What is Marriage Loan? How to apply for it?

Do you have a wedding wish list? The perfect location, that gorgeous ring, mouth-watering food, dreamy decor, and well-matched wedding dresses, among other things? Now you can have all this and much more without worrying about money. For that, you can easily get aloan.It is designed as a solution to many of your financial needs and problems. So, whether you're finalizing that caterer or makeup artist, choosing from several choreographers, ordering the perfect wedding dress, or choosing the venue for the wedding of your dreams, we've got you covered.

A marriage loan is a type of personal loan given to meet the expenses related to marriage. The marriage loan interest rates are generally like the personal loan interest rates offered by the lenders. Consumers can also get regular personal loans from banks/NBFCs that do not offer marriage loans. Lenders usually offer personal loans at rates starting below 10% and going higher. The Personal Loan amount can be up to Rs 40 lakh or higher for a maximum tenure of 5 years. However, some banks offer personal loans at lower interest rates and for longer tenures. Some lenders also offer pre-approved instant personal/wedding loans with quick disbursement to selected customers.

A marriage loan comes with a variety of EMI repayment options and flexible tenor, which are customer friendly. Easy online processes and quick application/disbursalare also added to it to help you focus on the wedding and not get drawn into loan application hassles.

Things you need to know

Your eligibility for a Personal Loan for a Wedding will depend on various factors and may vary from applicant to applicant. The eligibility criteria may also differ from one lender to another, but the general criteria are listed below:

• Proof of Age
  
  Applicants are usually not required to provide separate proof of age as the documents submitted as ID proof and address proof usually mention the date of birth. However, if age is not mentioned on those documents, applicants can submit any of the below-mentioned documents.
  
  - School-leaving Certificate
  
  - Birth certificate
  
  - Pan Card
   
• Minimum Age
  
  To apply for a marriage loan, individuals must be at least 21 years of age. For some lenders, the minimum age required is 23 years to provide a marriage loan.
   
• Maximum Age
  
  Salaried individuals seeking marriage loans should not be more than 58 years of age, while self-employed applicants should not be more than 65 years of age.
   
• Minimum Net Monthly Income
  
  Generally, the minimum income requirement for a marriage loan is Rs.15,000, but some lenders may require Rs.25,000. The applicant's current city, age, etc. may affect the minimum income criteria.
   
• Employment Type
  
  Salaried, self-employed individuals and professionals are eligible for taking a marriage loan, provided they meet the minimum income criteria.
   
• Salaried individual
  
  Applicants must have a stable source of income to avail of marriage loans. Salaried individuals should be employed for at least 2 years and at least one year with the current employer to avail marriage loan.
   
• For Self-Employed Individuals:
  
  IT Returns, P&L Account, and Balance Sheet for the last 2 years, and the latest bank statements of the primary account for the last 6 months.
   
• Credit Score
  
  Lenders prefer to lend to applicants whose CIBIL score is above 700 at least. Applicants with a low CIBIL score can also manage to secure a marriage loan but may be charged a higher rate of interest.
   
• Maximum loan amount
  
  The maximum loan amount that can be availed as a marriage loan will vary from lender to lender and will depend on several other factors like repayment capacity, income, CIBIL score, etc. However, the loan quantum range will be between Rs 50,000and Rs 25 lakh.

Documents Required for Marriage Loan

Different lenders will require you to submit different sets of documents during the loan application process, but most of them may require the following basic documents from applicants:

• Valid Proof of Identity:
  
  Applicants can submit any of the below-mentioned documents as proof of identity while applying for the loan:
  
  - Voter id card
  
  - Passport
  
  - Pan Card
  
  - Aadhaar Card
  
  - Driving license
  
  - (NREGA Job Card)–i.e., National Rural Employment Guarantee Act
   
• Valid Proof of Address:
  
  The below-mentioned documents can serve as a proof of address for the marriage loan application:
  
  - Driving license
  
  - Passport
  
  - Aadhaar Card
  
  - Water/electricity/telephone bill
  
  - Rent contract
  
  - Voter ID card
   
• Loan Application Form:
  
  Applicants should fill out the complete application for a marriage loan provided by the lender and submit it along with the above-mentioned documents.

Features and Benefits of Marriage Loan

• Instant approval
  
  Wedding loans come with an instant approval process. Once the documents are verified, your loan application can be approved within a few minutes.
   
• Flexible repayment
  
  With the flexible repayment facility, you get the flexibility to choose a tenor between 12 and 60 months which gives you enough time to repay the loan amount without any hassle.
   
• High-value loan
  
  You can avail of wedding loans starting from Rs.50,000 to Rs. 25 lakhs so that you do not need to compromise on any of your wedding plans.
   
• Pre-approved offer
  
  Why do more financial planning and thinking when you are busy with the complicated preparations for your wedding? Instead, you can opt for pre-approved offers and get the best deals on Wedding Loans.
   
• Online access
  
  While you may have many things to monitor and keep track of, your loan repayment schedule and other loan details can be easily accessed through the lenders' online customer portal - anytime, anywhere - 24x7.

Key points to keep in mind while applying for a marriage loan

Here are some essential factors to evaluate while applying for a marriage loan:

- Make a clear plan regarding your wedding expenses, this will help you to estimate the expected debt.

- Consider your monthly income to understand the EMI you can pay.

- Compare the best loan offers from various lenders

- Take a wise decision while taking a marriage loan as high budget expenditure can put you in debt.

- Wedding Loan Interest Rates & Fees

Weddings are special! Weddings are a grand affair! Weddings can be expensive! There is no doubt that you want this special day to be remarkable, so having money to spend is extremely important. Gone are the days when weddings were a one-day celebration with a limited number of invitees. Nowadays people leave no stone unturned in planning their wedding. However, not every individual is born with a silver spoon in their mouth! So, should finances prevent you from making your wedding special? No, at all! So, avail an online personal loan for marriage today and get money credited to your bank account!

Disclaimer

We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply