Personal loan for wedding 2021 can be used to help cover the costs of a wedding. Marriage loans have interest rates ranging from 11.25 percent to 24 percent per annum. A maximum loan amount of Rs.25 lakhs is possible. Marriage loans are available from leading Indian institutions such as Axis Bank, ICICI Bank, and Tata Capital.
Personal Loans for Weddings from Top Lenders
ICICI Bank
ICICI Bank, one of the country’s leading private banking businesses, knows that a wedding must be unique, and hence offers personal loans to cover wedding-related expenses. The following are the key benefits of an ICICI Bank wedding loan:
- The loan application process is straightforward and may be completed entirely online.
- The amount of paperwork necessary is minimal.
- Can be used to cover wedding-related costs such as décor, venue booking, and so on.
- The ICICI wedding loan can be applied for using the iMobile app, which can be downloaded on your smartphone.
Tata Capital
Tata Capital caters to the financial needs of its customers with over 200 branches across India, and with its wedding loan product, it makes their ideal wedding a reality. The following are some of the benefits offered by these loans: Tata Capital offers loans ranging from Rs.75,000 to Rs.25 lakhs.
- The repayment period varies between 12 and 72 months.
- Tata Capital’s marriage loan can be repaid electronically through the company’s website or by mailing a check to the nearest branch.
- Tata Capital does not charge a fee if you pay off your loan early.
Indiabulls Dhani
Indiabulls Dhani offers a marriage loan to help you cover the costs of your wedding or the wedding of your loved ones. The loan has a number of appealing features, some of which are listed below:
- The payback period for the Indiabulls Dhani wedding loan is between 3 and 24 months.
- The loan application procedure is completely digital, with consumers being able to apply for a loan via the Dhani mobile app, which can be downloaded on your smartphone.
- A loan of between Rs.1,000 and Rs.15 lakh is available to applicants.
- The loan from Indiabulls Dhani is approved instantaneously, and the amount is disbursed in a matter of minutes.
Axis Bank
Axis Bank’s wedding personal loan is a great option for people who want to make their wedding dreams a reality. The following are the elements of Axis Bank’s wedding loan: The loan amount that may be obtained from Axis Bank ranges from Rs.50,000 to Rs.15 lakh.
- On personal loans, applicants have the opportunity to earn Axis eDGE Rewards points. The points can be exchanged for some fantastic deals.
- The payback period on an Axis Bank wedding personal loan can be prolonged up to 5 years.
- Applicants must earn a minimum of Rs.15,000 per month to qualify for an Axis Bank marriage loan.
Eligibility Criteria for Personal Loan for Wedding
Eligibility Criteria your eligibility for a wedding personal loan will be determined by a number of factors, which will differ for each applicant.
Individuals must be at least 21 years old to apply for a marriage loan. Eligibility criteria vary per lender, however, the following are the general ones: Minimum age: Individuals must be at least 21 years old to apply for a marriage loan. For some lenders, the minimum age for a marriage loan is 23 years old.
- Maximum age: Salaried candidates seeking a marriage loan should be no older than 58 years old, while self-employed applicants should be no older than 65 years old.
- Minimum Net Monthly Income: The applicant’s current city, age, and other factors may have an impact on the minimum income requirement.
- Salaried, self-employed, and professional workers are all eligible for marriage loans as long as they meet the minimum income requirements.
- Employment status: To be eligible for wedding loans, applicants must have a consistent source of income. To qualify for a marriage loan, salaried individuals must have worked for at least two years and at least one year with their present job.
- Credit score: Lenders prefer applicants with a CIBIL score of 700 or above. Applicants with lower CIBIL ratings may be able to get a marriage loan, but they will likely pay a higher interest rate.
- Maximum Loan Amount: The maximum loan amount that can be obtained as a marriage loan varies from lender to lender and is determined by a variety of variables including repayment capacity, income, and CIBIL score.
Documents Required
Different lenders will require you to submit a different set of documents during the loan application process, but the most common ones that most of them will ask for are listed below:
Valid Proof of Identity: When applying for a loan, applicants can submit any (or a combination) of the documents listed below as proof of identity.
- Passport
- Voters ID
Valid Proof of Address: The following papers can be used as proof of address for the wedding loan application:
- PAN Card
- Aadhar Card
- Driving License
- Ration Card
- National Rural Employment Guarantee Act (NREGA) Job Card
- Voter’s ID,
- Passport,
- Water/Electricity/Telephone Bill,
- Rental Agreement
Proof of Age: Applicants normally do not need to present a separate proof of age because the date of birth is frequently contained on the documents given as ID proof and address proof. Applicants can produce any of the documents listed below if there is no indication of age on those documents.
- PAN Card
- School leaving certificate
- Birth Certificate
Form 16 or the most recent salary slips or bank account statements showing the credited salary for salaried persons.
For self-employed persons, the most recent IT returns, P&L Account, and Balance Sheet, as well as the most recent bank statements for the primary account for the past 6 months are required.
Loan Application Form: Applicants must complete and submit the lender’s application for a marriage loan, together with the above-mentioned papers. The lender’s website also has the form available for download.
FAQS
What sort of debt does a marriage loan belong to?
Marriage debts are essentially personal loans. Consider your loan to be a personal loan for the purpose of paying for your wedding.
Since it’s a purpose-directed loan, does everyone get the same loan amount, interest rate, and term?
No, despite the fact that everyone accepts the loan for a specified reason, the loan amounts that are granted vary and are based on a variety of circumstances.
Factors that influence the loan amount
Your loan amount is determined by your age, net monthly income, employment type (salaried, self-employed, salaried professionals), employment status (duration of employment, employability, etc.), CIBIL credit score, current EMIs paid, and overall ability to repay.
What kinds of documentation would the bank or NBFC require?
Your proof of ID (with photo), proof of address, and evidence of income, as well as a completed and signed form and two passport-size photographs, will be required by the bank.
Are there any significant banks that provide marriage loans?
Punjab National Bank, ICICI Bank, State Bank of India, Citibank, IDBI Bank, Kotak Mahindra, HDFC Bank, Bank of Baroda, Capital First, Tata Capital, and Axis Bank are just a few of the major banks and NBFCs offering personal loan for wedding in India.
Conclusion:
Lastly, getting a personal loan for wedding 2021 is easy however, choosing the best personal loan can be difficult. And to help you a little we have provided some of the top lenders offering personal loans for weddings at pocket-friendly costs.
