Marriage Loan: Eligibility and documentation requirements in India

Author : Shreya Eppili | Published On : 15 Apr 2024

An Indian wedding is an intimate event. It is one of the largest family celebrations and includes many traditions, rituals, and ceremonies. It is also a symbol of family relations. Due to its cultural significance and detailed information, weddings often become one of the most popular events. Because they are a once-in-a-lifetime opportunity, families leave no stone unturned to make the event extra special.

All these events are cost-driven and require cash on hand to pay for expenses immediately. However, applying for a Marriage Loan in such circumstances can save you. It lets you choose the best venue and food for guests without financial constraints. It is a Personal Loan type which you use to pay for your or your family member’s wedding expenses.

Eligibility

To apply for a Personal Loan online, you must meet the necessary criteria depending on many factors. It may vary slightly between banks. Let us discuss them in detail:

• Minimum age:You must be at least 21 to apply for an Instant Personal Loan in India.
• Maximum age:If you are a salaried employee, the maximum age accepted by banks for Personal Loan applications is 58. If you are a self-employed professional, you should be under 65.
• Working conditions: As a salaried applicant, your previous work experience should be at least two years. You require at least a year of work experience if you apply for a Loan as a self-employed professional.
• Credit score:A high CIBIL score is important for instant approval of Wedding Loans. Most banks prefer borrowers with a score of 700 to 900 and approve their requests without scrutiny.
• Maximum Loan amount:The maximum amount you get as a Loan from the bank depends on your income, ability to repay, credit history, and several other factors. It ranges between Rs. 5 lakh to Rs. 40 lakh with 10% or higher interest rates.
• Minimum monthly income:The minimum monthly income for a Marriage Loan is Rs. 15,000, but some banks may also set it around Rs. 25,000, depending on the city of residence.

Documents required

The documents required for applying for Wedding Loans in India are as follows:

1. Certificate documents include a PAN Card, Aadhaar, passport, Voter ID, and permanent driving license.
2. Proof of address, such as passport, permanent driving license, Voter ID, utility bill, and lease or rental agreement.
3. Proof of age, including birth certificate, school certificate, and PAN Card.
4. Financial information, including Form 16 and last three months’ salary slips or audited profit and loss statements, income tax returns of two years, and last six months’ Bank Account statements.

Conclusion

Wedding Loans have the same eligibility criteria as Personal Loans. You need not produce security or collateral to apply for them. After approval, the amount is disbursed to your account within a few hours. Remember to choose a reliable bank, assess your financial capabilities, and plan your wedding budget wisely.