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How to get personal loan for your dream wedding ?

Wedding season is round the corner. Everyone wants their wedding to be the best one. Everything should be perfect on the day. Be it the venue, food, attires, jewellery or decoration, Everything is supposed to be in place and according to your expectations. To fulfill these expectations you need funds, this is where everything you ever wished for, seems impossible. Isn’t ? either way the only hurdle that seems difficult to cross is ‘money’.

Best way to overcome this is to take a wedding loan which is a types of a personal loan to meet the requirement of your wedding.

Personal loan can be availed from any bank at minimum rate of interest. This must be kept in mind that getting a loan is just the first step. There are many things that you need to consider before applying for a loan.

‘TO DO THINGS’ while getting a Marriage Loan

Consider your income Personal loan is easy to get but you should first consider your own cash flow. Try to avoid situation where the borrower is unable to pay the money which tend to happen with most of the people. As a borrower you should know your own repayment capacity according to your source of income.

Look out for options There are plenty of options that are enough to satisfy your need but you need to look out for handful of options before hopping on to any conclusion. Choose the bank that is offering best personal loan interest rates and tenure.

Ask questions & Know everything After you have selected from which bank you want to avail loan, It’s important to know every charges that comes with it. Know the Interest rates, Processing fee & Other charges linked with it. Banks try to keep the process as transparent as possible but you can ask queries any time you want to.

Know your purpose – Your purpose of getting a personal loan should be clear. Try and cut short your expenses, Be specific about your spendings even if you’ve got a big loan amount sanctioned.

Check out the marriage loan details from top banks, Eligibility & Get quick loan approval. Also Also, Check your loan amount installments with EMI Calculator in less than a minute.

Eligibility Criteria to Get Marriage Loan

  • Any salaried or self employed person is eligible to get marriage loan.
  • The minimum age should be 21 (23 for some banks) to apply for loan.
  • Minimum income should be ₹ 20,000/- which may vary from bank to bank.
  • Ideal credit score should be 700 or above.

Basic Documents Required

  • Income statements (Salary slip, Form 16)
  • Bank statement of last 6 months
  • Latest income tax returns
  • ID Proof – Adhaar card, Voter ID, Passport, Driving license.
  • Residence proof – Electricity bill, telephone bill, Adhaar card, ration card
  • Age Proof – Birth certificate, passport, Adhaar card.
  • Latest passport sized photograph
  • Other KYC documents

Marriage Loan details from Top Banks

SBI (State Bank of India)

SBI provides personal loan at affordable interest rates & low processing fee. Any resident individual can apply having a minimum 2 years of experience with minimal documentations. Check other important details below :-

  • Maximum Loan amount – ₹ 10 lacs
  • Interest rate – 12.45% onwards
  • Security – NIL
  • Repayment tenure – 48 Months
  • Processing fee – 2%-3% of the loan amount + GST

ICICI BANK

ICICI offers personal loan for your marriage with less rate of interest. It charges up to 2.25% plus GST per annum as processing fee. No security or collateral is required to avail loan from ICICI bank and that too with minimal documents.

  • Maximum Loan amount – ₹ 20 lakhs
  • Interest Rate – starting from 10.99%
  • Pre payment charges – 5% per annum of principal outstanding plus GST
  • Re payment period – 5 years

AXIS BANK

Get quick approval on your marriage loan with less documents & flexible repayment tenure. Axis bank provides expert advice on personal loan to meet the wedding needs according to your income & cash flow. Look below for axis bank personal loan details :

  • Minimum age to apply for the loan is 21 years
  • Maximum Loan Amount – ₹ 15 lakhs
  • Rate of Interest – 15.50% – 24% p.a
  • Processing fee – up to 2% + GST
  • No prepayment or foreclosure charges

TATA CAPITAL

You can get personal loan from Tata Capital without any security or collateral. They offer competitive interest rates and low processing fee. To get instant loan check out for the information below.

Age limit & minimum income :-

  • 25-65 years having an annual business or professional income of Rs 2,00,000 and above
  • 21-58 years having a salary income of Rs 20,000 and above
  • Maximum Loan Amount – ₹ 15 lakhs
  • Interest rates – 11.49 and 19%
  • Processing fee – depends on loan amount

HDFC Bank

Salaried Individual can apply for personal loan from HDFC bank and get easy loan disbursal in less than 48 hours after successful documents verification.

  • Maximum Loan Amount – ₹ 15 lakhs
  • Interest rates – 15.75% – 20%
  • Processing fee – up to 2.50%
  • Repayment tenure – 12 to 60 months