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    Marriage Loan

    Marriages in India are generally expensive due to the various wedding customs and rituals involved in them. Handling the finances of a wedding can have a huge impact on your savings if not planned in advance. Multiple banks as well as non-banking financing companies (NBFCs) provide custom, tailor-made personal loans called marriage loans to smoothen out any finance-related kinks you may face while planning for your entire wedding scenario.

    Perfect Personal Loan Deals for you

    A personal loan can be availed for various reasons such as home renovation, marriage of self or a family member, higher education, medical emergency, vacation expenses, and so on. In order to meet the rising need for customised personal loans, a number of major banks and NBFCs offer personalised loans to meet the specific financial requirement of the customers. The top lenders that offer personal loans in India are HDFC Bank, ICICI Bank, Tata Capital, State Bank of India, Axis Bank, Citibank, IDBI Bank, Punjab National Bank, Kotak Mahindra, Bank of Baroda, Capital First, etc.

    The biggest benefit of personal loans is that the borrower does not need to disclose the reason for availing the loan and the funds received from this loan can be used for any purpose including marriage. Furthermore, since it is an unsecured loan, the applicant does not need to provide any guarantor or collateral in order to avail this kind of a loan. However, this means that a personal loan is a high-risk financing scheme in terms of the lender. Therefore, the policies and eligibility criteria in place for this scheme are much more strict as compared to other secured loans to ensure the timely repayment of the debt and reduce the chances of defaulting.

    Marriage Loan Eligibility Criteria

    To avail a Personal Loan for the purpose of funding your marriage, you must first see if you match the general eligibility criteria put forth by most banks and NBFCs. Your eligibility is dependent on a number of factors, a combination of which would not be the same for every applicant. Therefore, these also determine the maximum amount of credit that the borrower will be able to secure using this financing scheme. The eligibility criteria for a marriage loan includes:

    • Minimum Age: The applicant should be at least 21 years old in order to avail this loan. However, the minimum required age is 23 years for some of the banks.
    • Maximum Age: In case of a salaried employee, the maximum age of the applicant to avail this loan is 58 years. However, if you are a self-employed person, you should be less than 65 years of age.
    • Minimum Net Monthly Income : For marriage loans, the required minimum net monthly income varies from lender to lender. While this amount is Rs.15,000 in most cases, the minimum income requirement could go up to Rs.25,000 as well depending on the applicant’s current city of residence, age, etc.
    • Employment Type: Marriage loans can be availed by salaried employees, salaried professionals, and self-employed persons.
    • Employment Status: The applicant must have a regular and stable source of income with a minimum of 2 years of total work experience in order to be eligible for a marriage loan. Additionally, the applicants also must have a minimum of 1 year of work experience with the current employer or business.
    • Credit Score: In order to secure a marriage loan, a CIBIL score of more than 700 is preferred. However, some banks have a minimum CIBIL requirement of 750 with a maximum cap of 900.
    • Maximum Loan Amount: The maximum loan amount that can be withdrawn to fund a marriage varies from lender to lender. While the amount a borrower can avail depends on many factors such as income, repayment capacity, existing loan EMIs, and CIBIL score, the quantum of approved loans usually range between Rs.5 lakh and Rs.20 lakh.

    It should be noted that different banks view these criteria differently. For example, Bank A may not require you to be any older than 21 years, but may require a CIBIL score of 800. On the other hand, Bank B may have a strict rule that you must be at least 23 years old, but can have a CIBIL score of 700. The banks basically decide your eligibility and maximum loan amount by your ability to repay the same.

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    Documentation required for a Marriage Loan

    Before banks and NBFCs approve or deny any loan application, they will require you to submit a full set of documents for their perusal. This set of documents contains information vital to the banks, to help identify you, your address, your employment or business details, and eventually decide whether you will be able to repay the loan or not.

    A common set of documents must include:

    • Valid Proof of Identity: This can be ascertained by submitting any one or a combination of the following (in case one proof does not have a photo ID) registered, legal proofs of identity.
      • Passport.
      • Voters ID.
      • Permanent Driving License.
      • PAN Card.
      • Aadhar Card.
      • Photo Ration Card.
      • National Rural Employment Guarantee Act (NREGA) Job Card.
    • Valid Proof of Address:Fulfil this requirement by submitting any of the following documents.
      • Passport.
      • Voters ID.
      • Permanent Driving License.
      • Ration Card.
      • Electricity / Water / Telephone bill.
      • Domicile Certificate with address issued by the Municipal Corporation.
      • Registered Rent or Lease Agreement.
    • Proof of Age: Usually, you won't have to submit this separately. But in case your proof of ID does not have your age, you will have to submit one of the following:
      • Birth Certificate.
      • School leaving certificate.
      • PAN Card.
    • Financial Documents:These will go a long way in helping the bank decide whether you will be able to repay your loan on the agreed terms or not.
    • For salaried individuals: Latest salary slip showing statutory deductions or Form 16 and salary account statements for the last 3 months.
    • For self-employed individuals: Audited / certified financials (P&L Account and Balance Sheet) and Acknowledged IT returns for the last 2 years and Bank statement of the primary account for the last 6 months.
    • Loan Application Form: This is the form that you will fill in from the bank of your choice stating all the above details and the loan amount required, etc. This will be provided by the bank and all the details filled in will, in some way or the other, affect your maximum loan amount and eligibility.

    Marriage Loan Interest Rates

    As per the recent guidelines from the Reserve Bank of India (RBI), personal loan interest rates should be dependent on the benchmark Marginal Cost of Funds-Based Lending Rate (MCLR) of the bank. Since the MCLR is updated according to the repo rate of RBI, the rate of interest will be revised after each time the repo rate changes. Therefore, it is advisable to get in touch with your bank to learn about the ongoing interest rate on personal loan. Furthermore, depending on the eligibility of the applicant, banks and NBFCs decide the applicable rate of interest on a loan withdrawn for marriage purposes.

    See the table mentioned below to learn about the top banks that offer marriage loans along with the interest rate, processing fees, loan tenure, and pre-closure charges they carry:

    Name of the Bank Loan Amount Loan Tenure Rate of Interest Pre-closure Fee
    HDFC Bank Up to Rs.15 lakh (for salaried individuals) 12 to 60 months 15% to 20.99% p.a. Up to 2.5% of the loan amount with a minimum of Rs.1,999 and maximum of Rs.25,000 13 to 24 months - 4% of outstanding loan amount 25 to 36 months - 3% of outstanding loan amount More than 36 months - 2% of outstanding loan amount
    ICICI Bank Up to Rs.20 lakh 12 to 60 months 10.99% to 22% p.a. Up to 2.25% of loan amount + taxes 5% of the balance amount + taxes
    State Bank of India (SBI Xpress Credit Personal Loan) Up to Rs.15 lakh Up to 60 months or remaining period of service 11.15% to 15.15% p.a. 1% of loan amount + taxes 3% of the outstanding principal amount
    Punjab National Bank Rs.50,000 to Rs.10 lakh Up to 60 months MCLR + 2.80% to 6.55% p.a. All borrowers - 1.80% of loan amount Pensioners - NIL NIL
    Axis Bank Rs.50,000 to Rs.15 lakh 12 to 60 months 15.50% to 24% p.a. 1.5% to 2% + taxes NIL
    Tata Capital Rs.75,000 to Rs.25 lakh 12 to 72 months 11.49% to 19% p.a. Up to 2% of the loan amount Up to 4% of the balance amount
    Citibank Rs.1 lakh to Rs.30 lakh 12 to 60 months 10.99% to 18% p.a. Up to 2.5% of the loan amount 4% of the outstanding principal amount
    Bank of Baroda Rs.50,000 to Rs.10 lakh Up to 60 months MCLR + Strategic Premium + 3% to 8% p.a. 2% of the loan amount subject to a minimum of Rs.1,000 and maximum of Rs.10,000 2% of the balance amount
    Bajaj Finserv Up to Rs.25 lakh 12 to 60 months 13.99% p.a. 2.25% to 3% of the loan amount 4% on the balance amount + taxes
    Kotak Mahindra Bank Rs.50,000 to Rs.15 lakh 12 to 60 months 10.99% to 24% p.a. Up to 2.5% of the loan amount + taxes 5% of the outstanding loan amount  + taxes (after 12 months)
    IDBI Bank Rs.25,000 to Rs.10 lakh 12 to 60 months 12.49% to 13.49% p.a. 1 % of the loan amount + taxes Within 6 months: 2% of the outstanding principal amount After 6 months: NIL
    Capital First Rs.1 lakh to Rs.25 lakh 12 to 60 months Depends on the credit rating of the borrower N/A N/A

    Features and Benefits of Marriage Loans

    Marriage loans are in most respects the same as personal loans, but are taken with the purpose of funding a marriage.

    • Easy repayment with EMIs most banks offer incredibly flexible and customer friendly EMIs, tenures and interest rates.
    • No guarantor required in order to avail these loans which means you won’t have to bother anyone to come down and stand as guarantor to your loan, and the loans are approved without requirement of collateral, either. This means that no one will kick you out of your house if you fail to repay.
    • Loans are approved within 48 hours of application in most cases, and there have been reports of loans being approved the very next day, making this a strong and viable option for quick personal finance.
    • Borrowers can avail the benefit of Credit Shield an insurance cover that waives off outstanding credit card bills under certain circumstances.
    • Disbursal in 2 days from approval. No more waiting for your money once your loan has been approved. Banks today are sending you the money within 2 days of accepting your loan application.
    • Flexible tenure options offered by banks from 12 months for those who wish to be done with the hassle of repayment early, to 48 and even 60 months for those who plan out their expenses more carefully.
    • Most banks today provide personal accident insurance cover with their personal loan products.
    • Customizable plans, rates and schedules depending on the customer. Banks today work with you for mutual benefit.
    • Fulfil your dreams by receiving the required funds without the need to provide any collateral.
    • Prepayment facilities on offer enable you to clear your entire outstanding loan balance after the minimum pre-communicated number of days have passed (usually 180 days).
    • Marriage loans are a type of personal loan that is easier to acquire than the others. Banks generally undertake a huge amount of risk when the reasons for the loan are not mentioned, but can relax in case of a marriage loan as there is an inherent trustworthiness in family functions.

    Marriage Loan FAQs

    What category of loans does œmarriage loan fall under?

    Marriage loans are basically a type of personal loan. Think of your loan as a personal loan, but for the purpose of funding your marriage.

    Does everyone get the same loan amount, interest rate and tenure since its a purpose-directed loan?

    No, despite everyone takes the loan for a specific purpose, the loan amounts that get approved vary from one another and are dependent on a lot of factors.

    What are the factors upon which the loan amount depends?

    Your loan amount that eventually gets approved or denied, depends on your age, net monthly income, employment type (salaried, self-employed, salaried professionals), employment status (term of employment, employability, etc.), CIBIL credit score, existing EMIs being paid, and in general, your ability to repay.

    What are the documents that the bank or NBFC will ask for?

    The bank will require your proof of ID (with photograph), proof of address and proof of income along with a duly-filled and signed form and 2 passport-size photographs.

    Do any major banks offer marriage loans?

    Most major banks and NBFCs in India offer marriage loans, like Punjab National Bank, ICICI Bank, State Bank of India, Citibank, IDBI Bank, Kotak Mahindra, HDFC Bank, Bank of Baroda, Capital First, Tata Capital, Axis Bank among many more.

    Marriage Loan Reviews

    • RBL Bank Personal Loan
      "excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan experience is very good with RBL bank and even they have provided sufficient loan amount to me . Rate of interest is 18% which is up to the mark and tenure period is 3 years . Customer service is good and documents were collected on time . I use to pay EMI 1044 and processing fee is 3500 . There is no preclosere option .
      Was this review helpful? 0
      , hyderabad
      Reviewed on Aug 19, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken personal loan with ICICI BANK . I use to pay EMI 9000 and tenure period is 3years . I am happy with customer services because i can connect them easily . There is no charge for processing fee, rate of interest is 14.2% and it is too high in the market . My loan amount is up to the mark .
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 19, 2018
    • HSBC Bank Personal Loan
      "AVERAGE CARD"
      0.5 3.0/5 "Satisfactory"
      Documentation from the bank end was late after that only i got the card, they can also improve the customer service in terms on responsiveness, because responsiveness is little delayed from them, almost the processing time was around 2 weeks they have taken which is little longer period.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2018
    • HDFC Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with HDFC Bank 11 months back.The loan amount was 3 lakhs and the interest rate was satisfactory . The EMI period was 5 years . The customer service was really good and there was no delay at all in the process . They have provided door step service for collecting documents.
      Was this review helpful? 0
      , jaipur
      Reviewed on Aug 18, 2018
    • Fullerton Personal Loan
      "Overall good"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with Fullerton and the experience is fine. The customer services and response is good and there are no hassles to get the loan. They done a good job. Though the interest rate and charges is on the higher side, I am pretty happy with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Aug 18, 2018
    • Kotak Personal Loan
      "More than satisfactory"
      0.5 5.0/5 "Blown Away!"
      Kotak Mahindra Bank has been really beneficial and they provided me with a personal loan. The rate of interest and processing charges is normal and I had no issues to get the loan through. The customer services and response is good and overall no issues.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Aug 18, 2018
    • ICICI Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with ICICI bank 8 months back. The loan amount was 98,000a nd the interest rate was satisfactory . The tenure period was 24 months . The customer service was very good and there was no delay at all. The loan was approved on time infact they follow paperless approval process.
      Was this review helpful? 0
      , chennai
      Reviewed on Aug 18, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from more than 1 year. The website of bankbazaar is easy to use and is user friendly. Customer service was good and they followed up on time.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.5/5 "Excellent!"
      It was a good experience with HDFC bank for personal loan, the loan amount was for Rs 4 lakhs with nominal interest rate in the market. The process was smooth and it took 10 days to receive the loan amount. Customer service was good and they followed up on time. The tenure period for this loan is 2 years.
      Was this review helpful? 3
      , bangalore
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 2 years but i have used bankbazaar for the first time. The services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 17, 2018
    • Standard Chartered Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was an average experience with Standard Chartered Bank for personal loan, the process was quite long and it took 20-25 days to complete. Documents were collected on time and the customer service was good. The loan amount was for Rs 6 lakhs for 5 years with high interest rate.
      Was this review helpful? 2
      , mumbai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar provides best services when compared to others in the market. I am using the services of bankbazaar from last 1 year. Customer service was very good and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 2
      , chennai
      Reviewed on Aug 17, 2018
    • Tata capital Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with TATA CAPITAL and the experience was good, the loan amount was for Rs 2 lakhs with the tenure period of 3 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 4
      , chennai
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 3-4years, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and they responded on time. Mobile application of bankbazaar is easy to access and is user friendly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • HDFC Bank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have my personal loan application approved with HDFC bank and the experience was good, the loan amount was for Rs 3 lakhs with the tenure period of 4 years and the rate of interest is nominal when compared to other banks. Customer service was good and they responded on time.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of paytm from last 1 year, the services provided by bankbazaar is good when compared to others. Customer service was good with bankbazaar and their response was on time. I check my credit score on the website of bankbazaar.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Aug 17, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My experience was very good with ICICI bank for personal loan,, the process took more than 15 days to complete. The loan amount was for Rs 1 lac with nominal interest rate. Customer service was good and they followed up on time. The tenure period for this loan is 3 years.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Aug 17, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with bankbazaar so far, they provide good services when compared to others in the market. Customer service was good with bankbazaar and they responded on time. The website of bankbazaar is easy to navigate and is user friendly.
      Was this review helpful? 1
      , kolkata
      Reviewed on Aug 17, 2018
    • Kotak Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      It was a good experience with Kotak Mahindra bank for personal loan, the loan amount was for Rs 3 lakhs with nominal interest rate in the market. The process was quite long and it took 15 days to receive the loan amount. Customer service was good and they followed up on time.
      Was this review helpful? 2
      , kolkata
      Reviewed on Aug 17, 2018
    • Axis Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a personal loan with AXIS bank and my loan experience was good, the loan amount was for Rs 4 lakhs with nominal interest rate when compared to other banks. The tenure period for this loan is 4 years and there are no preclosure charges.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 17, 2018
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