Marriage Loans, Benefits, Interest Rates, Eligibility, and Documents Required

Marriage is one of the most significant events in an individual’s life, and it comes with a lot of financial responsibilities.

From the venue to the wedding dress, catering, and guest list, everything adds up to a considerable amount of expenses. Indian Weddings are long and an average Indian wedding required lakhs of rupees.

It can be challenging to finance a dream wedding without putting a significant dent in your savings. This is where marriage loans can come in handy. Marriage loans are the loan offered for conducting the marriage of your daughter, sister, or any other family person.

In this article, we’ll discuss everything you need to know about marriage loans and how they can help you finance your dream wedding without putting a strain on your finances.

Interest Rates Offered for Marriage Loans

The following are the interest rates offered for marriage loans-

Banks/NBFCs	Interest Rates(p.a.)
HDFC Bank	10.50% onwards
SBI	11.00%-15.00%
ICICI Bank	10.75% onwards
Axis Bank	10.49% onwards
Kotak Mahindra Bank	10.99% onwards
IndusInd Bank	10.49% onwards
IDFC First Bank	10.49% onwards
Bajaj Finserv	11.00% onwards
Tata Capital	10.99% onwards

Features of Marriage Loan

The following are the features of the marriage loan-

• The interest rate for personal loans begins at 10.49% p.a. and may vary across lenders
• You can avail of loan amounts up to Rs.40 Lakhs which depends on your eligibility criteria and Credit Score
• The loan tenure for personal loans can range up to 5 years and some government banks in India also provide 7-year tenures
• You can also get pre-approved instant loan offers which are provided to some eligible candidates

Eligibility of Marriage Loan

The following are the eligibility criteria for the marriage loan application-

• The minimum age of a marriage loan is 21 years of age and the maximum age of the individual must be 58 years of age and some lends also provides loan up to 65 years of age
• The minimum net monthly income required for a wedding loan is 15,000/- but some lends may require Rs.25,000 depending on other factors
• Any Individuals who are salaried, self-employed, or professionals can apply for a marriage loan
• The CIBIL score of the individual must be good i.e., above 750 but those with lower Credit scores may still be able to secure a marriage loan, albeit at a higher interest rate
• The applicants must have a steady source of income to avail of the wedding loans and Salaried individuals should have been employed for at least 2 years, with at least 1 year at the current employer

Documents Required for Loan Application

The following are the documents required for your loan application of the marriage loan-

• Valid Proof of Identity
  • Voters ID card
  • Passport
  • PAN Card
  • Aadhar Card
  • Driving License
  • Ration Card
  • National Rural Employment Guarantee Act (NREGA) Job Card
• Valid Proof of Address
  • Driving License
  • Passport
  • Ration Card
  • Aadhar Card
  • Water/Electricity/Telephone bill
  • Rental Agreement
  • Voter’s ID
• Proof of Age
  • School leaving certificate
  • Birth Certificate
  • PAN Card
• For salaried individuals: Form 16 or the latest salary slips or bank account statements showing the salary that is credited.
• For self-employed individuals: IT returns for the last 2 years, P&L Account, and Balance Sheet, and latest bank statements of the primary account for the past 6 months.
• Loan Application Form: Applicants will need to fill up the application for the marriage loan provided by the lender and submit it along with the above-mentioned documents. The form is also available for download from the lender’s website.

FAQs