Personal Loan for Marriage

Can’t wait to tie the knot with your special someone for the rest of your life? Are you planning a dream wedding but don’t have the cash to make it happen? You do not need to be concerned about achieving your marital goals because Personal Loans for Marriage are now available at affordable rates. Perfect weddings with delightful food, limitless dancing, elegant arrangements, and gorgeous lehengas are all part of Indian tradition.

However, all of these items are so expensive for a family that they cannot consider spending their entire life resources on a single wedding. This problem can be remedied and the strain reduced with a bank loan for marriage. You can get a marriage loan without putting up any collateral. Wedding loans are available from a range of lenders, banks, and NBFCs. All they have to do is look into the various lenders offerings and pick the best one out of the numerous that are accessible.

Apply Personal Loan @ 10.25%* Rate

List of Top Banks for Marriage Loan with Low Interest Rates

If you want to have a dream wedding with your life partner, a marriage loan is the option for you. It is a personal loan that is available to conquer the expenses of a wedding, without putting up any collateral. A Bank loan for marriage also comes with longer loan repayment durations and lower wedding loan interest rates. Choose the best wedding loan for you from the list below, based on your requirements and repayment capabilities. Here’s a quick rundown of the various marriage loan interest rates available from various institutions.

BanksMarriage Loan Interest Rates
HDFC Bank Marriage Loan10.99% - 15.00%
SBI Marriage Loan9.60% - 13.60%
Axis Bank Marriage Loan10.50% - 25.00%
ICICI Bank Marriage Loan10.50% - 18.00%
Bajaj Finserv Marriage Loan13% onwards
Kotak Mahindra Marriage Loan10.25% Onwards

Marriage Loan HDFC Bank

The marriage loan HDFC comes with flexible repayment options and tenures to provide maximum comfort to the customers. For non-customers, HDFC bank can assist you secure a marriage loan in less than 4 hours while for existing customers of the bank. HDFC provides pre approved loans instantly. The bank offers quick wedding loans to existing customers with minimal documentation. An HDFC Bank Salary Account customer must have a minimum net monthly income of Rs 25,000 to qualify for the loan. A net monthly income of Rs 50,000 is required for non-HDFC Bank Salary Account holders. You can directly contact the bank through WhatsApp, net banking, web chat or call at 7065970659 to enquire more about Personal Loans for Marriage HDFC. Here are the more details. 

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ParticularsDetails
Wedding loan Interest Rates10.99% - 15.00%
Processing charges2.5% of the loan amount subject to a minimum of Rs 1999, and maximum of Rs 25000 for salaried borrowers
Prepayment chargesFor 13-24 months - 4% of principal outstanding amount, 25-36 months - 3% of principal outstanding, ad if more than 36 months - 2% of the principal outstanding
Loan Tenure1-5 years
Minimum and Maximum AmountINR 50,000 - 40 lakhs
Cheque bounce chargesINR 550 per bounced cheque

Marriage Loan SBI

SBI Marriage loans offer quick approval and instant disbursal for your dreamy wedding purposes. Marriage loans SBI have low processing fees and prepayment charges, hence, they are cost effective. You can avail a marriage loan SBI through net banking, bank’s website, YONO application or by visiting directly at the branch. Here are mentioned the details about SBI Marriage loans to help you have a perfect marriage that you can memorise forever.

ParticularsDetails
Wedding loan Interest Rate9.60% - 13.60%
Minimum salary requirement15000 INR per month
Loan TermUpto 6 years
Loan Amount25000 to 20 Lakhs
Prepayment charges3% on prepaid amount
Processing charges1.50% of loan amount
Required age21-58 years

ICICI Marriage Loan

ICICI Marriage Loan provides you with a wedding loan that requires minimal documentation, has no collateral, and is processed and disbursed quickly. A monthly salary of 30,000 is required to borrow a Personal Loans for Marriage from ICICI Bank. It assures a wedding loan with minimum documentation and no requirement of collaterals.

ParticularsDetails
Marriage loan Interest Rates10.50% - 18.00%
Processing charges2.25% of the loan amount + GST
Loan TenureUpto 6 years
Loan AmountRs 50,000 - 25 Lakhs

Axis Bank Wedding Loan

Axis Bank marriage loans offer the best rates so you may enjoy your dream wedding without worrying about money. You can also transfer your existing loans to Axis Bank to take advantage of better terms and benefits. Axis Bank ensures that their wedding loans have no hidden expenses and that their interest rates are completely clear. Personal Loans for Marriage from Axis Bank will help you achieve your marital goals and accomplish every parent’s dream of having a great marriage for their children. The fees associated with the axis bank wedding loan are listed below. 

Bajaj Finserv Marriage Loan

Within 5 minutes of completing the application, Bajaj Finserv marriage loans can assist you receive a marriage loan to help you achieve your wedding goals, with disbursement taking place within 24 hours of document verification. It also offers a unique flexi feature on your marriage loan, allowing you to borrow as needed and return when you can, with EMIs that are 45 percent lower. The wedding loan minimum wage ranges from 22000 INR per month to 35000 INR per month, depending on your job location, and you must have a CIBIL score of 750. Bajaj Finserv also guarantees that you will be able to get huge wedding loans of up to 25 lakhs.

ParticularsDetails
Marriage loan Interest Rates13% onwards
Wedding loan Processing charges4% of the loan amount
Required CIBIL Score750 or above
Required age21-67 years
Prepayment charges 2% + applicable taxes on part payment amount paid
Loan TenureUpto 5 years
Maximum AmountUpto 25 lakhs

Kotak Mahindra Marriage Loan

Kotak Mahindra Wedding loan states to provide you with a quick loan disbursal within 3 seconds for Kotak pre-approved borrowers. It also provides you with flexible repayment options and attractive interest rates. With Kotak Mahindra wedding loan, there are no restrictions on how you use your marriage loan funds.

ParticularsDetails
Interest Rates10.25% Onwards
Loan AmountRs 50,000 - 25 Lakhs
Loan Tenure1-5 years

Documents and Eligibility to Avail a Marriage Loan

Although the requirements vary from one lender to another, some of the general documentation requirements of a bank loan for marriage are defined below. The following are the paperwork you’ll need to get a loan for your wedding.

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For Salaried Individuals

  • Identity proof – Pan card, Aadhaar card, Voter ID card, Passport or driving license.
  • Residence proof – Aadhaar card,  Voter ID card, Passport or driving license. If your house is rented, then you can provide a rent agreement, electricity bill or telephone bill in the owner’s name. 
  • Income proof – Last three months bank statement or last three months salary slips.
  • 2 recent passport size photographs.

For Self-Employed Individuals

  • Identity proof – Pan card, Aadhaar card, Voter ID card, Passport or driving license.
  • Residence proof – Aadhaar card,  Voter ID card, Passport or driving license. If your house is rented, then you can provide a rent agreement, electricity bill or telephone bill in the owner’s name.
  • Income proof- Last three years ITR audited by your CA, audit report , profit and loss statement, last three months bank statement or passbook photocopy of last six months.
  • 2 recent passport size photographs.
  • Office address proof- Office utility bill or GST registration.

Marriage Loan Eligibility

Marriage Loan eligibility also varies depending upon the lender. However, here are some of the basic marriage loan eligibility requirements:-

  • The applicant should fall into the age category of 22 to 58 years.
  • The monthly income of the individual should be at least INR 15000 per month for a salaried individual and INR 25000 per month for a self-employed individual. The minimum salary requirements vary from region to region and also it depends upon the lender. 
  • The applicant should be in the same job for the previous six months.
  • The applicant should have at least one year of work experience.
  • A good CIBIL Score, which is usually above 750, is also very essential to avail of a personal loan.

The Bottom Line

Exotic marriages are a dream for all. You should not think twice about having a perfect wedding for yourself irrespective of the funding issues. You can avail a marriage loan from the above list and choose the best one for you according to your repayment capacity. Always remember to not to take a wedding loan in a hurry as personal loans have a longer repayment period. Think, research and crack the best deal for you, accomplishing your marital goals. 

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  • Personal Loan Interest Rates July 2022
    Fullerton India12.00% - 24.00%
    HDFC Bank10.99% - 15.00%
    ICICI Bank10.50% - 18.00%
    IndusInd Bank10.49% - 31.50%
    Kotak Bank10.75%
    RBL17.50% - 26.00%
    Standard Chartered Bank10.75% - 13.00%
    Tata Capital10.75% - 18.00%