Marriages are both a source of immense joy and hassle in India, and having your dream wedding without financial difficulties is an unlikely task. On one hand you have your once in a lifetime opportunity to celebrate perhaps the most significant day in your life, and on the other, you have those hard earned savings you ideally shouldn’t part with. Marriage is not a compromise, and your financial planning doesn’t need to be compromised either: go for a marriage loan in India and have the wedding of a lifetime.
A marriage loan is an unsecured personal loan that individuals can take to have the wedding of their dreams. These loans are collateral-free and offered at competitive interest rates up to Rs 50 lakhs. Banks like ICICI offer a lot of perks by way of a seamless digital application experience for borrowers.
Before applying for marriage loans in India for a marriage loan, you must understand a few things.
- Loan Eligibility
Firstly, you must qualify for a marriage loan. Every bank and financial institution has its set criteria which borrowers need to meet. Lenders strictly adhere to personal loan eligibility because these loans are unsecured by nature. Usually, lenders ask for the following in their criteria.
- Age: Between 23-58 years for salaried
- Salary: Salaried employees earning a minimum ₹30,000 per month (will differ depending upon customer profile).
- Total Years of Employment: 2 years.
- Years in Current Residence: 1 year.
Please note that the criteria for salaried and self-employed professionals for a marriage loan are different.
- Maximum Amount You Can Sanction
Before approving your loan amount, your credit reports, like your repayment of EMIs, CIBIL score, salary, age and employment status, are assessed in detail. Remember that you will not always get the maximum or highest loan amount, as all these factors are considered before approval. Banks such as ICICI offer loan amounts up to Rs 50 lakhs.
To ensure your loan doesn’t overshoot your budgeting, use the Personal Loan EMI calculator, a free tool on the lender’s website, to understand the same. See the amount you will be sanctioned, gauge the repayment tenure and factor in the EMIs you’ll have to pay.
- Collateral or No Collateral
Most lenders offer collateral-free marriage loans as they are unsecured by nature. Please make doubly sure about your lender needing collateral, or not. Accordingly, you can decide where you want to get your loan.
- Hidden Fees
Some banks or lending institutions have hidden fees that increase the total cost of your loan. It can even be that the loan amount and EMIs you saw in the EMI calculator and the ones you receive after the loan are different. To avoid the same, check if the lender has any hidden fees in the marriage loan to avoid unnecessary charges.
- Interest Rates
One of the key factors in getting a marriage loan is the interest rates. There are many lenders in the market, and there are a lot of great offers out there with attractive interest rates. Make sure you look up your options and use an EMI calculator to be doubly sure.
- Repayment Options
It is important to know if you can handle the cost of borrowing after your wedding festivities. The best way to do so is to check your tenure using a Personal Loan EMI calculator. This way, you can plan your finances well ahead of time.
- Hassle-Free Application with Minimal Documentation
Weddings are a busy busy affair, and going to banks to submit documents is quite impossible, you can’t send anyone else either. Understanding the same, most lenders offer a hassle-free, online loan application that only requires borrowers to fill out a form and upload basic documents.
With benefits like flexible tenure, quick approvals, and no collateral, a marriage loan is an ideal solution to realise your dream wedding without too much stress, both in the present and future. If you took your time settling on a life partner, you can surely take a little to look at different offers, before choosing the one that works best for you.
