What is a Marriage Loan?

A wedding is a beautiful moment in the life of every person. Many people want to make their wedding something unique in today’s time, but all this is not in their budget. Due to this, he is not able to do the marriage according to his choice. To overcome all these problems and meet all the marriage needs, today, loans for weddings are available under many banks and NBFC finance companies.

If you want to have a good wedding for yourself or your sister or brother and plan a good wedding, you do not have the budget to spend that much. Not like this, you can go to any bank and take a marriage loan. Let us tell you today how to get a marriage loan. What can be the benefits of taking a marriage loan, the necessary documents required to take a marriage loan, etc.? We are going to give you a lot of information related to marriage loan…

What is a marriage loan?

A marriage loan is a personal loan, or we can see it as a personal loan only. A marriage loan comes under the category of unsecured loan in a way. Any person wants to have a good marriage here, but due to lack of money, he cannot fulfill his dreams. In such a situation, you can get a good marriage by taking a loan from the bank. There are many expenses involved in marriage, which can be met by carrying a marriage loan from the bank. The process of taking a loan from the bank for a wedding is called a marriage loan.

Features of Marriage Loan

When taking a loan from any government bank or non-government bank, they all have some features for the loan. Let’s know.

If you are an employed person, or you have a job in any government department. In such a situation, if you apply for a marriage loan, then you get a marriage loan immediately. Apart from this, if a person is taking the pension. He can also apply for this loan.

All banks have a different loan process, and the loan amount is also determined by looking at the individual’s civil score, bank statement, etc. If you want to apply for a loan amount for marriage, you can go to SBI Bank. You can apply there. There you get the maximum loan amount of up to ₹ 20 lakhs, which you can use for all the expenses related to marriage and have a better and better wedding.

Apart from this, if you have taken a loan from any bank or institution, it is time to fill up a marriage loan everywhere. He gets it for at least five years. In this way, you can quickly repay the loan EMI.

To apply for a loan in any bank, you can apply for a loan in both online and offline modes. If you use online, then very few documents are required. And whatever are the formalities of the bank. All that becomes significantly less. If you apply offline, then it also takes time. And the paperwork is too much.

Interest and processing charge for a marriage loan

All banks and non-financial institutions, i.e., NBFC banks, charge a very high-interest rate on marriage loans. Because you all know marriage loan is a type of unsecured loan. And this loan amount is given only to cover the wedding expenses. Usually, the rate of interest on a marriage loan starts from 11%.

This is your credit score, payment history, the source of earning, and curiosity can also increase from 24 to 25% depending on your credit. Apart from this, the processing fee in all these ranges from 1% to 3%. When you apply for a marriage loan, the interest rate of all banks and non-financial banks is different. That is why while applying for a marriage loan, apply for a loan only after looking at the rate of interest.

The loan amount available for a marriage loan

As you all know, a typical wedding costs around 10 to 15 lakh rupees. If you want to make this marriage better, you can get a good marriage according to your dreams by taking a loan from the bank. By looking at your job profile, checking your civil score, looking at your bank’s credit history, you can get a loan when you apply for a loan for marriage from any bank or non-financial company.

At least you can apply for a loan of Rs 20 to 25 lakhs for marriage. As you know, this is an unsecured loan. That’s why a low rate of interest is charged for filling this loan. That is why you should take a marriage loan according to your need so that there is no problem in paying it, through this loan you can cover many small expenses of your marriage. Apart from this, all the high costs can also be met in this amount.

Benefits of taking a marriage loan

As you all know, there is a marriage in someone’s house, and if his dream is to have a good wedding, he can make his marriage good by taking a marriage loan from the bank. Let’s know by taking a marriage loan from the bank. What are the benefits…

• The best advantage of taking a marriage loan is that all your wedding expenses can be easily met through a marriage loan.
• The kind of wedding you have dreamed of, you can do all that with a marriage loan. Because marriage happens once in life, it doesn’t happen again and again.

• The maximum tenure for repayment of a marriage loan is five years. In this, you can easily do your good marriage and pay that money.
• The loan amount is to be repaid along with interest in the form of monthly installments.

• If you want to pay the loan taken by the bank together, then you can do it together. Apart from this, if you’re going to fill it as a monthly EMI, then the bank provides such a facility.

• Marriage loans available by all banks and non-financial banks are also given based on monthly EMI, which is suitable and beneficial for the customer.

Marriage loan repayment schedule

The repayment time is fixed in advance to apply for a marriage loan in any bank or financial company. You can also do it in at least six months to pay it. If you do not repay this loan within six months, the maximum time of 5 years is also given by the bank. It depends on you whether you want to pay this loan in the form of monthly installments or pay this loan amount all at once.

This is told in the bank before applying for the loan. How will you pay off the loan? You have the convenience. Accordingly, you can pay people. If you pay as EMI, then it will be easy for you. There will be no problem with your monthly expenses, and your loan amount will be easily missed.

Eligibility for a marriage loan

Whenever you apply for a personal loan or marriage loan for marriage, there are many reasons you can take a loan.the loan is given by

1. Age – The applicant’s age applying for the marriage loan should be at least 21 years. The maximum period is 58 years for loans, but it is 58 years for those individuals who are salaried, i.e., those who have a pension. This age limit is fixed for them only. Apart from that, the person’s age who has his own business can be valid up to 65 years. The person of the business class can apply for the loan even up to the age of 65 years.

2. Monthly Income – In general, for a marriage loan, the person must have a monthly income of at least ₹ 18000. And for those who are borrowers, it is necessary to have a monthly payment of 25000. The monthly income of the applicant also depends on the city of his application and his age.

3. Employment – The person has his own business, is a pensioner or has a job profession. That person can apply for a marriage loan. To get a marriage loan, one should have a good source of monthly income because how will you fill the loan while paying it, so it is essential to have some source of income.

4. Civil Score – To apply for a marriage loan, your loan amount is most affected by the civil score. The civil score of the borrower should be more than 700. Because if your civil score is less than this, then maybe you will not be able to get the loan. If you apply for a marriage loan by keeping something as security in the bank, then your rate of interest may be charged less. Otherwise, the rate of interest on your loan amount may also be set higher.

5. Wedding card – For a marriage loan in the bank, it is essential for you to apply for the marriage card as well.

Documents required to take marriage loan

The necessary documents which are required for taking a marriage loan are as follows-

• Aadhar Card

• PAN card

• Address Proof

• Salary slip

• photo

• Bank statement

Application for a marriage loan

For the application for a marriage loan, you can apply for a loan both online and offline.

Offline Application: You can apply for a marriage loan through any bank or NBFC financial company. To use, you have to go to the bank with all the necessary documents and talk to the bank manager. There you have to fill the application form for the loan. And after doing all the paperwork, they have to submit it there. After that, your loan will be processed. All your documents will be checked, and within 48 hours, you will get a call for verification. After that, you will get the loan only after signing an agreement paper within 3 to 5 days.

Online application process

You can do it in any bank through your mobile phone or laptop sitting at home to apply for an online marriage loan.

• First of all, you have to open the official website of any bank like SBI Bank, Bank of Baroda, ICICI Bank, Paisa Bazar.com from your phone.
• After that, you will have to enter the password on your user ID.
• After that, log in to your net banking account.
• After this, to apply for the loan, you will have to fill in all your information like PAN card, Aadhar card, address proof, etc.
• After checking all this information, submit it. If all the information you give is correct, you will get a verification call in 48 hours.
• After this, you will also be given all the information by the bank. For this, you will get a call back from the bank.
• After that, you will get to you in three to 5 days after signing an agreement paper.                                                                    

Instant marriage loan bank

In today’s time, there is a finance company in some banks giving instant marriage loans. Whose information is below?

• SBI Bank (YONO Bank)
• ICICI Bank
• paisa Bazar dot com
• Bajaj Finance

Through all these also a person can fulfill all the marriage needs by taking an instant loan for his marriage or the marriage of someone in his sister or brother’s house.

Conclusion

Today we have told you in detail about what is marriage loan through this article. So how can you apply for a loan for marriage? Which documents are needed by whom? All the information is explained in detail.

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