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  • Marriage Loan is Rated as "Great!" by 92272 Users

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    Personal Loan BYTES FROM OUR KITCHEN
    rated 4.0/5.0 by 92272 users

    Marriage Loan

    The big day youve been waiting for is approaching faster than you anticipated! In the rush of sorting out your food options, venue, sending out invitations and making sure your ex doesnt turn up, you may or may not have the time to plan out your finances.

    Perfect Personal Loan Deals for you

    True, youve been saving for this occasion for a while and have a sizeable amount kept aside, but is it enough? Or if you havent specifically saved for this occasion and are in dire need of funds, take a deep breath and relax “ because banks have got you covered!

    Banks today are lending custom, tailor-made personal loans called marriage loans to smoothen out any finance-related kinks you may have in your entire wedding scenario. As all Indians from any walk of life can testify, marriages here are magnificently elaborate, exuberant functions which compete with each other in terms of grandeur, opulence and luxury.

    In order to meet the rising need for œpersonalised personal loans, major banks and Non-Banking Finance Companies (NBFCs) like 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. are rising to the challenge. Personal loans today refer to a rather wide variety of customized loan products including marriage loans, home renovation loans, business loans, education loans, medical emergency loans, etc.

    As we all know, personal loans today give the customer the benefit of not having to provide a guarantor, or any collateral, should the loan prove to be unrecoverable. Customers need not even give the bank a reason as to why they require the loan. This is a problem for the banks, as anyone could approach them for a loan without giving a reason for the same and turn out to be a defaulter. While your reasons could be totally under your discretion, it would instil in the bank a sense of faith in your ability to repay, if your reason for wanting the loan was to fund your marriage.

    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. Your eligibility is dependent on a number of factors and criteria, a combination of which would not be the same for every applicant. This includes:

    • Minimum Age of 21 years (23 years for some banks).
    • Maximum Age of 58 years (for salaried employees) and 65 years (for self-employed persons). If youre getting married at this age, kudos to you, my friend!
    • Minimum Net Monthly Income “ Rs.15,000 in most cases, although the minimum income requirement could go up Rs.25,000. This depends on your current city, age, etc.
    • Employment Type “ Salaried employees, salaried professionals, self-employed persons.
    • Employment Status “ salaried employees and self-employed persons alike must be drawing regular income for a total of at least 2 years prior to applying for a marriage loan, and must be drawing regular income from the current employer or business for the last 1 full year.
    • Credit Score “ A CIBIL score upwards of 700 is preferred, although some banks have a minimum CIBIL requirement of 750. This score has a maximum cap of 900.
    • Maximum Loan Amount “ Rs.30 lakhs “ this is dependent on all the above factors including repayment capacity and existing loans with EMIs, etc. Usually loans are approved in the Rs.5 lakh to Rs.20 lakh range.

    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, but Bank B may have a hard set 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.

    Apply for Personal Loan

    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 details 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 wont 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

    Interest rates on personal loans and marriage loans vary between banks and your eligibility criteria. Not everyone will get the same loan at the same interest rate for the same tenure.

    General interest rates and charges for personal loans are as follows:

    • Interest Rate (Monthly reducing balance) “ 13.49% “ 34%.
    • Processing Fees “ 0.5% - 2.5%.
    • Loan tenure “ 1 year to 5 years.
    • Pre closure charges “ 2% - 5%.

    These rates are indicative of the general trend in personal marriage loans charges today.

    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 “ which means you wont have to bug 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.
    • Credit Shield.
    • 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 today, and repay what you owe, as you grow.
    • Pre-payment 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.

    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
      "Helpful website"
      0.5 4.0/5 "Great!"
      Bankbazaar only helped me to get the loan. The people who are working there called me everyday and followed up the process. They used to update the status of the loan from their end. I also called them after i got the loan. I have got so many mails from the bankbazaar people from that i have clicked the link which is sent on the mail.
      Was this review helpful? 0
      , durgapur
      Reviewed on Jun 21, 2018
    • Fullerton Personal Loan
      "Better try with some other banks"
      0.5 3.0/5 "Satisfactory"
      Fullerton interest rates are too high. They have lots of verification process for that they have delayed the loan 20 days. Actually i have taken a loan of 1 lakhs but i have to pay 2.16 lakhs. For 60 months i have to pay 1 lakhs extra there must be a lots of hidden charges. They did not inform anything previously. Since I'm in need of money i have taken the money from them.
      Was this review helpful? 0
      , durgapur
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Good Website"
      0.5 5.0/5 "Blown Away!"
      The site is really helpful and customer service is very helpful. The facilitator of financial products. Everything is available in bankbazaar. Nothing to be improved. When i check for personal loan or any other products its very easy to apply. I can directly apply through bankbazaar. Paperless approval is there which is very helpful. I've been using this site for the last 2 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • Tata capital Personal Loan
      "Everything went well. "
      0.5 5.0/5 "Blown Away!"
      They have taken care extra care to disburse the loan. After the loan also the service good. They worked in a weekend also and the manager was very much helpful. There was no disturbance while taking the loan. I'm satisfied with the TATA Capital. I have applied of Rs. 2 lakhs the have offered me a interest rate of 10%. The processing is reasonable. I got the loan earliest what ever they have committed. They are very professional people.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 21, 2018
    • YES Bank Personal Loan
      "ROI is high"
      0.5 4.0/5 "Great!"
      Interms of ROI is too high compared other banks. I found the customer care service which was helpful. I have applied around 5 lakhs how ever i they have approved the same. I already paid around 1.3 lakhs. I'm paying the EMI amount of 11400 every month through ECS. I have opted the loan for 5 years.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Good Website"
      0.5 5.0/5 "Blown Away!"
      I applied a personal loan through bankbazaar.com and I'm not a regular user of bankbazaar. Whenever I need any financial assistance I always come to this site. I never downloaded the bankbazaar mobile application. Overall, I'm satisfied with their customer care services.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Affordable"
      0.5 5.0/5 "Blown Away!"
      The documentation process was smooth anyway it can be improved. The person came to my place and collected all my documentation. Basically i was applied was around 3.75 lakhs however i have got only 50 K. I have applied from Bank to Bank transfer. The interest rate was nominal and affordable. I used to pay the EMI of 1400.
      Was this review helpful? 0
      , gurgaon
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Human error in HDFC"
      0.5 3.0/5 "Satisfactory"
      They previous intimated about the charges. I would say this is one of the worst experience i have ever had. The application was very much confusion. The EMI amount also confused. Their were confusion 0.5 paise n the EMI. They have asked me to give the other cheque. I was asking the bank people to send the person but it did not happened. They have a cut off period before that i have to take the loan otherwise the EMI will get start for the same month itself. After the several follow up i have got my loan with the extra interest rate.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Awesome service from Bankbazaar"
      0.5 5.0/5 "Blown Away!"
      They were supporting a lot in this over all loan process. They helped me a lot as soon as possible. They were finding the best bank which is having a low interest rate and processing for me. Sometimes i have seen the advertisement on Television and online like Bankbazaar helps you to get a personal loan and credit card. I am very much satisfied with the service provided by bankbazaar.com
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      I have got the loan on time. The documentation process was smooth. I have applied the amount of Rs. 4 lakhs in the deducted of processing charges. After the deduction 3.84 lakhs. I'm paying the EMI of 11.600. I have taken a tenure period 48 months. I don't find any difficulties while taking the loan.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • Bajaj Finserv Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I took a loan from the Bajaj Finserv for 60000, The interest rate is high when comparing with other financial institutions, Application was easy. I got the loan with in 2-3 days. Overall it has been a good experience with the Bajaj Finance. They should keep their interest rate in par with other banks in the market.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Very Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken this loan almost six months back and it has been a very good experience with them. The interest rate with them had been good as well as the loan amount had been satisfactory. Even the process in getting the loan had been easy and simple. There has not been any issues so far.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 21, 2018
    • IIFL Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It has been a very good loan experience with them and the process in getting the loan has been simple and easy. The interest rate which they had charged had been nominal and the loan amount which they had provided had been satisfactory. There has not been any kind of issues faced with their services so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 21, 2018
    • HDFC Bank Personal Loan
      "Good Interest rates"
      0.5 4.0/5 "Great!"
      Its been easy apply for a personal loan in HDFC. I have submitted the documents of 3 months salary slip, PAN card, Aadhar Card, 3 photocopies, Company ID Card and bank statement. Within 15 day i have got the loan. I have applied the amount of Rs. 2.50 lakhs in HDFC Bank for that they gave me interest rate of 13.99%. They charged me a processing fee around 3 K.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Axis Bank Personal Loan
      "Easy to take personal loan"
      0.5 4.0/5 "Great!"
      First of all i have started applied the personal with Axis. I have applied a loan amount of 1.20 lakhs and i have received 1.13 rest of the amount they have taken for processing fee. I paid the EMI of 3456 anyway i will pay the EMI through auto deduction. I have not received the loan time. In Axis bank, they are changing 17.99% as interest rate.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Good Website"
      0.5 4.5/5 "Excellent!"
      I have started using this bankbazaar.com for 3 years and i will proudly say about it. Since i have not yet used the app also the website is more comfortable for me in desktop. The customer acre executive who helped me a lot to choose the best bank.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Kotak Personal Loan
      "Good Top up Plan"
      0.5 4.5/5 "Excellent!"
      I have applied the loan top up with the Kotak Mahindra bank for my existing loan with other bank. I have to pay the EMI of Rs. 4995 every month. I will pay easily by using the net banking. They are charging me a interest rate of 10.99%. The customer care service is prompt.
      Was this review helpful? 0
      , kochi
      Reviewed on Jun 21, 2018
    • Canara Bank Personal Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I took a personal loan from the Canara bank for 3.5 lacs, I got the loan amount with in 10 days. Some personals willing to help and sometimes some staff will not respond properly. On some instances I the experience was good but some clerks are not willing to help.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 21, 2018
    • Bank Bazaar Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I have taken my credit card via BANK BAZAAR . The customer service and responses was up to the mark. The mobile application was very user friendly understandable. I have not faced any inconvenience with the service here so I would like to recommend to others.
      Was this review helpful? 0
      , ranchi
      Reviewed on Jun 21, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      My personal loan was taken with ICICI Bank. The loan amount was 4 lakhs and the interest rate was satisfactory .The tenure period was 4 years . The customer service and responses was up to the mark. The process was a bit slow here and they have taken some time but the processing fee was very much nominal.
      Was this review helpful? 0
      , ranchi
      Reviewed on Jun 21, 2018
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