Marriage loans can be taken to fund the expenses associated with a wedding. The interest rates on marriage loans range from 11.25% to 24% p.a. The maximum loan amount can go up to Rs.25 lakh. Leading banks in India like Axis Bank, ICICI Bank, Tata Capital, and Bajaj Finserv offer marriage loans to eligible individuals.
|Name of the Bank||Interest Rate||Maximum Loan Amount|
|ICICI Bank||11.25% onwards||Rs.20 lakh|
|Tata Capital||11.25% onwards||Rs.25 lakh|
|Indiabulls Dhani||11.99%||Rs.15 lakh|
|Axis Bank||16% to 24%||Rs.15 lakh|
|Bajaj FinServ||12.99% onwards||Rs.25 lakh|
Your eligibility for a personal loan for wedding will depend on various factors and this can vary for each applicant. The eligibility criteria may also vary from lender to lender, but the generic ones have been listed below:
Different lenders will require you to submit different set of documents during the loan application process but the basic ones that most of them may require from applicants have been listed below:
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.
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.
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.
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.
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.
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