With ICICI Bank Marriage Loan, you can fulfil all your dreams for your big day. The loan is available for amounts of up to Rs. 20 lakh and can fund various wedding expenses like catering, guest accommodation, decoration, jewellery, venue, invitation cards, etc. With convenient repayment options, ICICI Bank Marriage Loan allows you to repay the amount with a flexible tenure ranging from 12 to 60 months.
Features of ICICI Bank Marriage Loan
- Loan amount: Offering a loan amount as high as Rs. 20 lakh, ICICI Bank Marriage Loan is an ideal solution when you have exhausted all your savings and need money for your big day
- Minimum documentation: ICICI Bank Marriage Loan ensures that the documentation process is online and minimum so that you don’t get involved in the lengthy process and get swift loan approval
- Flexible repayment: With flexible repayment option offered by ICICI Bank on a marriage loan, you won’t feel stressed regarding repaying the loan. Currently the tenure offered on ICICI Marriage Loans varies from 12 to 60 months
- Top- up loan: If the funds that you have availed from ICICI Bank are not enough and you need more money for your wedding preparations, you can apply for top –up loan and get additional funds instantly
The interest rate offered on ICICI Bank Marriage Loan starts from 11.25% and differs depending on an individual’s loan amount, credit score, repayment history, age, etc.
ICICI Bank Marriage Loan Eligibility Criteria
The marriage loan eligibility criteria of ICICI Bank varies slightly depending on the type of applicant. The following are the details:
- You should be at least 23 years old and your maximum age at the time of application should be 58 years
- Your minimum monthly salary should be Rs. 17,500. If you are living in Mumbai or Delhi, it should be Rs. 25,000 and if you are living in Hyderabad, Chennai, Pune, Bangalore and Kolkata, it should be Rs. 20,000
- You should have a working experience of at least 2 years
- You should be living in your current residence for at least 1 year
- You should be at least 28 years old. If you are doctor, you should be at least 25 years old
- Your maximum age should be 65 years
- If you are a self- employed professional, your minimum turnover should be Rs. 15 lakh and if you are a self- employed non- professional, your minimum turnover should be at least Rs. 40 lakh
- If you are a self- employed professional, your minimum profit after tax should be at least Rs. 2 lakh and if you are a non- professional, your minimum profit after tax should be at least Rs. 1 lakh
- You should be in your current business for 5 years and for 3 years, if you are a doctor
- You should be having at least an year’s relationship with the bank
Documents Required for Loan Process
The following is a list of the common documents required as part of the ICICI Bank marriage loan application process:
- Proof of Identity (any one): Voter ID Card, PAN Card, Passport, Driving License
- Proof of residence (any one): Utility Bill (not more than 3 months old), Leave and License Agreement, Passport
Additional documents required from salaried and self-employed individuals are as follows:
For Salaried Individuals:
- Salary slips for last 3 months
- Latest 3 months bank statement
For Self- Employed Individuals:
- Income proof (audited financials for the last two years)
- Latest 6 months bank statement
- Office address proof
- Proof of residence or office ownership
- Proof of continuity of business
How to Apply for ICICI Bank Marriage Loan with Paisabazaar?
- Go to Paisabazaar and fill a simple form to check marriage loan offers by different banks and NBFCs listed according to chances of approval
- Either select a desired lender or call customer care executive of Paisabazaar for further assistance
- When you finish finalising the lender, fill a few more forms to complete and process your loan application and get instant conditional e-approval online
Marriage Loan Verification Process
The verification process of a marriage loan involves the following steps:
- After you finish your marriage loan application at Paisabazaar, it gets forwarded to the prospective lender
- You get a verification call from the lender the lender’s representative schedules a documentation pickup as per your convenience
- Once the documents are verified, you get another verification call from the bank regarding the final offer
- When you accept the offer, the loan gets disbursed to your account with 3 to 5 working days
Check ICICI Bank Marriage Loan Application Status
The following are the key steps to check the status of your marriage loan application with ICICI Bank:
- Go to the application status check page on the ICICI Bank website
- Enter your reference number or form number
- Click on submit
In case you forgot your reference number, enter your name, DOB, product, loan amount requested and PAN number and click on submit
Fees and Other Charges
ICICI marriage loan features a few fees and charges apart from interest that you need to pay. The following is a short list of these:
|Loan Processing Charges / Origination Charges (Non-Refundable)||Upto 2.25% of loan amount plus GST|
|Prepayment Charges||5% on principal outstanding plus GST|
|Additional Interest on late payment||24% per annum|
|Repayment Mode Swap Charges||Rs. 500/- per transaction plus GST|
|Loan Cancellation Charges||Rs. 3000/- plus GST|
|^EMI Bounce Charges||Rs. 400/- per bounce plus GST|
How to Login on ICICI Bank Portal?
- Go to the ICICI Bank Internet Banking page on the official website
- Either enter your User ID or Registered Mobile Number
The following table shows the monthly pay out (EMI) applicable to different ICICI Bank marriage loan principal amounts, interest rates and tenures.
|Loan Amount (Rs.) and Interest Rate|
Monthly EMI Payout (Rs.)
|1 year||2 years||3 years||4 years||5 years|
|5 lakh @ 13% p.a.||Rs. 44,659||Rs. 23,771||Rs. 16,847||Rs. 13,414||Rs. 11,377|
|10 lakh @ 15% p.a.||Rs. 90,259||Rs. 48,487||Rs. 34,666||Rs. 27,831||Rs. 23,790|
|20 lakh @ 11.25% p.a.||Rs. 1.76 lakh||Rs. 93,448||Rs. 65,715||Rs. 51,935||Rs. 43,735|
ICICI Bank Marriage Loan Top-Up
ICICI Bank offers a top-up loan on existing marriage loan. You can avail this loan facility if you have been repaying your loan in a timely manner and have a good credit score. The interest rate and tenure of a top- up loan are similar to your existing marriage loan.
Comparison of ICICI Bank Marriage Loan VS Other Lenders
The following is a comparison of ICICI Bank marriage loan vs. similar offerings by other top lenders in India:
|Particulars||ICICI Bank||Citi Bank||Axis Bank||HDFC Bank|
|Interest Rate||11.25% to 22.00%||Starting from 10.50%||11.49% to 17.49%||10.75% to 21.30%|
|Tenure||12 to 60 months||12 to 60 months||12 to 60 months||12 to 60 months|
|Loan amount||Upto Rs. 20 lakh||Upto Rs. 30 lakh||Rs. 50,000 to Rs. 15 lakh||Upto Rs. 15 lakh|
|Processing Fee||Upto 2.25% of loan amount plus GST||Upto 3% of the loan amount||2% of loan amount plus GST||Upto 2.50% of the loan amount|
ICICI Bank Customer Care
- You can call on 1860-120-7777 (toll free)
- You can visit the official website of ICICI Bank and can request a call back or can type your question there
- You can visit the nearest branch of the bank
Benefits of Applying for Marriage Loan at Paisabazaar
- Let’s you compare and choose: At Paisabazaar, you can compare various features of a marriage loan like interest rate, tenure, processing fee, etc. offered by various banks on one platform
- Allows online application: To apply for marriage loan, you won’t physically have to visit the lender’s branch as you can easily apply for a marriage loan online at Paisabazaar
- Calculate EMI: With the help of Paisabazaar’s Personal Loan EMI Calculator, you can make a comparison between the EMIs of marriage loan from different lenders and can choose the one as per your repayment ability
- 24 x 7 access: You can access the official website of Paisabazaar anytime, anywhere and can apply for a marriage loan whenever you wish to
- Check your credit score: It is the first thing considered by lenders before approving your marriage loan application and hence plays an important role in approval of your loan application. A good credit score can help you to get a marriage loan with a lower interest rate and a poor credit score might lead to rejection of your loan application
- Do not apply with multiple lenders simultaneously: Applying for a marriage loan with various lenders at the same time can increase the number of hard enquiries in your credit report and can lower your credit score
- Borrow only what you need: Borrowing more than you actually need may lead you into a debt trap. Therefore, evaluate your monthly expenses and other EMIs (if any) and borrow a loan amount that you can conveniently repay
Q1. How do I repay ICICI Bank Marriage Loan?
You can repay ICICI Bank Marriage Loan in easy EMIs through auto debit (if you have an existing account with the bank) or by submitting a NACH ((National Automated Clearing House) mandate with any other bank in India.
Q2. Can I transfer my existing marriage loan to ICICI Bank?
Yes, you may be able to transfer your existing marriage loan with a different bank to ICICI Bank subject to meeting the applicable terms and conditions.
Q3. What would be my interest rate if I apply for ICICI Bank Marriage Loan?
The interest rate offered by ICICI Bank on a marriage loan starts at 11.25% p.a. however, the actual rate offered to an individual depends upon his credit score, loan amount, repayment history, etc.
Q4. Can I use the marriage loan for any other purpose?
In case you want a loan for any personal purpose other than marriage, you should apply for an ICICI Bank personal loan instead.
Q5. How soon will my loan application get processed?
Once you have submitted all the applicable documents along with your application, you loan application should be proceeded and disbursal should be completed in 2-5 working days.