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.
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What is a marriage loan, how much can you get?
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.
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Who is eligible for a marriage loan?
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.
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What to do to get a marriage loan?
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.
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What to do before taking a marriage loan?
Marriage loan terms and interest rates vary by bank; compare options carefully before proceeding.
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Should you take a loan for marriage?
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.
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Disadvantages of taking a loan for marriage
High-interest marriage loans can strain finances; missed EMIs may lower credit scores and increase stress.
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Which banks offer marriage loans?
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.