% - 13.75% Rs. 2,286 for 60 months Explore More
Indian Bank
0/5
0 votes
14.50% - 17.00% Rs. 3,442 for 36 months Explore More
Indian Overseas Bank
0/5
0 votes
12.70% - 15.25% Rs. 2,260 for 60 months Explore More
PNB
0/5
0 votes
12.25% - 15.25% Rs. 2,237 for 60 months Explore More
Karur Vysya Bank
0/5
0 votes
13.90% - 16.40% Rs. 3,413 for 36 months Explore More
Syndicate Bank
0/5
0 votes
14.20% - 14.20% Rs. 2,337 for 60 months Explore More
Bank of Baroda
0/5
0 votes
14.10% - 14.10% Rs. 3,423 for 36 months Explore More
Federal Bank
0/5
0 votes
13.32% - 15.12% Rs. 2,699 for 48 months Explore More
Corporation Bank
0/5
0 votes
13.45% - 14.45% Rs. 3,391 for 36 months Explore More
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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

What are the key features of wedding loan schemes?

Most of the banks offer Personal Loans which can be utilized for your meeting your wedding expenses. Key features of these loans are:
  • Interest rate ranges from 11.5 % to 19 %
  • Loan Tenure ranges from 1-5 years
  • Flexible EMI and nil pre-payment charges options also available
  • Loans of up to Rs 20,00,000 available both for salaried and self employed customers
  • Quick processing and turnaround time of less than a week
  • Minimal paper work and documentation
  • Collateral free loans with no security or collateral required
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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
*My Finance Care Advisors Pvt. Ltd., or https://www.myloancare.in is a bank neutral multi bank platform that helps borrowers and bank customers compare loans and deposits of all banks in India at one place. Information carried at this website is based on perusal of public sources and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not assure as to the correctness of information carried at the website. Lenders/ banks/ other parties may contact us at info@myloancare.in to provide corrections or updates. We may act as and/ or be associated with channel partners of banks and other sellers of financial products.