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    Baroda Gujarat Gramin Bank Marriage Loan

    Overview about Baroda Gujarat Gramin Bank Marriage Loan

    The Baroda Gujarat Gramin Bank was established with the goal to mobilize resources towards the sectors of agriculture and allied activities. Since its establishment in 2005, it has increased operations to over 128 branches, with 500+ employees and a total business of over Rs.800 crore.

    The bank provides a marriage loan at attractive interest rates and repayment terms in order to enable weaker sections of society to meet this obligatory expense. This is term loan.

    Purpose of Baroda Gujarat Gramin Bank Marriage Loan

    Baroda Gujarat Gramin Bank Marriage Loan scheme is launched to enable working men to meet the expenses of their daughter’s marriage, or for the marriage of a dependant sister (in which case sufficient proof of dependency is to be provided). The plan also exists to help working women meet the expenses of their own weddings.

    Eligibility criteria for Baroda Gujarat Gramin Bank Marriage Loan

    Baroda Gujarat Gramin Bank Marriage Loan is available to any borrower who:

    • Has the capacity for repayment through his or her own income generating assets or expecting matching funds to satisfy loan commitments.
    • Has a daughter or dependant sister who has attained the legal age for marriage.
    • Has not exceeded the age of 60.
    • Is an unmarried woman who requires funding for her own wedding?

    It is important to note that the age of bride should not be less than 18 years, and the age of the bridegroom should not be less than 21 years.

    Features and Benefits of Baroda Gujarat Gramin Bank Marriage Loan

    • Sufficient proof should be provided to the bank with regard to the authenticity of the marriage. Either a wedding card, or other valid proof of marriage should be provided.
    • Interest rate:
      • 10.00% p.a. for loan amounts up to Rs.50,000.
      • Interest rate is 10.50% p.a. for loan amounts ranging between Rs.50,000 and Rs.2,00,000.
    • There is a service / processing charge that applies, which is equal to 0.2% of the loan amount or Rs.100, whichever is higher.
    • There is a documentation charge of Rs.100 that applies for loan amounts over Rs.25,000.
    • Repayment tenure has a maximum cap of 60 months.
    • Monthly, quarterly, or half-yearly instalments can be paid.
    • The total loan amount that can be disbursed will be decided after evaluation of financial strength, and estimate of the total marriage expense.
    • The loan amount will be subject to a maximum of Rs.2,00,000.
    • Guarantee / security / collateral:

      • In case the loan is sought by a single woman seeking to fund her own marriage, personal guarantee of an earning member of the family is to be submitted.
      • In case the collateral securities are in the name of a third party, that party’s personal guarantee is to be submitted.
      • Security can be in the form of DP Note.
      • Security provided as collateral must be equal to 100% of the loan amount.
    • The branch manager is the sanctioning authority for this loan, with his own discretionary lending power.
    • Documents are to be signed by the father and/or mother of the bride.
    • The marriage should be legally valid in all aspects.
    • Customers who have an existing relationship with the bank can be given a waiver of up to 50% of the documentation charges.

    Documents required for Baroda Gujarat Gramin Bank Marriage Loan

    • Age proof of the bride and groom.
    • Wedding card, or any other document that can testify that the marriage is actually happening.
    • Other documents required will be intimated to borrowers at the time of taking the loan.
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