Regular personal loan are available from banks and non-bank financial institutions that do not offer marriage loans. Marriage loan interest rates are often the same as personal loan interest rate. Lenders often offer personal loans starting at 10.25 percent p.a. for loan amounts up to Rs 40 lakh and terms of up to 5 years. Personal loans are also available from several PSU banks and that too at lower interest rates with longer loan periods. Some of the lenders provide pre-approved wedding loans to certain applicants that facilitate quick disbursement (mainly those who have a high CIBIL or a strong relationship with the bank).
What is a Personal Loan For Marriage?
Marriage is a lifetime experience event, and couples go to great lengths to make it unforgettable. A personal loan might help you realize your ‘dreamy wedding story’ by providing you with the funds you need. Everything from jewelry buying to hotel reservations to chefs to the location and even expensive wedding gowns can be flaunted to your liking. What you will need to do is just fill the application form for a personal loan and submit the required papers.
A wedding loan or a marriage loan is an unsecured personal loan whose whole purpose is to cover all the costs incurred in a wedding. You can easily obtain a wedding loan after determining your personal loan eligibility and using a personal loan interest rate calculator to calculate the appropriate tenor.
Eligibility Criteria For A Wedding Loan
- Individuals must be 21-23 years old to apply for a marriage loan.
- Salaried applicants’ maximum age can be 58 years old, while self-employed applicants should not be more than 65 years old.
- The minimum income criterion for wedding loans is generally Rs.15,000. Although it may vary and go up to Rs 20,000 depending on the applicant’s current city, age, and other factors.
- If you are salaried, self-employed, and professional individuals and you fulfill the eligibility criteria of the lender, you can avail a wedding loan.
- A stable and consistent source of income is a must. Salaried applicants must have minimum work experience of at least two years and at least one year with their present job.
- Lenders prefer applicants with a CIBIL score of 700 or above. You could get a personal loan for marriage with a low credit score, however, you have to pay extra or high interest rates.
- The highest marriage loan amount you can be permitted to borrow depends on the lender and its policies. It is determined by a variety of factors including repayment capacity, income, and CIBIL score.
Benefits Of A Wedding Loan
Marriage function is a big and a special day for most of you. It is a dream that people plan with wholehearted interest and hope. You can not compromise the aura and charm of your big day just because of insufficient funds. A personal loan for marriage can help you fund all of your wedding related costs or purchases and help you have the dream day of your wedding carved in your memories for the rest of your life. Therefore, there are many perks of taking a marriage loan that are-
- Fast approval and quick disbursement
- Easy digital application process
- Minimum paperwork
- No asset or collateral is required
- Affordable interest rates and flexible loan tenures
The Bottom Line
If you don’t have enough money to cover your wedding expenses, an instant personal loan or a marriage loan is the best option. You should only apply for a wedding loan after researching, comparing and analysing various lenders’ interest rates and other charges. The maximum loan amount offered, relevant interest rate, loan tenure, auto-debit discount, prepayment charges. Foreclosure facility are all key variables to consider when choosing a lender.