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    Apply for 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.

    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 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depending on the eligibility of the applicant, banks and NBFCs decide the applicable rate of interest on a loan withdrawn for marriage purposes.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 Processing Fee 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

    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.

    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.

    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

    • Bank Bazaar Personal Loan
      "Good website for credit score"
      0.5 3.0/5 "Satisfactory"
      Bank Bazaar online application is good I used to check my credit score. I am fine with the report and information but I suggest post process should be improved, based on the customer's profile the loan eligibility should be more. However the response is good from your end.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Network should be enlarged"
      0.5 4.0/5 "Great!"
      My area pin code was listed in Kotak Mahindra bank, there was no alternate option to take the personal loan. However the response is very good they reached me on time. I believe the interest rate and charges are nominal for the personal loan. They need to include all area for the loan approval.
      Was this review helpful? 0
      , chennai
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My friend had suggested me about the bank bazaar for checking credit score as he regularly check his score through bank bazaar,and this was my first experience even i have check credit score through bank bazaar,and i got call from them that i am eligible for loan,so i have applied, i have downloaded mobile application,it is easy to access.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      The service was good but one i will do payment i will get to know about it,and The loan amount which they have given me was not sufficient i have been expected more,and the rate of interest they have charged me was nominal,they have charged me up to 5.5% ,and they have not charged me processing fee,but for doing payment i need expected up to 6 months of tenure period but only for 2-3 months they are giving as tenure period.
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      I have applied my loan through bank bazaar the loan got cancel but i am happy with the services . Their Mobile application is easy to use and light. Overall their platform is really useful for comparing . Only they ask so much of documents . The Customer support follow up was also good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I applied my loan through TATA CAPITAL but the application got cancel and the reason is i am in need of car loan but they were providing me personal loan . But whatever experience i got was good , i do not have to struggle much it was very hassle free process . Overall it is good .
      Was this review helpful? 0
      , mumbai
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have got my personal loan through HDFC BANK , they charge processing fee and tenure period is 3 year . The rate of interest is good with this bank, and they provide sufficient loan amount . Customer support is good and they provide preclosere option with this bank .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied my loan through bank bazaar but it got cancel because of some personal reasons . Bank Bazaar is a good platform to compare all the banking products available with various banks. I never faced any issues with their services. Overall it has been very good experience with bank bazaar . Website is easy to use .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "They need to improve services"
      0.5 3.0/5 "Satisfactory"
      I applied for my loan through TATA CAPITAL . I was in need of business loan but they was providing me personal loan so i rejected the application . I am not happy with their customer service response they said me they will call because i was facing some query but they did not .
      Was this review helpful? 0
      , new delhi
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      There is a Personal Loan going with HDFC BANK . R. My application was processed on time and rate of interest are not nominal here. The tenure period is 5 year . The loan amount is 400000 and it is sufficient . Within 5 min i got my loan amount . Overall it is good .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have been using BANK BAZAAR for while.The customer support is excellent they are very polite when they are talking , i did not face any issue with them and even at the time of documentation, the process was good . I came to know about this website through online .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Very slow process "
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL but i cancel the application because here the process was very slow they are not giving the loan soon it was taking so much time . So i took my loan from HDFC BANK they provide me 400000 of loan and within 5 minutes i got it .
      Was this review helpful? 0
      , pune
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I applied for a personal loan via Bank Bazaar. I have been using the Bank Bazaar services for a while. Mainly i use to check credit score , credit card offers through bank bazaar . After applying for loan they use to call immediately that was best thing of bank bazaar .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Early Salary Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My personal loan amount was taken with EARLY SALARY , the customer support is excellent with this bank , i can connect them easily with them . The tenure period is 1.5 month and loan amount is up to the mark . They provide interest rate . I do not have to struggle much .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using the Bank Bazaar services for a while. The service is best, I got the loan with in few days, Documentation was very good and hassle free. Bank Bazaar is a convenient time saving services to purchase various financial products from one website.
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • Tata capital Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I had applied for a personal loan with TATA CAPITAL and i am happy for the reason that my application processed on time and there was no delay. The rate of interest is 13.5% reasonable here. My loan has a tenure period of 3 years . I applied for 100000 and i got the same amount .
      Was this review helpful? 0
      , bangalore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      I had applied for a personal loan with HDFC BANK and it happened to take few days. Over all I am happy with their service. I close this loan . I thought i would get loan on instant Approval, but when contacted they said they have some technical issue and later it was sorted out. Interest rates are reasonable here.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      Customer service response is very satisfactory, i did not face any difficulties throughout the process. I have been using bank bazaar service for past many month. I came to know about their services when i am checking credit score . Overall my experience was good.
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • Kotak Personal Loan
      "Shud stick to the promise ROI watever they said initially"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with KOTAK MAHINDRA BANK , they provide 200000 of loan amount . The tenure period is 3year . They charge very high processing fee it is 4000 and service was good . Initially they said 10.99% rate of interest but later they charge 11.25% .
      Was this review helpful? 0
      , indore
      Reviewed on Mar 25, 2019
    • HDFC Bank Personal Loan
      "Good door step service provider"
      0.5 5.0/5 "Blown Away!"
      I got the door step service through HDFC, the field executive came to my place for documentation. I got preapproved loan because I am an existing customer. I got 12% of interest for the personal loan amount Rs. 3.7 lakhs with the tenure of 60 months. They have foreclosure option after 6 months of emi but charges applicable.
      Was this review helpful? 0
      , kolkata
      Reviewed on Mar 25, 2019
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