Marriage Loan

A marriage loan, or wedding loan, is a popular way to handle the financial needs of a wedding. It helps cover expenses when planning a grand celebration, reducing the burden of wedding costs.

This type of personal loan provides a solution for managing the financial aspects of a wedding, making it easier to cover the expenses involved.

Top Banks Providing Marriage Loan in India

Based on the information provided below, choose the best bank offers for marriage loan in India.

Marriage Loans by Banks Interest Rate Maximum Loan Amount
HDFC Bank 10.50% onwards Rs.40 lakh
SBI Personal Loan 10.60% onwards Rs.25,000 to Rs.20 lakh
SBI Personal Loan for Pensioners 9.75% p.a. - 10.25% p.a. Rs 25,000 - Rs.14 lakh
PNB Personal Loan 8.7% p.a. to 14.25% p.a. Rs.50,000 to Rs.10 lakh

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Note: The above-mentioned interest rates are subject to change as per the lenders discretion.

Top Indian NBFCs Providing Marriage Loan

Here, are list of lenders with interest rates from the top Indian NBFCs providing marriage loan:

NBFCs Interest Rate (p.a.) Processing Fee
Muthoot Finance 14% onwards Up to 3.5%
Tata Capital 10.99% onwards Up to 2.75%
Bajaj Finserv 11% onwards Up to 3.93%
StashFin 11.99% onwards Up to 10%

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Note: The above-mentioned interest rates are subject to change as per the lenders discretion.

Marriage Loan Eligibility Criteria

The criteria may not be applicable for every candidate and may vary slightly from bank to bank. However, here is the list on marriage loan eligibility criteria:

Age 21 - 65
Monthly Income ₹15,000 - 25,000
Employment Type Salaried and self-employed are eligible
Employment Status

Salaried - 2 years

Self - employed - 1 year

Credit Score 700-900

Marriage Loan EMI Calculator

A Marriage Loan calculator is a tool that helps you to determine your monthly payments towards your marriage loan.

To use a marriage loan EMI calculator, you only need to enter your loan amount, loan period, interest rate, and processing fee. It's an efficient way to plan your wedding expenses and ensure a smooth repayment journey.

Monthly EMI 86
Principal Amount 1,000
Total Interest 32
Total Amount 1,032.00

Year Month Principal (A) Interest (B) EMI (A+B) Balance Loan Paid to Date (%)

Marriage Loan Interest Rates & Charges

The interest rate mentioned below will be levied depending on the maximum number of loans provided.The interest rate will depend on the loan amount and the loan tenure chosen.

Interest Rates 9.99%* p.a. onwards
Loan Amount ₹1 Lakh to ₹50 Lakh
Loan Processing Fees Up to 2% plus applicable taxes
Lowest EMI per month Starting from ₹2,124* per Lakh for 60 months
Loan Tenure 12 – 60 months
Prepayment/Foreclosure Charges 0%* If paid from own sources

Features & Benefits of Wedding Loan

Why Should You Take a Marriage Loan? Well, we have answers to this . Here are the features and benefits of wedding loans and how it can help you find your easiest finance solution and cover all the wedding expenses.

Minimal Paperwork

Get your loan approved with minimum documentation.

Flexible Loan Amount

Get loan amount based on your needs

Interest Rates

Get affordable interest rates

Zero Collateral Required

Get your loan approved without any collateral

Easy Repayment Options

Choose your preferred repayment tenure

Zero Charges

No hidden charges
and extra penalties.

4 Reasons to Take Personal Loan for Wedding

These 4 factors would help to understand why you should take a personal loan for wedding:

  • Covers Multiple Expenses:
  • With marriage loan you can find financial assistance to cover up for the huge expenses related to pay for the venue, lighting, photography, decoration, catering, jewellery, gifting, and more.

  • Hassle-free Application Process:
  • With the most easy and hassle-free application procedure can you can apply for a quick wedding loan with quickest loan approval.

  • Longer Tenure Period:
  • With the most flexible long tenure period available in the market, will help you to manage your finances better.

  • Boosting Credit Score:
  • Taking marriage loan along with correct repayment option will help you create a positive impact on your credit score.

Documents Required to Apply for Marriage Loan

To apply for a marriage loan, you need to provide some basic documents as proof of your identity and income. Therefore , here’s a list of marriage loan documents needed to apply for a well-equated marriage loan. The documents required are:

Identity proof : Passport, driver's license, Aadhaar card, Voter ID

Address proof : Utility bill (electricity, water, or gas), bank statement

Income proof : Recent payslips, Income Tax Returns (IT returns)

Photographs : Recent passport-sized photographs

Things You Should Do Before Taking a Wedding Loan

Here are some things you should do before taking a wedding loan:

Assess your financial situation: Taking a close look at your overall financial position, including your income, expenses, and existing debts.

Set a realistic budget: Create a detailed budget for the wedding, taking into account all the necessary expenses.

Research loan options: Compare & research interest rates, loan terms, fees, and repayment options to find the most suitable loan that meets your needs.

Check your credit score: A good credit score increases your chances of loan approval and may result in better interest rates. If your credit score is low, take steps to improve it before applying.

Understand loan terms and conditions: Read the loan agreement and Ensure you are comfortable with all the terms before proceeding.

Consider loan repayment affordability: Calculate the monthly loan repayment amount and assess whether it fits within your budget.

Seek professional advice: If you're unsure about the loan process or have specific concerns, consult with a financial advisor or seek guidance from the lender directly.

Tips to Improve Chances of Getting Marriage Loan

Now you can improve your chances of getting a marriage loan with this helpful list of do's and don'ts:

Do's Don'ts
Maintain a good credit score Neglect your credit score
Pay off existing debts Accumulate more debt
Have a stable source of income Lack a stable source of income
Save for a down payment Apply for a loan without a down payment

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Steps to Apply for Marriage Loan with Buddy Loan

Before you proceed to apply for instant loan you should ensure to check eligibility. Here’s the step-by-step process that you can follow to apply for a personal loan on Buddy Loan:

  • Step 1: Visit or Download & install the Buddy Loan app (Android or iOS).
  • Step 2: Open the Personal Loan Application Page. Provide the mobile number and enter the received OTP.
  • Step 3: Specify the desired loan amount & personal email. Next, choose the Personal Loan option
  • Step 4: Choose the employment type (Salaried, Self-Employed, or Student) and the salary mode (bank or cash).
  • Step 5: Enter your work details (Including company name, years of service and Designation)
  • Step 6: Enter your personal details (Including Full Name, PAN, address DOB & Gender)
  • Step 7: Provide your communication address, and income details and Click the ‘Submit’ button.

Ready to take next step ?

Marriage Loan Repayment

Marriage loan repayment refers to the process of returning the borrowed amount and accrued interest within the agreed-upon tenure. Lenders offer convenient modes of payment to facilitate easy and hassle-free repayment options for borrowers, including pre-payment and part-payment.

Pre-payment enables borrowers to make an early lump sum repayment, reducing both the loan principal and the burden of interest. On the other hand, part-payment allows borrowers to make partial repayments towards the principal amount, effectively reducing the overall interest paid and shortening the loan tenure.

Frequently Asked Questions on Marriage Loan

The best loan for marriage will depend on your specific financial situation, credit history, and the terms and conditions of the loan. Compare the interest rates, repayment terms, and any additional fees associated with each loan option to determine which one suits you best.

The tax implications of a marriage loan can vary depending on the country and its tax laws. In general, personal loans, including marriage loans, are not considered as tax-deductible expenses.

Taking a loan for a marriage is a personal decision that depends on your financial circumstances, repayment capacity, and overall financial goals. However, it is considered the interest rates, repayment terms, and any additional fees associated with the loan. It's always advisable to evaluate your financial situation and consider alternatives before taking on debt for any purpose, including a wedding.

The age limit for a marriage loan can vary depending on the lender's policies. Generally, most lenders require borrowers to be at least 21 years old and not exceeding the retirement age (usually around 60-65 years).

Wedding loans are typically available to individuals who meet the eligibility criteria set by the lender. The specific eligibility requirements may vary depending on the lending institution, but generally, applicants need to be of legal age, have a stable source of income, and meet the lender's creditworthiness criteria.

Yes, your credit score plays a crucial role in determining your eligibility for a marriage loan. A higher credit score generally increases your chances of getting approved for a loan and may also result in more favorable interest rates and loan terms. If you have a lower credit score, you may still be eligible for a marriage loan, but you might face higher interest rates or stricter terms.

Marriage loans and personal loans are both types of unsecured loans that can be used for various purposes, including funding a wedding. However, there can be some differences:

Marriage loan is specifically for wedding expenses and on the other hand personal loan is can be used for multiple purposes based on the borrower’s requirements.

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