RBL Marriage Loan

Found your soul mate and have a plan of get married instantly? Immediate marriage plans usually don’t give you a lot time to arrange funds but you always have the option of availing RBL Marriage Loan, which works as a lifeline when you don’t have enough savings. Fulfilling the requirement of immediate cash, this quick and flexible loan is offered to salaried resident individuals.

RBL Marriage Loan- Interest Rate

The RBL Marriage Loan is available to help you when you are short on funds and comes with attractive interest rates ranging from 14% to 23% p.a., which are influenced by various factors like income, age, repayment ability, etc.

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RBL Marriage Loan- Eligibility Criteria

If you are a salaried individual, you can avail RBL Marriage Loan after meeting the following criteria:

• Your minimum age at loan sanction should be 25 years and maximum age at loan maturity should be lower than 60 years.
• Your minimum net monthly income should be Rs. 25,000 per month.
• Your minimum work experience in the current organisation should be 1 year and your overall working experience should be minimum 3 years.

RBL Marriage Loan- Documents Required

The below mentioned documents are required to avail RBL Marriage Loan:

• Pan Card
• Identity Proof(Any one): Driving License, Passport, Voter ID
• Address Proof(Any one): Driving License, Voter ID, Telephone Bill, Passport, Bank Statement, Electricity Bill, Registered Lease Deed or Sale Agreement
• Relationship Proof (if needed)
• Any other valid Photo ID card issued by state or central government
• Passport size photographs
• Latest 6 months of Salary credit bank statements
• Latest 2 months of pay slips and Form 16 issued by the employer
• Income documents of salaried spouse (in case of clubbing of income)

EMI Calculator

EMI Calculator

Amount

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Interest Rate

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Tenure

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EMI Calculator

Monthly EMI ₹ 15,622

Total Amount Payble ₹ 5,62,395(Principal + interest)

Principal Amount ₹ 5,00,000

Total Interest Payble ₹ 62,395

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Frequently Asked Questions (FAQ)

1. How much loan amount can I borrow from RBL and for how many months?

Ans: You can borrow a loan amount ranging from Rs. 1 lakh to Rs. 20 lakhs and the tenure varies from 12- 60 months.

2. How long will it take for my marriage loan to get approved?

Ans: You will be updated by the bank in approx. 10 days from the date you have completed the application form and have submitted the required documents.

3. Do I need to pay any charges or processing fees to opt for a marriage loan?

Ans: Yes, a processing fees of upto 3% of the loan amount (along with plus Tax at the prevailing rate) is charged. The fee gets deducted from the loan at the time of loan disbursal.

4. Can I prepay the marriage loan? If yes, are any charges involved?

Ans: Prepaying the loan is not allowed before you complete 12 months. However, the loan can be prepaid after paying the 12^th EMI along with the foreclosure charges. If you prepay the loan before 18 EMIs, foreclosure charges of 5% of the principal outstanding will be charged and if you prepay the loan after the completion of 18 EMIs, foreclosure charges of 3% of the principal outstanding will be charged.