Avail Of a Marriage Loan in India If You Are Planning To Get Married
Indian weddings are known to be lavish affairs and extremely expensive. Typical fat Indian weddings with elaborate arrangements can be a significant burden on the concerned person. So how do you plan to raise funds for your wedding? More importantly, how to celebrate your life’s biggest moment in style?
How to finance a wedding?
There are multiple ways of raising funds for the wedding, however borrowing from parents, friends, or relatives is awkward and not a viable option. You can thus take a marriage loan from financial institutions to meet the expenses. The marriage loan in India comes under the personal loan category and is available at competitive market rates. Some of the other options are:
Financial institutions
One of the easiest ways to get a marriage loan in India is through applying for a personal loan at various financial institutions by eligible candidates. The interest rates vary for different institutions, and the tenure to pay the loan is flexible.
Marriage loans from top banks
Banks
Loan Amount
Rates Charged
ICICI bank ₹20 lakh 11.25% onwardsAxis bank ₹15 lakh16% – 24%Tata Capital ₹25 lakh 11.25% onwardsIndia bulls Dhani ₹15 lakh 11.99%Bajaj Finserv ₹25 lakh 12.99% onwards
Online loan apps
Online loan apps are another easy way of getting personal loans in India instantly. The eligible candidates can apply for a marriage loan without collateral. After necessary documentation and verification of the documents, the loan amount is sanctioned in the account. It is an easy, quick, and convenient method to avail of marriage loans in India.
- Other options to finance marriage
There are some other alternatives available to finance marriage that includes:
Loan against property – Some people mortgage their property to finance marriage. The interest rates charged are less because the property is available as security in this case.
Loan against shares/mutual funds – Some people liquidate their valuable assets to raise funds required to meet marriage expenditure. These assets include shares, mutual funds, bonds, etc.
What are the conditions to avail of marriage loans?
The marriage loans in India can be availed by both salaried class and self-employed person. The eligibility criteria to get a marriage loan is:
Age – Minimum age should be 21 years while max 58 (salaried class)
Monthly Income – The applicant’s monthly income should be a minimum ₹15,000
Credit score – The applicant must have a high credit score (above 700)
Employment status – The applicant should have a stable source of income to avail of marriage loans.
What are the documents required to get a marriage loan?
Documents required to get marriage loans are :
Identity proof – Aadhar card, PAN card, Passport, Ration card, Driving license
Address proof – Aadhar card, Voter ID, electricity/water/ telephone bill, Passport
Age proof – School leaving certificate, PAN card
Bank statements
IT returns
Summary
Marriage functions are a one-time life event, and the memories are cherished for life. If you want to celebrate your marriage in a great way, the marriage loan is an easy option to take care of all the expenses related to marriage.
