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Planning a wedding can be financially challenging, but wedding loans can ease the burden. With interest rates starting at 10.99%, borrow up to Rs. 40 Lakhs for your special day. Enjoy features like flexible repayment, no collateral, and quick processing. Eligibility criteria are similar to personal loans, and documentation is straightforward. Explore top banks and NBFCs offering competitive rates. Apply online or visit Pluto Money for assistance. Let us help you create your dream wedding stress-free!
Wedding loans are a subcategory of personal loans. These loans generally follow the features of personal loans that include fees and interest rates with similar loan application processes. Marriage loans are proven to be beneficial for wedding expenses. An applicant can apply for a wedding loan with the generally offered interest rate of 10.99% of the loan amount. Marriage loans are available for an individual for a loan amount up to Rs. 40 Lakhs. They are generally beneficial for customers as these loans offer various features to the applicant, including customised loan amount, no collateral requirement, flexible repayment options and more. As a part of personal loans, marriage loan eligibility criteria are almost similar to any personal loan. Documents necessary for the application process for a marriage loan do not differ from the required documents for personal loans.
Wedding loans, also known as wedding loans or marriage finance, are tailored financial products designed to address the unique needs and expenses associated with weddings in the Indian context. Here are some key features of marriage loans:
Below is the eligibility criteria for a marriage loan:
Personal Marriage Loans can be profited by anybody who meets the fundamental eligibility criteria set by the moneylender or the bank. If you satisfy all the eligibility measures, you will need to present a bunch of financial records to finish the Marriage loan application process. The general eligibility standards are:
Applicants need to submit some documents with accurate information to apply for a marriage loan. Providing all the necessary documents with accurate information is crucial. The following documents are expected from the applicant to apply for a Marriage Loan in India:
Below are the general marriage loan offers from the top banks and NBFCs:
| Bank Name | Loan Amount | Tenure | Processing Fee | Minimum Monthly Salary |
| HDFC Bank | Up to Rs 40 lakh | Up to 6 years | Up to Rs 4,999 | Rs 25,000 |
| ICICI Bank | Rs 50,000-Rs 25 lakh | 1-6 years | Up to 2.50% of the loan amount | Rs 30,000 |
| Bajaj Finserv | Up to Rs 25 lakh | Up to 5 years | Up to 4% of the loan amount | Rs 22,000 |
| Fullerton India | Up to Rs 30 lakh | Up to 5 years | Up to 6% of the loan amount | Rs 20,000 |
| IndusInd Bank | Rs 30,000-25 lakhs | 1 to 5 years | Up to 3% of the sanctioned loan amount | Rs 25,000 |
| Kotak Mahindra Bank | From Rs. 50,000 - Rs. 25,00,000 | 1-5 years | Up to 3% of the loan amount | Rs 30,000 (Varies) |
| Standard Chartered Bank | From Rs. 50,000 - Rs. 25,00,000 | 1-5 years | Up to 3% of the loan amount | Rs 30,000 (Varies) |
| State Bank of India | Up to Rs 20 lakh | Up to 6 years | Up to 1.50% (Maximum Rs 15,000) | Rs 15,000 |
Like any personal loan, a marriage loan follows almost the same systematic structure of loan disbursement and use. Most banks and NBFCs provide marriage loans or personal loans that can be used anywhere you want, including wedding expenses. If you wish to apply for a marriage loan, you can visit the bank that provides a marriage loan or directly contact them. After providing the required documents with accurate information, you only need to wait for approval. After borrowing the marriage loan or any personal loan you'll apply for, you can use that money for any marriage you want.
The interest rate on any loan is an additional charge that the banks and NBFCs levy. Whenever an individual makes the repayment of the marriage loan, an additional amount will be charged with the monthly EMIs based on the interest rate of that particular bank and NBFC. Below are some of the banks mentioned with the interest rates for the personal loan that you can use for wedding expenses:
| Banks/NBFCs | Interest Rates(p.a.) |
| Axis Bank | 10.49% onwards |
| IndusInd Bank | 10.49% onwards |
| IDFC First Bank | 10.49% onwards |
| HDFC Bank | 10.50% onwards |
| ICICI Bank | 10.50% onwards |
| Kotak Mahindra Bank | 10.99% onwards |
| Tata Capital | 10.99% onwards |
| Bajaj Finserv | 11.00% onwards |
| Federal Bank | 11.49% onwards |
| DMI Finance | 12.00% - 40.00% |
| L&T Finance | 12.00% onwards |
| Kredit Bee | 12.25% - 30.00% |
| MoneyTap | 12.96% onwards |
| Piramal Finance | 12.99% onwards |
| Aditya Birla | 13.00% onwards |
| MoneyView | 15.96% onwards |
| Cashe | 27.00% onwards |
How Much Can I Borrow with a Wedding Personal Loan?
The borrowing amount depends on the factors determining the total credit you can get as your marriage loan. Every bank and NBFC have different criteria to determine the amount of marriage loan one can get. Borrowing amount depends on factors like credit score, annual income, employment history, etc. Default in any of these can lead to the downfall of the borrowing limit. It depends on the bank and the applicant's financial situation and how much credit any individual can take as a marriage loan. Generally, an individual can get up to Rs. 40 Lakhs from the bank or NBFC with a marriage loan.