Multiple banks. Different interest rates. Call it a "conflict of interest".
Loading your search...
Close

Compare, check your eligibility and apply online instantly.

  • Apply for Marriage Loan is Rated as "Great!" by 97304 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    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 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
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      At the beginning i came to know about the Bank bazaar through the credit card score checking, i use the bank bazaar through both the website as well as the mobile application as it is user friendly to access. The customer support is responsive.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "GOOD"
      0.5 4.0/5 "Great!"
      There is no particular reason for taking the personal loan with the HDFC BANK but the process of applying the personal loan is simple ans easy to get the loan. The loan amount is satisfactory what they have offered added on that the rate of interest is with lower.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "USER FRIENDLY PORTAL"
      0.5 5.0/5 "Blown Away!"
      It is my first time experience with the Bank bazaar as i am using it through the website as the portal is easy and also it is user friendly to access. The customer support is very good with this with this portal and it is satisfactory to me. It is a good portal to use.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      There is no particular reason for taking the personal loan with the INDUSIND BANK but the loan amount what they have offered is sufficient added on that they have offered the rate of interest is 12.5% with this personal loan. The process of getting the loan is simple and quick.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It has been a good experience with this loan and the loan got disbursed in a short period of time. There has not been any hassle faced with the banking services of them, even their customer support has been responsive has been helpful. There has not been any extra charges made by them.
      Was this review helpful? 2
      , kolkata
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Good service"
      0.5 3.0/5 "Satisfactory"
      It had been a good experience with this loan experience with this loan and the whole process went smooth and simple. Within a short period of time they had given me this loan and there has not been any problem and there has not been any sort of additional charges which they had made.
      Was this review helpful? 3
      , kolkata
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Easy to get a loan"
      0.5 4.5/5 "Excellent!"
      They have processed the loan immediately. I have received the loan amount of Rs. 1.5 lakhs. I have received the loan on time. I'm happy about the interest rate since its a instant loan. There was no documentation has collected. Total tenure period of the loan is 2 years and I'm about to close it.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Dec 14, 2018
    • review Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      Its instant paperless approval personal loan which i got from Home credit financial service . As the rate of interest is satisfactory based on the market price. Their customer service is way good an response was quick .I have chosen the tenure period of1 years and there are nil processing fees.
      Was this review helpful? 1
      , ghaziabad
      Reviewed on Dec 14, 2018
    • review Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have take personal loan from Bussan Auto finance which they approved in 1 day and the amount was reflected in next day and they followed instant approval process. As am satisfied with the rate of interest which they have given and i can make the payment monthly though ECS. There are nominal processing fees.
      Was this review helpful? 2
      , ghaziabad
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "Best service"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken with STATE BANK OF INDIA , and they provide nominal rate of interest and it is nominal in the market . The processing fee is nominal and tenure period is 5year . SO far it has been good experience with this bank . Loan amount is satisfactory .
      Was this review helpful? 2
      , hyderabad
      Reviewed on Dec 14, 2018
    • Axis Bank Personal Loan
      "Very Good bank for personal loan"
      0.5 5.0/5 "Blown Away!"
      I bought my personal loan in the year of 2017. They have offered me a interest rate of 14.5% and the loan amount was Rs. 2.59 lakhs. There was some processing fee which is nominal according to the standard charges. Getting a loan from Axis bank is easy. There is a pre-closure and partial payment is available without any charges.
      Was this review helpful? 2
      , bangalore
      Reviewed on Dec 14, 2018
    • HDFC Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a car loan with HDFC bank and my experience was good, the loan amount was based on my requirement and the rate of interest was nominal when compared to other banks. Customer service was good with this bank and the tenure period is 5 years for this loan.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, 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 use and is user friendly.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Dec 14, 2018
    • Early Salary Personal Loan
      "Looking for less interest rate"
      0.5 4.0/5 "Great!"
      My experience was good with Early salary for personal loan, the loan amount was for Rs 12000 with high interest rate when compared to others. Customer service was good and i received my loan amount on time. Tenure period for this loan is for 1 month.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I am using the services of bankbazaar from last 3-4 years, the services provided by bankbazaar is good when compared to others in the market. Customer service was good and they responded on time. Mobile app of bankbazaar is easy to navigate and user friendly to use.
      Was this review helpful? 0
      , bangalore
      Reviewed on Dec 14, 2018
    • Incred Personal Loan
      "Not satisfied"
      0.5 2.0/5 "Expected more"
      I am not satisfied with the services provided by INCRED, the process was smooth and i received my loan amount within 7-10 days. I requested loan amount for Rs 2 lacs but they approved only for Rs 93000 and the rate of interest was high when compared to others. Customer service was not up to the mark with INCRED.
      Was this review helpful? 1
      , bangalore
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      It was a good experience so far with bankbazaar, 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 use and is user friendly.
      Was this review helpful? 1
      , ludhiana
      Reviewed on Dec 14, 2018
    • IndusInd Bank Personal Loan
      "Not satisfied"
      0.5 1.0/5 "Really Bad"
      It was not a good experience with Indusind bank for personal loan, the process took 10 days to complete. Customer support was not up to the mark with this bank and there was no proper response. Loan amount was or Rs 2 lacs with high interest rate and tenure period is 5 years.
      Was this review helpful? 2
      , ludhiana
      Reviewed on Dec 14, 2018
    • SBI Personal Loan
      "BETTER"
      0.5 5.0/5 "Blown Away!"
      The personal loan has been taken from the STATE BANK OF INDIA and i am satisfied with the services of this bank as i am using it from many years and the rate of interest what they have given is satisfactory with this bank. The duration to repay this loan is for 5 years.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 2 years, my experience was good so far with bankbazaar. Customer services provided by bankbazaar is good and their response was prompt. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , new delhi
      Reviewed on Dec 14, 2018
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.