Marriage loan is a type of loan that gives you a loan for everything from buying jewelry to wedding, venue planning, invitation card expenses, and even getting married. In India today people are taking loans even for getting married. Many banks offer wedding loan ranging from one lakh to 20 lakh rupees. What is this wedding loanand what documents are required for it and wedding loan, how can you take this loan. We will tell you today.
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What is a Marriage Loan?
A marriage loan is a wedding loan provided by a financial company or banks to fulfill the need. There is a wedding of someone in your house but you do not have enough money to spend on the wedding, then you can take a wedding loan from any bank. This bank gives you loans from 1 lakh rupees to 20 lakh rupees. You can use this money to buy jewelry, venue planning, invitation cards.
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Document for Loan
For wedding loan you will need following documents. For Marriage loan mainly you will need a government document.
- Passport size photograph
- Aadhar card
- Mobile number
- PAN card
- Proof of Residence
- Electricity bill
- Ration card
- Bank Account Statement
Eligibility
The following conditions and eligibility are mainly looked at for Wedding loan.
- The age of the borrower should be between 23 years to 57 years.
- Must have marriage card (Kankotri).
- Applicant must be a citizen of India.
- The monthly income of the borrower should be at least ₹15,000
- You should have Aadhaar, Voter ID and Passport as proof of identity.
- You should have a bank account, and latest salary slip of last 6 months.
- If you are doing business then your business should be more than 3 years old
- Your EMI/NMI ratio should be less than 50%.
Which bank gives marriage loan?
There are total 91 branch banks in India. Many of these banks are run by the government. Which we also know as government bank. The following banks offer you marriag loans.
- SBI Bank
- Axis Bank
- Kotak Mahendra Bank
- IDFC First Bank
- HDFC Bank
- Tata Capital
- Standard charted
- Bajaj Finserv
- ICICI Bank
- Paisabazaar
Interest rate
Every bank has different interest rates. As in HDFC Bank the interest on this loan can range from 10.50% to 25%.
This interest rate depends on which category the borrower’s salary account belongs to.
- Loan applicant having Defense/ Para Military Account: Interest Rate: 11.50% to 12.50%
- Other Loan Applicant: Interest Rate: 11.50% to 14.50%
- Loan Applicants who do not have Salary Account: Personal Loan Interest Rate: 11.60% to 13.75%
How to Apply for Wedding loan
Here are the steps on how to apply for Wedding loan online.
- First of all go to the official website of any bank providing merriage loan.
- Enter ID and password.
- Login to your netbanking account.
- Now you have to enter Aadhaar card and PAN card details.
- After that submit your merriage loan application.
- You will receive a verification call from the bank within 40 hours.
- Once the documents are verified, you will get another call from the bank regarding the loan offer.
- After you sign the agreement, you will get the loan within 3 to 5 days.
Conclusion
A marriage loan helps cover various wedding expenses, such as jewelry, venue planning, and invitations, with loan amounts ranging from ₹1 lakh to ₹20 lakh. Applicants need documents like Aadhaar, PAN card, and proof of residence. Eligibility criteria include age between 23 and 57, minimum monthly income of ₹15,000, and an Indian citizenship. Interest rates vary by bank and applicant category. To apply, visit a bank’s website, fill in the details, and follow the verification process.
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