Marriage Loan For Your Dream Wedding in India
Marriage Loan Interest Rates in India Aug 2017
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 10.99% 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
Interest Rates, EMI on Marriage Loan Aug 2017, Best rates
| Bank | Personal Loan Interest Rates* | Lowest EMI per lakh for Max Tenure | |
|---|---|---|---|
| HDFC Bank (4.2/5.0) 373 Users | 10.99% - 20.00% | Rs. 2,174 for 60 months | Explore More Apply Now |
| ICICI Bank (4.2/5.0) 60 Users | 10.99% - 22.00% | Rs. 2,174 for 60 months | Explore More Apply Now |
| Bajaj Finserv (3.7/5.0) 64 Users | 11.99% - 15.50% | Rs. 2,224 for 60 months | Explore More Apply Now |
| Citibank (4.2/5.0) 144 Users | 10.99% - 16.49% | Rs. 2,174 for 60 months | Explore More Apply Now |
| IDFC Bank (4.3/5.0) 23 Users | 11.00% - 19.50% | Rs. 2,174 for 60 months | Explore More Apply Now |
| IndusInd Bank (4/5.0) 44 Users | 11.99% - 23.00% | Rs. 2,224 for 60 months | Explore More Apply Now |
| Axis Bank (4.1/5.0) 63 Users | 11.25% - 24.00% | Rs. 2,187 for 60 months | Explore More Apply Now |
| Tata Capital (4.5/5.0) 1 Users | 11.99% - 18.00% | Rs. 2,224 for 60 months | Explore More Apply Now |
| SBI (3.4/5.0) 4 Users | 12.50% - 16.60% | Rs. 2,658 for 48 months | Explore More Apply Now |
| Fullerton India (2.7/5.0) 4 Users | 14.00% - 34.00% | Rs. 2,733 for 48 months | Explore More Apply Now |
| Kotak Bank (3.3/5.0) 11 Users | 11.50% - 24.00% | Rs. 2,199 for 60 months | Explore More Apply Now |
| Standard Chartered Bank (4.2/5.0) 13 Users | 11.49% - 20.00% | Rs. 2,199 for 60 months | Explore More Apply Now |
| Union Bank of India (3.3/5.0) 1 Users | 14.40% - 14.40% | Rs. 2,348 for 60 months | Explore More Apply Now |
| RBL Bank (3.5/5.0) 2 Users | 13.99% - 16.00% | Rs. 2,326 for 60 months | Explore More Apply Now |
| Vijaya Bank | 12.50% - 13.50% | Rs. 2,250 for 60 months | Explore More Apply Now |
| PNB | 12.25% - 15.25% | Rs. 2,237 for 60 months | Explore More Apply Now |
| Karur Vysya Bank | 13.90% - 16.40% | Rs. 3,413 for 36 months | Explore More Apply Now |
| Syndicate Bank | 14.20% - 14.20% | Rs. 2,337 for 60 months | Explore More Apply Now |
| Indian Overseas Bank | 12.70% - 15.25% | Rs. 2,260 for 60 months | Explore More Apply Now |
| Andhra Bank | 13.05% - 14.30% | Rs. 2,278 for 60 months | Explore More Apply Now |
| Bank of Baroda | 11.60% - 16.60% | Rs. 3,302 for 36 months | Explore More Apply Now |
| Bank of Maharashtra | 15.10% - 15.10% | Rs. 3,471 for 36 months | Explore More Apply Now |
| Canara Bank | 13.65% - 13.65% | Rs. 2,715 for 48 months | Explore More Apply Now |
| Corporation Bank | 12.75% - 13.75% | Rs. 3,357 for 36 months | Explore More Apply Now |
| Dena Bank | 13.00% - 14.00% | Rs. 3,369 for 36 months | Explore More Apply Now |
| Federal Bank | 13.32% - 15.12% | Rs. 2,699 for 48 months | Explore More Apply Now |
| IDBI Bank | 13.20% - 13.75% | Rs. 2,286 for 60 months | Explore More Apply Now |
| Allahabad Bank | 13.10% - 13.10% | Rs. 2,280 for 60 months | Explore More Apply Now |
| Indian Bank | 14.35% - 14.85% | Rs. 3,435 for 36 months | Explore More Apply Now |
| Yes Bank | 11.99% - 20.00% | Rs. 2,224 for 60 months | Explore More Apply Now |
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
Why MyLoanCare???
Nowadays, banks give various offers on Personal Loan to give the best rates to individuals. To get Personal Loan with lowest interest rate and lowest EMI, compare new rates and offers of all banks at MyLoanCare. You can do rates comparison, check your eligibility, apply online and get the cheapest rate on Personal Loan. MyLoanCare helps you throughout the loan process from the day you apply to the time you get complete disbursement. You can even track your loan status after getting registered with us. MyLoanCare make it easy for you to get hassle free Personal Loan with ultimate cashback and refer and earn benefits. So, apply for Personal Loan today and enjoy the benefits.