MARRIAGE LOAN

A marriage loan, also known as a wedding loan, stands as a widely favored solution for managing the financial aspects of a wedding. It effectively addresses the financial requirements of planning a lavish celebration, thereby lessening the financial strain associated with wedding expenditures.

This specialized personal loan offers a strategic means to navigate the financial intricacies of a wedding, simplifying the process of financing the various expenses that come with it. By providing dedicated financial support for wedding expenses, it serves as a practical avenue for individuals seeking financial assistance to mitigate the considerable costs linked to their nuptial celebrations. Be it covering the venue, catering, bridal attire, or any other substantial elements of the wedding, a marriage loan offers a convenient and accessible way to secure the necessary funds, ultimately easing the financial burden associated with planning a significant event like a wedding.

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Top Banks Offering Marriage Loan in India

Considering the details presented below, select the most advantageous bank options for a 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
Note: Please note that the rates mentioned above are subject to fluctuations in the financial market and may slightly vary depending on the specific bank's policies.

Top NBFCs Offering Marriage Loan In India

Here is a list of lenders, along with their interest rates, from the leading Indian NBFCs offering marriage loans:

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%
Navi Finserv 9.9% – 45% Nil
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
Note: Please note that the rates mentioned above are subject to fluctuations in the financial market and may change at the lender's discretion.

Marriage Loan Eligibility Criteria

The eligibility criteria may not apply uniformly to every applicant and may exhibit slight variations from one lender to another. Nonetheless, here is a compilation of the marriage loan eligibility requirements:

Age 21 - 65
Monthly Income Rs. 15,000 - Rs. 25,000
Employment Type Salaried and self-employed are eligible
Employment Status

Salaried - 2 years

Self - employed - 1 year
Credit Score 700-900

Marriage Loan EMI Calculator

A marriage loan calculator is a useful tool designed to assist you in calculating your monthly payments for your marriage loan.

To utilize a marriage loan EMI calculator, simply input your loan amount, loan tenure, interest rate, and processing fee. It offers an effective method for budgeting your wedding expenses and ensuring a seamless repayment experience.

Marriage Loan Interest Rates & Fees

The interest rate specified below will be applied based on the maximum number of loans offered, with the final rate determined by the selected loan amount and tenure.

Interest Rates 9.99%* p.a. onwards
Loan Amount Rs. 1 Lakh to Rs. 50 Lakh
Loan Processing Fees Up to 2% plus applicable taxes
Lowest EMI per month Starting from Rs. 2,124* per Lakh for 60 months
Loan Tenure 12 – 60 months
Prepayment/Foreclosure Charges 0%* If paid from own sources

Reasons to Apply For A Marriage Loan

Here are a few compelling reasons why choosing a personal loan for your wedding is a wise decision:

  • Financial Flexibility: A marriage loan provides you with the flexibility to cover various wedding expenses, including venue, catering, and entertainment, without draining your savings.
  • Avoids Depletion of Savings: By taking a loan for your wedding, you can avoid depleting your savings or emergency fund, ensuring financial security for unexpected future expenses.
  • Fixed Repayment Schedule: Marriage loans typically come with fixed monthly installments, making it easier to budget and manage your finances during and after the wedding.
  • Immediate Access to Funds: You can access the required funds quickly, ensuring that you can book venues, vendors, and services without delay, even for last-minute arrangements.
  • No Collateral Required: Most marriage loans are unsecured, meaning you don't have to pledge assets or collateral, reducing the risk to your personal property.
  • Focus on Celebrating: A marriage loan allows you to focus on creating beautiful memories during your wedding, knowing that your financial needs are taken care of.

Documentation For Marriage Loan

In order to apply for a marriage loan, you will be required to furnish some fundamental documents as evidence of your identity and income. Thus, here is a list of the essential documents necessary for a well-prepared marriage loan application. The required documents include:

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

Enhance Your Odds of Securing a Marriage Loan

Before you decide to take out a marriage loan, there are several crucial steps to follow:

  • Evaluate your financial situation: Carefully examine your overall financial status, which includes your income, expenses, and any existing debts.
  • Establish a practical budget: Create a comprehensive budget for your wedding, accounting for all essential expenses.
  • Explore loan options: Take the time to compare and research various aspects such as interest rates, loan terms, fees, and repayment choices to find the loan that aligns best with your requirements.
  • Check your credit score: A favorable credit score enhances your loan approval chances and can lead to more favorable interest rates. If your credit score is less than ideal, take steps to improve it before applying for a loan.
  • Comprehend loan terms and conditions: Thoroughly review the loan agreement to ensure you are comfortable with all the terms before moving forward.
  • Evaluate loan repayment feasibility: Calculate the monthly loan repayment amount and assess whether it fits within your financial capacity.
  • Seek professional advice: If you have doubts about the loan process or specific concerns, consider consulting with a financial advisor or seeking guidance directly from the lender.

Why Choose CredBharat for Marriage Loans?

Opting for a marriage loan can be a practical and strategic decision to ensure that your wedding day is everything you've dreamed of.

  • Secure approval for your loan in a matter of minutes.
  • Access funds without putting your assets at risk.
  • Competitive Interest Rates commencing at just 11.99% p.a.
  • Suitable for a wide range of purposes.
  • Convenient repayment, select your desired schedule.
  • No Prepayment Fees or additional penalties.

Steps to Apply for Marriage Loan

Here are the steps to apply for a marriage loan with CredBharat. Before you begin the application process, make sure to check your eligibility. Follow this step-by-step guide:

  1. 1. Visit our website and create an account.
  2. 2. Fill out the online application form with your personal and financial details.
  3. 3. Choose your desired loan amount and repayment term.
  4. 4. Submit the application, and our team will review it promptly.
  5. 5. Upon approval, the funds will be disbursed to your account quickly.

Marriage Loan Repayment

Marriage loan repayment involves returning the borrowed funds and the accumulated interest over the agreed-upon loan term. Lenders provide borrowers with convenient payment methods to ensure a smooth and trouble-free repayment experience, including options for pre-payment and partial payment.

Pre-payment allows borrowers to make an early lump-sum repayment, thereby reducing the loan principal and lessening the interest burden. In contrast, part-payment permits borrowers to make partial repayments towards the principal, effectively lowering the total interest paid and shortening the loan duration.

Ready to move forward?