A marriage loan, or wedding loan, is a popular way to handle the financial needs of a wedding. It helps cover expenses when planning a grand celebration, reducing the burden of wedding costs.
This type of personal loan provides a solution for managing the financial aspects of a wedding, making it easier to cover the expenses involved.
Based on the information provided below, choose the best bank offers for marriage loan in India.
| Marriage Loans by Banks | Interest Rate | Maximum Loan Amount |
|---|---|---|
| HDFC Bank | 10.50% onwards | Rs.40 lakh |
| SBI Personal Loan | 10.60% onwards | Rs.25,000 to Rs.20 lakh |
| SBI Personal Loan for Pensioners | 9.75% p.a. - 10.25% p.a. | Rs 25,000 - Rs.14 lakh |
| PNB Personal Loan | 8.7% p.a. to 14.25% p.a. | Rs.50,000 to Rs.10 lakh |
| Axis Bank Personal Loan | 12% p.a. to 21% p.a | Up to Rs.50,000 to Rs.15 lakh |
| Canara Bank Personal Loan | 12.40% p.a. | Rs.3 lakh |
| Canara Bank Budget Personal Loan | 11.30% p.a. to 12.30% p.a | Rs.3 lakh |
| IDBI Bank Personal Loan | 8.15% - 10.90% p.a. | Rs.25,000 to Rs.5 lakh |
| Indian Overseas Bank Personal Loan | 10.80% p.a. | Up to Rs.5 lakh |
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Note: The above-mentioned interest rates are subject to change as per the lenders discretion.Here, are list of lenders with interest rates from the top Indian NBFCs providing marriage loan:
| NBFCs | Interest Rate (p.a.) | Processing Fee |
|---|---|---|
| Muthoot Finance | 14% onwards | Up to 3.5% |
| Tata Capital | 10.99% onwards | Up to 2.75% |
| Bajaj Finserv | 11% onwards | Up to 3.93% |
| StashFin | 11.99% onwards | Up to 10% |
| Faircent | 9.99% onwards | Up to 8% |
| KreditBee | Up to 29.95% | Up to 6% |
| Money Tap | 13% onwards | Nil |
| Dhani Loans | 13.99% onwards | 3% onwards |
| Money View | 15.96% | Starting from 2% |
| Pay Sense | 16.80%-27.60% | Up to 2.5% |
| Fibe(Early Salary) | 18% onwards | 2% |
| Home Credit | 24% onwards | Up to 5% |
| CASHe | 30% onwards | Up to 3% or Rs 1,200 |
| HDB Financial Services | Up to 36% | Up to 3% |
| Mahindra Finance Personal Loan | Up to 26% p.a | Up to Rs.3 lakh |
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Note: The above-mentioned interest rates are subject to change as per the lenders discretion.The criteria may not be applicable for every candidate and may vary slightly from bank to bank. However, here is the list on marriage loan eligibility criteria:
| Age | 21 - 65 |
| Monthly Income | ₹15,000 - 25,000 |
| Employment Type | Salaried and self-employed are eligible |
| Employment Status |
Salaried - 2 years Self - employed - 1 year |
| Credit Score | 700-900 |
A Marriage Loan calculator is a tool that helps you to determine your monthly payments towards your marriage loan.
To use a marriage loan EMI calculator, you only need to enter your loan amount, loan period, interest rate, and processing fee. It's an efficient way to plan your wedding expenses and ensure a smooth repayment journey.
The interest rate mentioned below will be levied depending on the maximum number of loans provided.The interest rate will depend on the loan amount and the loan tenure chosen.
| Interest Rates | 9.99%* p.a. onwards |
|---|---|
| Loan Amount | ₹1 Lakh to ₹50 Lakh |
| Loan Processing Fees | Up to 2% plus applicable taxes |
| Lowest EMI per month | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12 – 60 months |
| Prepayment/Foreclosure Charges | 0%* If paid from own sources |
Why Should You Take a Marriage Loan? Well, we have answers to this . Here are the features and benefits of wedding loans and how it can help you find your easiest finance solution and cover all the wedding expenses.
Get your loan approved with minimum documentation.
Get loan amount based on your needs
Get affordable interest rates
Get your loan approved without any collateral
Choose your preferred repayment tenure
No hidden charges
and extra penalties.
These 4 factors would help to understand why you should take a personal loan for wedding:
With marriage loan you can find financial assistance to cover up for the huge expenses related to pay for the venue, lighting, photography, decoration, catering, jewellery, gifting, and more.
With the most easy and hassle-free application procedure can you can apply for a quick wedding loan with quickest loan approval.
With the most flexible long tenure period available in the market, will help you to manage your finances better.
Taking marriage loan along with correct repayment option will help you create a positive impact on your credit score.
To apply for a marriage loan, you need to provide some basic documents as proof of your identity and income. Therefore , here’s a list of marriage loan documents needed to apply for a well-equated marriage loan. The documents required are:
Identity proof : Passport, driver's license, Aadhaar card, Voter ID
Address proof : Utility bill (electricity, water, or gas), bank statement
Income proof : Recent payslips, Income Tax Returns (IT returns)
Photographs : Recent passport-sized photographs
Here are some things you should do before taking a wedding loan:
Assess your financial situation: Taking a close look at your overall financial position, including your income, expenses, and existing debts.
Set a realistic budget: Create a detailed budget for the wedding, taking into account all the necessary expenses.
Research loan options: Compare & research interest rates, loan terms, fees, and repayment options to find the most suitable loan that meets your needs.
Check your credit score: A good credit score increases your chances of loan approval and may result in better interest rates. If your credit score is low, take steps to improve it before applying.
Understand loan terms and conditions: Read the loan agreement and Ensure you are comfortable with all the terms before proceeding.
Consider loan repayment affordability: Calculate the monthly loan repayment amount and assess whether it fits within your budget.
Seek professional advice: If you're unsure about the loan process or have specific concerns, consult with a financial advisor or seek guidance from the lender directly.
Now you can improve your chances of getting a marriage loan with this helpful list of do's and don'ts:
| Do's | Don'ts |
|---|---|
| Maintain a good credit score | Neglect your credit score |
| Pay off existing debts | Accumulate more debt |
| Have a stable source of income | Lack a stable source of income |
| Save for a down payment | Apply for a loan without a down payment |
| Research different lenders | Accept the first offer without comparing |
| Provide accurate documentation | Submit incomplete or incorrect documents |
| Communicate with lenders | Ignore communication from lenders |
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Before you proceed to apply for instant loan you should ensure to check eligibility. Here’s the step-by-step process that you can follow to apply for a personal loan on Buddy Loan:
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Marriage loan repayment refers to the process of returning the borrowed amount and accrued interest within the agreed-upon tenure. Lenders offer convenient modes of payment to facilitate easy and hassle-free repayment options for borrowers, including pre-payment and part-payment.
Pre-payment enables borrowers to make an early lump sum repayment, reducing both the loan principal and the burden of interest. On the other hand, part-payment allows borrowers to make partial repayments towards the principal amount, effectively reducing the overall interest paid and shortening the loan tenure.
The best loan for marriage will depend on your specific financial situation, credit history, and the terms and conditions of the loan. Compare the interest rates, repayment terms, and any additional fees associated with each loan option to determine which one suits you best.
The tax implications of a marriage loan can vary depending on the country and its tax laws. In general, personal loans, including marriage loans, are not considered as tax-deductible expenses.
Taking a loan for a marriage is a personal decision that depends on your financial circumstances, repayment capacity, and overall financial goals. However, it is considered the interest rates, repayment terms, and any additional fees associated with the loan. It's always advisable to evaluate your financial situation and consider alternatives before taking on debt for any purpose, including a wedding.
The age limit for a marriage loan can vary depending on the lender's policies. Generally, most lenders require borrowers to be at least 21 years old and not exceeding the retirement age (usually around 60-65 years).
Wedding loans are typically available to individuals who meet the eligibility criteria set by the lender. The specific eligibility requirements may vary depending on the lending institution, but generally, applicants need to be of legal age, have a stable source of income, and meet the lender's creditworthiness criteria.
Yes, your credit score plays a crucial role in determining your eligibility for a marriage loan. A higher credit score generally increases your chances of getting approved for a loan and may also result in more favorable interest rates and loan terms. If you have a lower credit score, you may still be eligible for a marriage loan, but you might face higher interest rates or stricter terms.
Marriage loans and personal loans are both types of unsecured loans that can be used for various purposes, including funding a wedding. However, there can be some differences:
Marriage loan is specifically for wedding expenses and on the other hand personal loan is can be used for multiple purposes based on the borrower’s requirements.
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