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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

    • ICICI Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan from ICICI bank, i am satisfied with my loan amount which they have provided to me and even they charge nominal rate of interest and even processing fee which they charge was normal, i did not found any difficulty in getting my loan approval it run very smoothly.
      Was this review helpful? 0
      , bangalore
      Reviewed on Oct 16, 2018
    • SBI Personal Loan
      "GOOD"
      0.5 5.0/5 "Blown Away!"
      My personal loan was taken from the STATE BANK OF INDIA and it got approved very quick also the process of getting the loan is is easy and good. I have got the sufficient amount of personal loan. The service is good and responsive also added on that it is good to use.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 15, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I know bankbazaar.com from last 6 months but i am using the service from last 5-6 months. Customer service is good with bankbazaar and their response was on time.Both mobile app and the website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , noida
      Reviewed on Oct 15, 2018
    • IndusInd Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My personal loan application was approved with IndusInd bank and the experience was good, the process was quick and i received my credit card within 2-3 days. The loan amount was for Rs 2 lacs with nominal interest rate when compared to others. Customer service was good and they responded on time.
      Was this review helpful? 1
      , noida
      Reviewed on Oct 15, 2018
    • Bajaj Finserv Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      The process in getting this loan has been smooth and easy and the loan amount which they had provided had been satisfactory. They had been charged me with some processing fee but there has not been any sort of additional charges. The interest rate which they offered also had been good where it was comparatively less.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 15, 2018
    • Capital First Personal Loan
      "Very Good Service"
      0.5 4.0/5 "Great!"
      It has been a good experience in getting this loan from them. The loan amount which they had provided had been satisfactory and the interest rate with them has also been good when compared with the market rate, there has been some processing fee which has been charged by them but it has been nominal. Overall it was a good experience.
      Was this review helpful? 1
      , bangalore
      Reviewed on Oct 15, 2018
    • ICICI Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Icici bank , Am satisfied with the rate of interest of 10.99% which is low where no other bank will give for such low interest with nominal processing fees. They instantly approved .Their customer executive used to call for the offers if any offers goes around.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 15, 2018
    • Axis Bank Personal Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      Applied a personal loan with AXIS bank, i was in a urgent need and my application was processed in a week time. I find the interest rates very high here The sales person didn't gave me any idea on interest rates, as i was needed money for a medical urgency i didn't inquired for interest rate. But now its been 3 months and i feel like its very high.Have taken amount of 3 laks, would wish if the rates come down, it will be a great relief.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 15, 2018
    • Fullerton Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I had taken my personal loan fom Fullerton India and it has a good experience i had with them . i am satisfied with loan amount which they have given to m and even i am happy with tenure period as well,they rate of interest and the processing fee is nominal they have charge me.
      Was this review helpful? 1
      , kolkata
      Reviewed on Oct 15, 2018
    • Axis Bank Personal Loan
      "Best Financial Service"
      0.5 5.0/5 "Blown Away!"
      I have taken personal loan from Axis bank . Am satisfied with the rate of interest which they have provided which is promising one . There is processing fees for the loan and pre closure charges are there . I make the payments through Ecs every month .Its been approved in 7 minutes.
      Was this review helpful? 1
      , coimbatore
      Reviewed on Oct 15, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken my personal loan with HDFC BANK my exoerience was excellent with his bank there rate of interest and there processing fee is nominal and even they gave me good tenure period as i want and they don't take any hidden charges with interest rate. even support team response well.
      Was this review helpful? 2
      , chennai
      Reviewed on Oct 15, 2018
    • ICICI Bank Personal Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      I have been applied for the personal loan with the ICICI BANK personal loan and the process of getting the loan is quick and good. The customer support is not responsive added on that they are not responding properly. The loan amount was sufficient but the rate of interest is higher.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Oct 15, 2018
    • Standard Chartered Bank Personal Loan
      "Good in all"
      0.5 5.0/5 "Blown Away!"
      Standard Chartered Bank is also good in the process for the personal loan. The customer support and response is good and there are no hassles to get the loan. The rate of interest and processing charges is normal. The after loan services is good.
      Was this review helpful? 1
      , chennai
      Reviewed on Oct 13, 2018
    • Kotak Personal Loan
      "Nice process overall"
      0.5 5.0/5 "Blown Away!"
      I bank with Kotak Mahindra Bank for the personal loan. I have taken a loan of 50K and the process to get the loan is fine. The rate of interest and processing charges is normal too. There are no hassles after the loan was processed too. Good overall.
      Was this review helpful? 1
      , mumbai
      Reviewed on Oct 13, 2018
    • Fullerton Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had taken this loan a long time back and it has been a good experience i had with them. The loan amount which they had provided had been satisfactory and there has not been any additional charges which they had with them. The interest rate with them also had been nominal as well and their customer support also had been good as well.
      Was this review helpful? 3
      , chennai
      Reviewed on Oct 12, 2018
    • Kotak Personal Loan
      "In all good"
      0.5 4.0/5 "Great!"
      Kotak Mahindra Bank is pretty good in the personal loan services. The customer support is fine and they are very quick to collect the paper work and process the loan. The rate of interest and processing charges are on the higher side though. In all good.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 12, 2018
    • HDB Financial Services Personal Loan
      "Good. Can do better in ROI"
      0.5 4.0/5 "Great!"
      My process with HDB financial services is good. They are very fast in the process to get the persona loan. The customer support and response is good. The rate of interest and processing charges is not satisfactory. It is very pretty high when compared.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 12, 2018
    • Central Bank of India Personal Loan
      "Process is too slow"
      0.5 2.5/5 "Just OK"
      The good thing about the personal loan with Central Bank of India is, they offer a very good rate of interest and processing charges, when compared to the other banks. The loan is provided as per my request too. But the major drawback is they take a very long time to process the loan request.
      Was this review helpful? 4
      , bangalore
      Reviewed on Oct 12, 2018
    • Citibank Personal Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      It was completely a good experience i had with them with this personal loan where the loan amount which they had provided had been satisfactory. The interest rate with them has been nominal and there has not been any sort of additional charges which had been made by them. Even their customer support had been helpful as well.
      Was this review helpful? 3
      , pune
      Reviewed on Oct 12, 2018
    • ICICI Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      To get a personal loan from them it has been smooth and easy and the loan amount which they had provided had fulfilled my requirements. There has been some nominal charges which had been made by them and the processing fee also had been nominal. Their customer support also had been responsive as well where they had been helpful during the process.
      Was this review helpful? 4
      , pune
      Reviewed on Oct 12, 2018
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