Compare & Choose from the Best Personal Loan OffersMarriage Loan Interest Rates – June 2022
| Banks/NBFCs | Interest Rates (per annum) | |
| HDFC Bank | 10.50% – 21.00% | Apply Now |
| SBI | 9.80%-13.80% | Apply Now |
| ICICI Bank | 10.50% onwards | Apply Now |
| Axis Bank | 10.25% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.49% – 25.00% | Apply Now |
| Bajaj Finserv | 13.00% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
Note: The above-mentioned interest rates may change and shall depend on the sole discretion of the bank, NBFC and RBI.
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Features of Marriage Loan
- Interest rates usually start from 10.25% p.a. onwards
- Loan amount is generally up to Rs 40 lakh
- Loan tenure is up to 5 years, may range up to 7 years for some PSU Banks
- No collateral security is required
- Pre-approved instant personal loans offered to select customers
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Eligibility Criteria
- Age: 21 years at the time of loan application; 60 years at the time of loan maturity
- Self-employed individuals or salaried employees working with private sector companies or public sector undertakings with an experience of at least 1 year
- Minimum monthly income should be Rs 15,000
- Credit score of 750 and above might increase the chances of availing marriage loan and at lower interest rates
Documents Required for Loan Application
- ID Proof (Aadhar card/PAN card/Passport/Voter ID)
- Address Proof (Electricity bill/Telephone bill/Gas bill/Aadhar card/PAN card/Passport/Voter ID)
- Bank account statement for last 3 months
- Latest salary slips
- Employment proofs
- Latest ITR/Form 16
FAQs
Q. Can people having low credit score avail marriage loans?
A. Banks/NBFCs do not have a definite cut-off range for high or low credit scores. However, those having credit scores of 750 and above usually have higher chances of availing marriage loans. Some lenders also offer lower interest rates to applicants having such credit scores. However, some lenders may offer marriage loans or regular personal loans to applicants having low credit scores at higher rate of interest.
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Q. Can government employees avail marriage loans at lower interest rates?
A. Banks/NBFCs usually prefer lending marriage loans to government employees due to their higher job stability and income certainty. As many lenders have started using risk-based pricing while setting interest rates for their loan applicants, higher job stability and income certainty of government employees lead many lenders to offer them marriage loan at lower interest rates.
Q. What is the minimum and maximum loan amount that I can avail on a marriage loan?
Lenders usually offer wedding loans ranging between Rs. 10,000 to Rs. 40 lakh. However, the loan amount may exceed and shall depend on various factors, including your credit score, income, location, employment type, etc.
Q. Is it possible to foreclose or prepay wedding loans?
Yes, you can foreclose/ prepay your marriage loan and save on the interest component. However, lenders can charge a prepayment fee of up to 6% of the outstanding loan principal amount in case you decide to repay your loan before the end of its tenure.
Q. Can I avail myself a top-up on my marriage loan?
Yes, some lenders do offer top-up loans to borrowers over and above their existing marriage loan to meet additional financial requirements. However, the eligibility for such top-up wedding loans is decided on a case-by-case basis.