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About Loan for Marriage
Weddings in India are an elaborate affair. It is one of the biggest celebrations in a family and involves a series of customs, rituals, and ceremonies. In India, weddings are also an indicator of the social position of a family. Owing to its cultural significance and detailed rituals, weddings usually become an extravagant affair. It is a precious occasion happening once in a lifetime, hence the families leave no stone unturned to make the event very special.
Needless to say that the entire affair is immensely cost-oriented and there must be liquid cash available with you to meet immediate expenses. This is where Marriage Loans come to your rescue. You can, therefore, go ahead and choose the best trousseau, venue, and food for the wedding without any financial constraint.
Marriage Loans are a form of personal loan wherein you use the loan amount to finance the wedding expenses for yourself or any family member. Today, most of the banks in India offer this loan and the best part is you do not have to prove the reason to any lender. There are many banks in India which even offer customized marriage loans.Availing a personal loan for marriage is the best thing to do. Here’s why:
- Instant Funds
- Flexible usage of funds
- Easy repayment schedule
- Competitive Interest rate
- Loan without Collateral
- No need to liquidate your investments
When you opt for a personal loan for a wedding, you can receive funds instantly in your account. Therefore, you need not keep worrying about making payments to various vendors such as decorators, caterers, designers, etc. Instant funds help you to plan things smoothly and make your event a huge success.
You are free to use the funds for the wedding in any manner you like. You can use it for gift shopping, booking the venue, outfits, jewellery shopping, make-up, lighting expenses, arranging travel expenses, etc. There is no restriction on the usage of the funds whatsoever. The unexpected expenses in marriage are taken care of with this personal loan.
With the help of easy EMI options, you can repay the marriage loan at your convenience. A wedding involves a lot of expenses and it is in your best interest if the repayment schedule is as per your convenience. You can pay back the loan in a manner wherein you can plan and honour your previous financial commitments as well.
You can avail the personal loan for wedding at reasonable rates. These rates are the most competitive in the industry and helps you to repay the loan quickly and be relieved of the debt.
Your marriage loan is an unsecured loan which means that this is a loan without a collateral or a guarantor. You don’t have to worry about bringing in a guarantor to get your loan approved.
In India, it is very common for people to liquidate their investments to obtain funds for wedding. But there is no need to do so. You can continue to earn returns on your investment as well as be worry-free about financing the wedding, both at the same time. If you liquidate your investments before maturity, you may have to pay a penalty which will be an additional burden for you. Taking a loan for marriage expenses is definitely a better option than anything else.
Marriage Loan Eligibility Criteria
If you want to obtain a personal loan, you must fulfil the basic eligibility criteria for personal loan as specified by a number of factors. The criteria may not be applicable for every candidate and may vary slightly from bank to bank. The eligibility criteria for a marriage loan includes:
- Minimum Age :
- Maximum Age :
- Minimum Net Monthly Income :
- Employment Type :
- Employment Status :
- Credit Score :
- Maximum Loan Amount :
The minimum age is 21 years, but some banks specify it as 23 years.
For a salaried person it is 58 years but for a self-employed person it is 65 years.
The minimum requirement of monthly income for marriage loan is Rs 15,000 but some banks can also take it as Rs 25000 depending on the city of residence.
Salaried as well as self-employed professionals are eligible to apply for the loan for marriage.
If the applicant is salaried, the past work experience needs to be 2 years, whereas for self-employed professionals it is 1 year of running the business.
Credit Score is an important criterion for marriage loan. Most of the lenders require the credit score of an applicant to be in the range of 700-900.
The maximum loan amount depends on various factors like income, repayment capacity, credit history, and credit score of the borrower. The maximum loan amount depends across vendors, but it is somewhere in the range of Rs.5 lakh to Rs.20 lakh.
However, it is important to note here that the combination of criteria may vary across banks. For example, bank A may have 21 years as the minimum age criteria with a credit score of 700, whereas bank B may have the minimum age criteria as 23 years but the credit score of 800. It actually depends on what the particular bank prioritises more.
Documentation required for a Marriage Loan
This set of documents required for availing a loan for Marriage are as follows:
Valid Proof of Identity :
The legal proofs of identity are :
- PAN Card/ Aadhar Card
- Passport/ Voters ID.
- Permanent Driving License
- Photo Ration Card
Valid Proof of Address :
- Permanent Driving License
- Passport.
- Voters ID.
- Ration Card.
- Electricity / Water / Telephone bill.
- Registered Rent or Lease Agreement.
Proof of Age :
For proof of age you can submit :
- Birth Certificate
- School leaving certificate
- PAN Card
Financial Documents :
This helps banks to decide your repayment capacity
For salaried individuals :
Form 16 and pay slips for the last 3 months.
For self-employed individuals :
Audited and verified P/L accounts, Income Tax returns for the past 2 years and bank account statement for the last 6 months.
Frequently asked questions: Loan for Marriage
1. What is loan for marriage?
Loan for marriage is a personal loan wherein the funds can be utilised for marriage related expenses. All the leading banks such as ICICI Bank, HDFC Bank, Axis Bank and SBI offer loan for marriage.
2. Are the eligibility criteria different for usual personal loans?
No, the eligibility criteria are the same as that of normal personal loans.
3. Is there any evidence or collateral required for Marriage Loan?
You do not need to provide any evidence for availing Marriage Loan, nor is there any requirement to produce a security or collateral.
4. Within how much time can I get the funds in my account?
The funds will be available in your account once the loan is approved. For some banks or NBFCs, it takes only 3 hours, while for others it might take an entire day
5. How should I repay the loan taken for marriage?
You can repay the marriage loan in a flexible manner. You can opt for easy EMI scheme, you can authorise the bank for direct debit through an ECS mandate or you may also make the repayment through cheque.
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