How to Apply for a Marriage Loan?

Apply for a Marriage Loan

Apply for a Marriage Loan

A marriage loan is basically a personal loan that one uses for the purpose of marriage-related expenses. Therefore, there is no benefit of tax exemption on a marriage loan. Regardless of the size and tenure of the loan, a wedding loan tax exemption cannot be applicable. Check the article to know how to apply for a marriage loan online and the benefits of the marriage loan.

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Marriage Loan and the Interest Rate

Borrow your marriage loans from Buddy Loan explore the benefits of lowers interest rates, increasing your CIBIL score and loan repayment options from these loan aggregators. Interest rates of marriage loans start from 11.99%p.a. The maximum loan amount is capped at Rs. 15 lakhs.

Also Read: Marriage Loan By Government

Repayment Tenure of Marriage Loan:

Repayment tenures are no different from personal loan products.

  • Some banks cap the repayment tenure at 60 months – which is 5 years. Buddy Loan can go up to 60 months.
  • The minimum tenure is 12 months in most cases. However, some new-age banks offer minimum repayment tenure of 3 months, which could be beneficial for those who want to prepay their marriage loan. Foreclosure of the loan cannot be done until after the minimum tenure period.
  • Foreclosure charges could be levied by some banks; whereas several others waive this charge.

Minimum Salary Required to Avail Marriage Loan is:

The minimum amount that can be availed can be as low as Rs.1000. Banks that offer such types of mini marriage loans may cap the upper limit at Rs. 15 lakhs. Repayment tenures could start at 12 months to 60 months.

Does everyone get the same amount?

No. It depends on several factors.

EMI to Income ratio –

If a person is already paying EMI, the amount of EMI they are paying can reduce their marriage loan amount eligibility. Higher the EMI being paid, lower the wedding loan amount eligibility.

Credit score –

A credit score upwards of 750 indicates healthy repayment habits. A score of less than 700 may not be entertained by a few banks, yet there are several others who have lower credit score requirement thresholds.

Employment status –

Designation, type of work, employment location can all have a bearing on the amount of marriage loan disbursed. Credit departments of banks and financial institutions have their own methodologies for adjudicating the repayment index of an individual.

Self-employed persons with a medium income can only get nominal marriage loans whereas self-employed persons with higher income or high-net-worth individuals can command higher marriage loan amounts.

Organization –

Employees in established, renowned companies have a higher rating with banks. Norms may be relaxed for persons from these companies when they apply for a marriage loan.

When not to take a marriage loan:
  • Do not take a marriage loan if there are sufficient funds to cover the wedding expenses.
  • A marriage loan is no different from a personal loan, so take a marriage loan with caution. It is not advised to take a marriage loan on behalf of a third party.
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Marriage Loan and Tax Exemption:

Personal loans, from the government, do not have any such benefits of tax deduction except when it is used in specific cases like business investment options, purchase of residential property or its construction and the acquisition of business assets through purchase.

Loan aggregators meet the right bill with the borrower’s profile. They help ease your repayment process. Explore Buddy Loan in order to reap more benefits of a marriage loan.

Apart from that, there are no tax benefits for a personal loan.

Though, there are a few ways in which one might be able to get some degree of tax benefits:

Investment in Wedding Assets:

As stated earlier, tax deductions are applicable on purchase of assets using a personal loan online. Purchasing assets like non-residential property, jewellery and other such items can be classified as a purchase of assets and thus be liable to tax deductions under the Income Tax Act.

A purchase of non-residential property for wedding purposes and later for other business opportunities can be written off as business assets acquisition and again, be liable to tax exemption.

It is important to understand that the applicant cannot claim any tax deductions in the year in which they pay the loan interest. The deductible amount gets added to the acquisition. The loan benefit can be claimed in the year where the applicant shall sell the assets.

Purchase/ Construction of Residence:

If a wedding loan is taken and used for the construction or direct purchase of a residential place, then the loan can be liable to tax exemption. Using the marriage loan in such a specific manner will allow the borrower to enjoy a degree of tax exemption on the interest amount of the loan.

It should be made sure that in order to enjoy such tax exemption on a marriage loan, the borrower of the loan must be the official owner of the purchased/ constructed residential property. He or she may rent or lease the property to anyone else after purchase, but the borrower must possess the ownership deed to that property.

These are two ways in which one can enjoy some level of tax benefit on a marriage loan. It all depends on how the marriage loan is used by the loan applicant in order to be within the legal parameters to get tax benefits.

Also Read: Now Plan Your Wedding In Whitefield With The Help Of A Personal Loan.

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Marriage Loan Without a PAN Card:

A marriage loan is a type of instant personal loan and as the name suggests, it is specifically used to cater to the expenses of a wedding celebration. Explore Buddy Loan in order to reap more benefit for a marriage loan. Harness the benefits of lower interest rates and loan repayment tenures of this loan aggregator. Better yet, increase your credit score with this unsecured loan.

Wedding loans often referred to as marriage loan are simply unsecured personal loans used for marriage and reception. Though, most lenders allow for normal personal loans to be used for marriage purposes.

For unsecured personal loans such as marriage loans, submitting the PAN card of the loan applicant is compulsory to the bank. This is so that the bank may check the credit history of the applicant without which a loan cannot be issued. Without a PAN card, most banks do not issue a marriage personal loan.

Even this threshold varies from lender to lender as the loan ranges from 1000 to 15 lakhs with the tenure being from 6 months to a maximum of 5 years. The rate of interest for wedding loans generally start from 11.99%p.a. depending on the loaning party.

Other online loan service providers can approve a marriage loan without PAN card if the applicant can provide alternative documents to support verification of his or her identity and credit history.

Other ways to ensure getting a wedding loan without a PAN card are:

Having bank statements:

One must understand that personal loan approval is based on the bank credit history that the applicant has. So, in the event that the applicant does not have a PAN card, then he or she must have all their bank statements so that the bank may track them and can approve the loan on that basis.

High credit score:

Credit score is the crux for getting a personal loan from a bank. The higher the credit score, the easier to get a marriage loan. a good credit score is estimated to be on the upper ranges between 300 and 900. An average score expected to maintain is around 700 to 800.

Relation with the bank:

This may seem unnecessary, but regardless can greatly impact your loan approval. Having a good relationship with your bank can help you get a marriage loan without a PAN card. If the bank knows your financial situation and you have managed to establish proper rapport with them, then they might be able to help you in getting the wedding loan regardless of a PAN card.


There are many online lenders and NBFCs out there that readily offer marriage loan and personal loan to willing applicants. Many such lenders do not consider PAN cards to be mandatory for their eligibility criteria as the applicant does not possess one, thus making them ideal to approach for a marriage loan.

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The Minimum Salary Required to Get a Loan:

There is no specific directive for the minimum salary to get a marriage loan. However, some banks do offer these loans for those with a minimum salary of Rs. 5000 per month and can pledge aside their existing assets. Most well-known Indian banks require a minimum salary of Rs. 20,000 per month. However, loan aggregators help you with the best repayment options for a good 5 years. Explore Buddy Loan in order to reap more benefit for a marriage loan.

It’s the funds borrowed to cover the expenses of the borrower’s marriage.

  • Most marriage loans have interest rates that are comparable to normal personal loan interest rates.
  • Most marriage loans are unsecured loans. They are disbursed by the banks without the need for collateral or security deposit or co-signer. If a marriage loan is higher than average, the bank could have a marriage loan product that is a secured loan and may require collateral. In the case of Buddy Loan, it doesn’t require any collateral.
  • Marriage loan disbursal speed is instant. The average time is 72 hours. Banks require minimal paperwork. In most cases, a good credit score may be required.
  • No hidden charges are levied. Documents to submit are salary certificates, PAN card, address proof, photographs and cheque leaves of the bank account.
  • Certain banks may require monthly EMI to income ratio to be below 50% to avail this loan. This means that if a person is paying more than half their salary as EMI, then the person may not be eligible for a marriage loan. Yet, Buddy Loan has vivid repayment options.
  • There is no limit to the number of times a marriage loan can be taken, as long as the eligibility criteria of the bank are met.

Age limit for taking marriage loan:

  • The lower limit is 21 years and the upper limit is 60 years.
  • Work experience requirements are flexible, but the general requirement is of a minimum of two years.

Pre-Closure Charges:

  • As of now, there are pre-closure charges. The range is between 2% to 4% of the principal amount.

Special Benefits from Marriage Loan:

Marriage loan products are varied and depending on the bank can have a combination of features such as:

  • Top-up facility – A marriage loan can be topped-up with the additional amount if the borrower foresees the requirement of more money. A maximum number of top-ups availed depends on the credit manager’s discretion.
  • Insurance cover – Marriage loan with accident insurance provides protection against any unforeseen circumstances. Accident insurance cover may be complementary or could have only a small premium add-on.
  • Organizational rating – Banks have a rating for organizations. If a prospective borrower is working in a tier-1 company, they could be offered differential and favourable marriage loan benefits.
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Marriage Loan Can Be a Necessary Option!

Some benefits of marriage loans can serve you with urgent funds during times of emergency and otherwise.

1. Multipurpose Loans:

marriage loans can be used for a variety of purposes such as paying off for marriage, medical expenses, renovating your house, supporting your child’s education, or even paying back an existing loan. Barring a few speculative purposes, there is no restriction on the end-use of a personal loan.

2.  Free of Collateral:

You do not need to pledge, provide any security or collateral to get a marriage loan.

3. Instant Disbursal:

If you meet the eligibility criteria and have a good credit score, you can get a marriage loan in as quick as 24 to 72 hours. In fact, some of the banks also provide a pre-approved facility for their existing customers.

4. Hassle-free paperwork:

It only takes minimal documentation to apply for a marriage loan. You are just required to submit your personal information, income information and employment information. Existing pre-approved applicants of banks are not even required to submit any documents in some cases.

6.  Low-Interest Rates:

Many banks and NBFCs offer marriage loans at affordable interest rates to salaried individuals working with top and reputed corporate. Personal loans start at a minimum rate of 10.75% and can go up to 22% p.a. The interest rate usually depends on your eligibility and CIBIL score

7. Tax Benefits:

A marriage loan can also yield tax benefits, depending on the end-use it has been taken for. If you use the loan for construction, renovation of the house or making down payment for the house, you can avail the tax deduction of up to Rs. 2 lakhs under Section 24B for the interesting part in a financial year. You can also get tax benefits if you use the marriage loan for business purposes, subject to your ability to provide enough documents to show that the money has been utilized for that purpose only.

8. Fixed-Rate of Interest:

A marriage loan comes with a fixed rate of interest which means you pay fixed EMIs during the tenure, without worrying about interest rate changes Personal Loans can be your real companion in need with their unique and flexible features. Availing a personal loan is fairly easy for borrowers with a good credit score and a stable employment history. What makes these loans more attractive today is the option to compare, apply for a marriage loan through online aggregators who bring the best deals to you on a platter and make the process of taking a loan much smoother and simpler.

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