Marriage Loan

Almost all lenders offer marriage loans to the applicants to meet their wedding-related financial requirements. Lenders who do not offer marriage loan as a separate product, offer regular personal loans that can be used for wedding purposes. Most NBFCs and fintech lenders also offer personal loans for marriage with completely digital processing and quick loan disbursal.

The maximum loan amount offered to a marriage loan applicant would primarily depend on the applicant’s repayment capacity, subject to the upper limits set by the lender. When determining the maximum eligible loan amount, some lenders use the following methods:

• EMI/NMI Ratio Method, wherein the total EMI obligations should not exceed a predetermined proportion, usually 50-55% of the applicant’s monthly income.
• Multiplier Method, wherein the loan amount is determined based on a pre-set multiple, ranging from 10 to 24 times of an applicant’s net monthly income.

Also Check: How Much Personal Loan Can I Get on My Salary?

Prospective borrowers should use the Personal Loan EMI Calculator by Paisabazaar to calculate the EMI and total interest cost payable throughout the loan tenure. It allows applicants to assess the loan affordability even before the loan application and make informed decisions. The calculator comes with the following features:

• The calculator is available online free of cost.
• Enter the loan amount, interest rate and loan tenure and get instant results.
• The results are is error-free.
• The labour involved with manual calculations is reduced.
• The use of EMI calculator saves a lot of time which was otherwise spent in manual calculations.

Lenders usually set their eligiblity criteria on the basis of age, employment profile, credit score score, monthly income, etc. of the applicants. Below-mentioned are the eligibility requirements of the applicants planning to avail marriage loans.