The Shagun Yojana has demonstrably improved the lives of many families and individuals. Studies have shown:

• Reduced financial burden: The grants have helped families manage wedding expenses, alleviating financial stress.
• Increased social mobility: By making marriages more affordable, the scheme has empowered women to pursue higher education and careers.
• Reduced child marriage: By addressing financial constraints, the scheme has discouraged child marriages, promoting girls’ well-being and education.

Bidaai (Shaadi Scheme)

The Bidaai (Shaadi Scheme), also known as the Shaadi Bhagya Scheme, is a significant social welfare initiative launched by the Karnataka government in 2013.

This scheme aims to provide financial assistance to underprivileged women belonging to minority communities in the state, empowering them and promoting their marriage plans.

Key Objectives

• Financial Support: Offer a ₹50,000 grant to eligible women from Muslim, Christian, Jain, Buddhist, Sikh, and Parsi communities, alleviating financial burdens associated with weddings.
• Women Empowerment: Promote gender equality by enabling women from disadvantaged backgrounds to marry without economic constraints, encouraging their education and social mobility.
• Social Upliftment: Address societal issues like child marriage and dowry by advocating for affordable and dignified weddings, fostering positive social change.

Eligibility Criteria

• BPL Cardholder: Must possess a Below Poverty Line (BPL) card.
• Community: Belong to one of the specified minority communities.
• Marital Status: Applicable to brides who are getting married for the first time, divorcees, and widows.
• Age: The bride must be 18 years or older, the groom must be 21 years or older.

Pradhan Mantri Marriage Loan

The Pradhan Mantri Marriage Loan Scheme (PMMLS), launched in 2016 by the Government of India, aims to provide readily available and affordable financial assistance to young couples for their wedding expenses.

This initiative reduces financial burdens, promotes social inclusion, and fosters responsible financial planning among aspiring newlyweds.

Features

• Offer loans up to ₹2 lakh at concessional interest rates to eligible couples, making wedding finances more manageable and accessible.
• Extend the scheme’s benefits to all sections of society, including Scheduled Castes, Scheduled Tribes, Other Backward Classes, and Minority communities, promoting social equity and inclusion.
• Encourage responsible financial planning among young couples by providing access to loans at affordable terms, fostering good financial habits early on.

Eligibility Criteria

• Indian Nationals: Both bride and groom must be Indian citizens.
• Age Limit: The bride must be 18 years or older, and the groom must be 21 years or older.
• Income Limit: The combined annual income of the couple should not exceed ₹5 lakh.
• Community: Open to all sections of society, with specific benefits for SC, ST, OBC, and Minority communities.

 Note: Each scheme has specific eligibility criteria based on factors like caste, community, income level, and geographical location. It’s crucial to check the specific guidelines of each scheme before applying.

Also Read: OBC Non-Creamy Layer

Marriage Loan With Banks

Several banks and financial institutions offer marriage loans with competitive interest rates and flexible repayment options. Some popular options include

Key things to remember

1. Interest rates are indicative and may vary depending on your credit score and profile.
2. Processing fees and other charges may apply.
3. Carefully assess your repayment capacity before applying for a loan.
4. Explore other cost-effective wedding planning options to minimize loan requirements.

Buddy Loan acts as a platform connecting you with various lenders, ensuring you get the best possible rates and terms based on your profile. Interest rates start at 11.99% per annum, subject to your creditworthiness.

Repayment tenure ranges from 12 to 60 months, with no requirement of collateral. Making it accessible to a wider range of borrowers.
Download the app today and start your financial journey.

How To Get A Marriage Loan

The application process for both government and private marriage loan schemes generally involves the following steps:

1. Eligibility Check: Carefully review the eligibility criteria and ensure you meet all requirements.
2. Choose a Scheme or Loan Provider: Compare interest rates, processing fees, and repayment terms before making a decision.
3. Collect Documents: Gather necessary documents like proof of identity, income, address, and caste certificate (if applicable).
4. Apply: Submit your application form and documents to the chosen scheme or bank.
5. Approval and Disbursement: Upon approval, the loan amount will be disbursed according to the scheme or bank’s guidelines.

Remember: Carefully assess your financial situation and repayment capacity before applying for any loan. Ensure you can comfortably meet the monthly instalments to avoid future financial stress.

Also Read: EWS Explained – Eligibility, Benefits, & How to Apply

Conclusion

By understanding the available options, carefully assessing your needs, and planning responsibly, you can make informed decisions about financing your wedding, ensuring a joyous and financially sound start to your married life.

Remember, a happy and fulfilling marriage goes beyond a grand ceremony; focus on building a strong foundation based on love, respect, and shared values.

Having any queries? Do reach us at info@buddyloan.com