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Marriage Loan For Your Dream Wedding in India

Last Updated 23rd May 2018

Marriage Loan Interest Rates in India May 2018

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 10.75% 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 May 2018, 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 10.99% Min 0.99%, Max 2.50% Up to Rs. 10,000
ICICI Bank Personal Loan 10.99% 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 Bank 11.25% Starting from 0.75%, Up to 2%
Axis Bank 11.25% 1.50% to 2.00%
Tata Capital 11.99% Flat fee of Rs. 999*, Upto 2%
Fullerton India 17.25% Upto 2.00%
IndusInd Bank 11.99% Min 1% to Max 2.50%
Kotak Bank 11.50% Upto 2.5%
RBL Bank 13.99% Upto 2%
IIFL 12.99% 1 - 2%
HDB Financial 13.99% Upto 2% of loan amount
Karur Vysya Bank 13.90% 0.40%
PNB 11.70% 1.8% + taxes
Vijaya Bank 12.50% 0.25%, Max. Rs. 10000 + ST
Union Bank of India 14.40% 0.5%, Min Rs. 500
Syndicate Bank 13.30% 0.5%, Min Rs. 500
Standard Chartered Bank 10.99% 1.00%
Indian Overseas Bank 12.70% Rs. 204 per lakh
Andhra Bank 11.75% Case to Case
Bank of Baroda 11.60% 2%, Min Rs. 250
Bank of Maharashtra 15.10% 1%, Min Rs. 1,000
Canara Bank 13.85% 0.50%
Corporation Bank 12.75% 1.5%, Min Rs. 500
Dena Bank 13.00% 1%
Federal Bank 13.32% 0.5%, Min Rs. 500
IDBI Bank 13.20% 1%
Allahabad Bank 12.75% 1.06%, Min- Rs. 1068
Indian Bank 11.05% 0.5%, Min- Rs. 508
Yes Bank 10.75% Starting at 0.99%, Up to 2%

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, 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.

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