Can I use Personal Loan for Wedding? Overview
This is the easiest and fastest way to get funds for your wedding by personal loan instantly.
A wedding loan, also known as a marriage loan, it is an unsecured personal loan that can be used to cover wedding ceremony expenses, such as to pay for decorators, settle banquet bills, sponsor your bridal wear, venue booking, guest accommodation, catering, etc. Marriage loans are provided by almost all major companies, Banks and NBFCs (Non-Banking Financial Companies) in India.
The best part of this, you can use the money however you want. You can get a loan of up to Rs 40 lakhs which you can repay through easy installments or EMIs in a tenure that suits you.
It is a collateral-free loan that can be repaid as an affordable EMI.
Here are some main features of marriage loan offered by Banks:
- Loan amount offered by the banks ranges from Rs 50,000 to Rs 40 lakhs.
- The period of repayment ranges between 12 months to 60 months.
- No required collateral or security to be provided a loan.
- Easy & simple process in bank to apply for the loan and can be completed online.
- Quick process of applying for the loan and it is completed hassle free.
- With a personal loan, you can get funds easily for a hassle-free wedding.
Eligibility criteria for marriage loan:-
The eligibility criteria may be different for each applicant, the complete personal loan for marriage will depend on your eligibility and various factors:-
- Minimum age
for applying a marriage loan, individuals must be minimum 21 years of age. For some lenders, the required minimum age for a marriage loan is 23 years.
- Maximum age
For Salaried personal who is seeking for marriage loan should not be more than 58 years of age. For self-employed applicants they should not be more than 65 years of age.
- Minimum income of the month
Generally, the minimum income is required for a marriage loan is Rs.15,000, but there are some lenders require it to exceed Rs.15,000- 25,000 may be required. The applicant's current city, age, etc. can also affect the minimum income criteria.
- Employment Type
Salaried, self-employed and professionals are eligible to get a loan for marriage which is provided they meet the eligibility of minimum income criteria.
- Credit Score
Lenders prefer to lend to applicants whose CIBIL score is more than 700- 750. Applicants who have a low CIBIL score can also manage to secure a marriage loan, but sometimes may be charged a higher rate of interest.
Required documents for marriage loan
Lenders require you to submit various documents during the loan application process.
The basic documents most of them may require from the applicants they are listed below:
- Identity proof:-
. Voter ID Card
. PAN card
. Aadhar Card
. Driving license
. Ration card
- Address proof:-
. driving license
. Ration card
. Aadhar Card
. water/electricity/telephone bill
. Rent contract
. Voter id card
- Proof of Age:
Applicants are not required to provide a separate proof of age as the documents submitted as ID proof and address proof usually mention the date of birth. If age is not mentioned on those documents, applicants can submit any of the documents mentioned below:-
. school leaving Certificate
. Birth certificate
. PAN card
- For Salaried Individuals:
Form 16 or latest salary slip or bank account statement showing the salary submitted.
- For Self Employed Individuals:
IT Returns, P&L Account, and Balance Sheet for the last 2 years, and latest bank statements of the primary account for the last 6 months.
- Loan Application Form:
Applicants need to fill the application form provided by lender with the above mentioned documents.
Frequently asked Questions
What category of loans does a marriage loan fall under?
Marriage loan is basically a type of personal loan. Think of your loan as a personal loan, but for the purpose of financing your wedding.
What are the factors upon which the loan amount depends?
Your loan amount that eventually gets sanctioned or rejected, your age, net monthly income, type of employment (salaried, self-employed, salaried professional), employment status (period of employment, employability, etc.), CIBIL credit score, current Depends on.
Do any major banks offer marriage loans?
The Most major banks and NBFCs in India which offer marriage loans, like Punjab National Bank, ICICI Bank, State Bank of India, Citibank, IDBI Bank, Kotak Mahindra, HDFC Bank, Bank of Baroda, Capital First, Tata Capital, Axis Bank and many more.
What is the interest rate for marriage loan?
Minimum Interest Rate offered by banks & NBFCs is10.25% onwards p.a.
So, if you want to apply for personal loan you can apply it without any fear with GRD India financial services Pvt. Ltd. as per your needs and requirement.
With GRD India financial services Pvt. Ltd. you can get instant home loan at very low interest rates, it provides all kind of services to their client as per the banks norms. They make efforts for the clients in providing best loan price.