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.
Also Check:- Personal Loan Interest Rates From the Top Banks & NBFCs
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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
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 12th 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.