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Wedding Loans in India

Last Updated 24th Jan 2022

Most of the top banks offer personal loans for marriage which can be utilized for meeting wedding expenses. Key features of these loans are:

  • Marriage loan interest rate ranges from 10.25% to 19.00%
  • Wedding Loans come with a flexible EMI payment option with loan tenure for wedding loans ranging from 1 and 5 years i.e. 60 months.
  • A few banks may not charge a penalty on foreclosure or prepayment of wedding loans.
  • No collateral is required to avail a marriage loan and even the documentation requirement is very minimal
  • Apply for marriage loan online and avail attractive cashback upto ₹ 1,000.
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What is a Marriage Loan?

If you or your loved ones are getting married and you don’t have ample funds to manage wedding expenses, you can finance your or your child’s or siblings' marriage by taking a personal loan for the wedding. The expenses of a wedding can range from booking a venue for wedding, catering, jewelry, foods and gifts for relatives and there is no end use restriction on the usage of a personal loan taken for wedding. You can take a loan for up to ₹ 75 Lakh and payback in easy EMI’s.

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

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

Marriage Loan Interest Rate

The table below mentions the wedding loan interest rates of the banks that offer wedding loans:-

Bank Name Interest Rate Maximum Loan Amount
SBI
Compare
9.60% -15.65% ₹ 15 Lakh
HDFC Bank
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10.25% -22.00% ₹ 75 Lakh
ICICI Bank
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10.25% -22.00% ₹ 30 Lakh
Bajaj Finserv
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12.99% -15.50% ₹ 25 Lakh
IDFC First Bank
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10.49% -22.00% ₹ 40 Lakh
Axis Bank
Compare
10.49% -17.25% ₹ 25 Lakh

Features & Benefits of Wedding Loan

If you planning to apply for a marriage loan in India, here are the key features and benefits:-

  • You can take a loan for up to ₹ 75 Lakh
  • The entire loan process can be completed online.
  • You need to submit only a few documents to get a loan.
  • You do not require to submit any collateral.
  • You can repay the loan amount with flexible repayment options.

Marriage Loan Eligibility Criteria

The marriage loan eligibility depends on various factors that may vary for every bank. However, here are some common factors that affect wedding loan eligibility.

  • Age: The minimum age to get a marriage loan can vary from 21 years to 23 years, depending on the bank 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 with a credit score of 700 and above.
  • Type of Profession: A 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 of for a wedding is ₹ 75 Lakh.

Documents Required for Wedding Loan

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

  • Identity proof: You can provide Voters ID, Passport, Aadhar Card, Driving License, or Ration Card as identity proof.
  • Address proof: To submit the address proof, you can provide the documents such as driving license, passport, ration card, aadhar card, last 3 months utility bill, rental agreement and Voter’s ID.
  • Income proof: The salaried individuals can submit form 16 or the latest salary slips or bank account statements.

How to Apply for a Wedding Loan?

You can apply for a wedding loan online at MyLoanCare by performing the following steps:-

Step 1: Fill the Personal Application Form.

Step 2: Enter all the required information like name, pin code, mobile number, loan amount needed, employment details etc.

Step 3: Click ‘Get Quote’.

Step 4: Enter a 4-digit OTP sent on your mobile number.

Step 5: Fill in further details like work experience and existing loans.

Step 6: Click ‘Submit’.

Step 7: You will receive offers as per your eligibility.

Step 8: MyLoanCare loan advisor will call to help with the further process.

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 stock of your existing savings and monthly income to estimate the number of EMIs 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 most suitable offer most suitable for you. Remember that even if some banks do not offer special wedding loan schemes, they often extend the personal loan for a wedding. Therefore, there can be significant savings in interest, processing fees and other charges by carefully comparing and choosing the loan scheme.
  • Remember to follow a prudent approach while deciding to avail of a personal loan as these loans come at high-interest rates, and any over the budget spending may land you in a financial soup.

FAQs

Do banks offer wedding loans?

Wedding loans are a type of personal loan to meet the marriage expenses, and most banks offer wedding loans. Axis Bank and Federal Bank offer wedding loans at the lowest interest rate of 10.49% and 10.49%, respectively. Some of the other banks schemes that you can consider is Wedding loan HDFC, Bajaj Finserv marriage loan and LIC marriage loan

How can I get a marriage loan?

Availing a marriage loan requires minimal documentation and can be availed by submitting the application form the required documents.You can apply for marriage loan through online and offline modes such as visiting the nearest bank branch, through a bank website or an online marketplace like MyLoanCare. Also to avail the wedding loan, you need to fulfill the eligibility criteria for age, Income, CIBIL etc. for a marriage loan.

What are the different tenure options for the Marriage Loan?

The loan tenure for marriage loans is flexible and ranges for a period of 1-5 years.

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. it can range from ₹ 1,000 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.However, different banks have different charges for prepayment of a personal loan for marriage and can range from Nil to 5% of the outstanding balance of the loan amount.

Are there any tax benefits for marriage loans for govt employees?

No, there are no tax benefits for marriage loans for government employees or any other person. You can avail of tax benefits only if a personal loan is taken for the construction of the property or for business purposes.

Is the loan for the marriage of the daughter available?

Yes, lenders offer loans for the marriage of daughters. However, the loan amount and interest rate are the same for a daughter or a son. Therefore, you can avail of a marriage loan for girl at the lowest interest rate of 10.25%.

Why should I take a personal loan for a wedding?

Yes, you can take a personal loan for marriage purpose of your wedding, child or siblings. Most of the banks offer wedding loans in India with minimum documentation for upto ₹ 75,00,000.

Does the government provide marriage loans?

There are various public sector banks that offer marriage loans in India. Some of these banks offering wedding loans are:

  • Marriage loan SBI
  • Canara bank marriage loan
  • Marriage loan PNB

How can I get money for my marriage?

You can search for wedding loans near me to avail funds for your marriage. Some of the best wedding loans with low interest are Bajaj Finserv, IDFC First Bank> and Axis Bank. Also, you can get a 5 lakh personal loan for wedding or a marriage loan of 10 lakh depending on your marriage expenses.

How do I get financial help for my marriage?

You can avail bank loan for wedding to get financial help for your marriage. Most of the private banks provide personal loan for marriage. In addition, you can also opt for a marriage loan by government.

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