Marriage Loan

Marriage Loan

The Personal Loan for marriage is given to meet your all wedding expenses. You would want the wedding, be it your wedding or the wedding of your child, which is a once-in-a-lifetime affair to be perfect. You can make your dream wedding come true with a Marriage Loan.

Some banks offer a pre-approved personal loan to their existing customers which will be credited instantly, within seconds of receiving a request, into the account maintained with them.

Even otherwise, the loan will be granted within a few hours if you apply for the Marriage Loan online and provide all the required information and documents. The loan process will be hassle-free if you have a stable income and your credit score is good.

Here's the list of top banks to avail of personal loans for marriage. Get a wedding loan of up to Rs 50 Lakhs in a flexible tenure of a minimum of 6 months to 5 years.

The wedding loan eligibility criteria differ from lender to lender, but the common eligibility criteria are as mentioned below:

• The applicant should be a confirmed employee of Central/State Government Departments, PSUs, Reputed Companies, Corporations, and MNCs with a work experience of at least 2 years in the present employment.
• Applicants can also be self-employed professionals or non--professionals with a profitable business existence for at least 2 years in the present business.
• The minimum income should be between Rs. 15,000 to Rs. 25,000, depending upon the bank the loan is availed from.
• For salaried individuals, the monthly salary should be credited to the account maintained with the Bank.
• The age of the applicant should be between 21 years to 60 years for salaried individuals and between 21 years to 65 years for self-employed individuals.
• The debt-to-income ratio (DTIR) stipulated by the banks should be met. The ratio ranges from 30% to 50% depending upon the bank the Wedding loan is availed from.
• The credit score should be good. Usually, lenders prefer a credit score which is above 700.

The maximum amount for a personal loan for a wedding ranges from Rs. 24,000 to Rs. 50 Lakhs depending upon the bank the loan is availed from. The loan quantum is fixed based on the income and the repayment capacity.

Check out the Marriage Loan documents required for salaried employees or self-employed persons:

For Salaried Employees

• Duly filled application form for a personal loan for marriage.
• Passport-size photographs of the applicant.
• ITR records from the last 2 years.
• Proof of Identity such as the applicant's Passport/ Voter ID/ PAN Card/ Driving License.
• Proof of Residential Address such as Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill of at least 4 months.
• Proof of Income such as the last 6 months' salary slip, Form 16 of 2 years, and bank statement for at least the last 6 months that reflects salary being credited or EMI being debited.

For Self-Employed

• Duly filled application form for a marriage loan for a girl or a boy.
• Passport size photographs of the applicant.
• ITR records from the last 2 years.
• Proof of Identity such as the applicant's Passport/ Voter ID/ PAN Card/ Driving License.
• Proof of Residential Address such as Registered Rent Agreement/ Passport/ Leave and License/ Utility Bill of at least 4 months.
• Proof of Business like GST Returns/ company's incorporation details.
• Address proof of the business, accounts and balance sheets showing profit and loss statements which have been certified by a CA, the proof of the business's existence, a copy of the partnership deed and business profile.
• In case of Companies KYC documents of Directors and in case of partnership firms KYC documents of partners.

The benefits of availing a Personal Loan for Marriage to meet the expenses are various. Some of them are as mentioned below:

• Wedding Loan in India will spare you from liquidating your savings. Liquidating savings like a fixed deposit before maturity will result in losing some amount of interest.
• The unrestricted usage of the loan is the main advantage. It can be used to cover any kind of expense involved in planning a wedding.
• Documentation and loan processing is simple and hassle-free. If the loan is applied online and all the information and required documents are submitted the turnaround time will be drastically minimised and you can get the disbursement within hours.
• The repayment tenure is flexible which allows you to choose the repayment tenure to arrive at an equated monthly installment (EMI) that suits your pocket.
• If you have a stable income and a good credit score it is so much easier to get the Wedding loan approval.
• There is no need to provide any collateral security for availing the loan.
• Some banks have the provision of pre-approved wedding loans for their existing customers. In such a case, the banks will credit the loan proceeds to an account maintained with them within seconds of receiving a request for a loan.
• If you are a long-standing customer of the bank with a good track record, a good income, and a good credit score, you can leverage the goodwill to negotiate on the marriage loan interest rates and other charges associated with the loan.
• Pre-closure and part-payment options are available. You can avail of this facility and either make part-payment or prepayment whenever there are surplus funds and reduce the cost of the loan.

The eligibility for a wedding loan in India primarily depends on the monthly income, rate of interest, and loan tenure. The DTIR (i.e., the total EMI on consolidating all the present commitments including the present EMI) stipulated is 30% to 50% of the net take-home salary depending upon the bank the loan is availed from.

The rate of interest depends on the following factors:

• Net take-home salary after deducting all the existing commitments including the EMI of the proposed loan.
• Credit history and credit score. The accepted credit score is 700 and above.
• Your work profile. If you are a salaried individual, the interest is rate is much lower than what is fixed for self-employed individuals. The reason being salaried individuals have a fixed income whereas the income of self-employed individuals is not regulated.
• Your employer plays an equally important role. Banks have special schemes for employees of corporations.

You can apply for a Marriage Loan in India in a bank or through MyMoneyMantra. Just visit our website, log in by providing some details, and submit your application. Our representatives will get in touch with you. Once the lender approves your application, the money is transferred into your account within a few hours. 

Make sure you check the eligibility for any other wedding loan before extending your loan application.

An applicant who satisfies the following criteria can avail a personal loan for marriage:

• The applicant should be a confirmed employee of Central/State Government Departments, PSUs, Reputed Companies, Corporates and MNCs with a work experience of at least 2 years in the present employment.
• Applicants can also be self-employed professionals or non-professionals with a profitable business existence for at least 2 years in the present business.
• The minimum income to avail wedding loan in India should be between 15000 to 25000 depending upon the bank the loan is availed from.
• For salaried individuals, the monthly salary should be credited to the account maintained with the Bank.
• The age of the applicant should be between 21 to 60 years for salaried individuals and between 21 years to 65 years for self-employed individuals.
• The debt-to-income ratio stipulated by the banks should be met. The ratio ranges from 30% to 50% depending upon the bank the loan is availed from.
• The credit score should be good. Lenders prefer a credit score which is above 700.
• The maximum loan amount ranges from 15 Lakhs to 50 Lakhs depending upon the bank the loan is availed from. The loan quantum is fixed based on the income and the repayment capacity.

The key factors that have to be kept in mind while availing a personal loan for marriage are:

• Consolidate all your savings and monthly income and assess the amount of EMI that will be comfortable for you.
• Draw the Wedding budget meticulously and estimate the loan requirement.
• Assess the affordable EMI and choose the repayment tenure accordingly.
• Spend some time and do market research to compare the rates and features of various banks and choose the best deal. Getting a better interest rate and associated charges will reduce the cost of the loan.
• Also, look for pre-payment options and the charges associated with it. This will be an advantage if you intend to pre-pay or part-pay the loan on the availability of surplus funds.
• Though a Marriage Loan in India is a lucrative option to fund marriage expenses, use your prudence while availing the loan since it comes with a high rate of interest.