Business
Nowadays, many finance companies and banks are giving marriage loans of lakhs for marriage. Most people are also taking advantage of this facility to make their wedding grand.
A marriage loan is charged like a personal loan. In this, a loan ranging from Rs 5 lakhs to Rs 50 lakhs can be availed. The best part is that no security has to be deposited.
Indian citizens from 21 to 60 years, employed, minimum salary of Rs 15000, must have salary slip-bank statement, credit score 750 or more, Aadhaar, Voter ID, PAN card.
Marriage loan comes under personal loan. It can be applied online-offline. Documents required are identity card, address proof, 3 months salary slip, 3 months account statement.
Marriage loan terms and interest rates vary by bank; compare options carefully before proceeding.
If your savings fall short of the wedding budget, a marriage loan can help. However, opt for it only if no other options are available, and borrow within your means.
High-interest marriage loans can strain finances; missed EMIs may lower credit scores and increase stress.
ICICI Bank- 10.85% interest rate, HDFC- 11-22%, Axis Bank- 11.25%, Bank of Baroda- 11.10% interest rate, Kotak Mahindra Bank- loan from Rs 50000 to Rs 35 lakhs.