Marriage is one of the biggest events in anyone’s life and everyone wants it to be as perfect as possible. From booking a dream venue to hiring caterers and managing other essential expenses, costs can quickly go up. For those who want everything to go smoothly when it comes to finances, opting for a marriage loan becomes a go-to solution. Here’s how you can finance your wedding dreams while managing repayment comfortably.
What is a Marriage Loan?
A marriage loan is a type of personal loan intended to cover wedding-related expenses. Unlike secured loans, it does not require you to pledge any collateral, making it a convenient option for those looking for quick funding. Whether it is for the wedding ceremony, engagement party, honeymoon, or related expenses, a marriage loan can help you easily manage all the events related to the special occasion in your life.
Marriage loans usually come with flexible repayment tenures, allowing you to choose a plan that suits your financial capacity. Since it is an unsecured loan, the interest rates may be higher than secured options, but they are competitive enough to make these loans a popular choice for couples.
For example, if your savings fall short of your dream wedding’s budget, a marriage loan can step in to help you book the perfect venue, pay for an elaborate catering service, or even organise a grand honeymoon. Many Indian banks and Non-Banking Financial Companies (NBFCs), including CASHe, offer marriage loans with attractive benefits.
Marriage Loan Interest Rates in Indian Banks
When choosing a marriage loan, interest rates are a crucial factor to consider. Here are wedding loan interest rates offered by leading banks and financial institutions in India:
State Bank of India (SBI): Competitive rates starting from 10.30% to 13.60% per annum.
HDFC Bank: Interest rates range from 11% to 22% depending on your credit profile and loan tenure.
ICICI Bank: Offers flexible marriage loans with interest rates between 10.5% to 22%.
Axis Bank: Axis Bank’s personal loan for weddings starts at 10.65% p.a. interest rate.
CASHe: The marriage loan interest rate at CASHe ranges from 2.79% to 3% (reducing balance interest) on the entire marriage loan amount. You will also get a 5-day interest-free grace period to pay your marriage loan EMI at the end of every month.
These rates are subject to change. It would be prudent to check with respective banks or lenders to get accurate interest rates.
What Should be Considered Before Taking a Marriage Loan?
Here’s what you need to consider before applying for a marriage loan:
- Ensure you have a clean credit history with banks or lending institutions as your previous credit rating will have a direct implication on the loan.
- Make sure you upload all the necessary documents to ensure that your marriage loan is sanctioned in the quickest possible time.
- Apply for a loan amount that you can afford to pay. Having high expenditures will only cause you constraints in repaying your EMIs on time
- Check the lender’s eligibility requirements, such as age, income, employment type, and credit score.
How to Apply for a Marriage Loan in India?
Want to apply for a marriage loan? Here is the process right from research to disbursement:
1. Research and compare: Compare interest rates, loan amounts, and tenure options to find the loan provider that best suits your needs.
2. Collect the documents: Gather essential documents such as your Aadhaar card or passport for identity proof, address proof, and income proof (like salary slips or bank statements), along with your photograph.
3. Apply online: CASHe offers a simple online application process through the CASHe app.
4. Fill in the details: Download the CASHe app and enter your personal, employment and financial information correctly in the application form.
5. Submit documents: Upload the scanned copies of the required documents as per instructions.
6. Approval and Disbursement: Once verified your loan will be approved and the amount will be disbursed directly to your bank account.
Documents Required for Marriage Loan Approval in India
Here’s a checklist of documents required for marriage loan approval in India:
- Identity proof (Aadhar Card, PAN Card, Passport, Voters ID or Driving Licence.)
- Address proof (Aadhar Card, PAN Card, Passport, Voters ID or Driving Licence.)
- Bank statement for the previous 3 months.
- Two latest salary slips.
- Current dated salary certificate with the latest Form 16.
Conclusion
Your wedding day is one of the most magical moments of your life, and a marriage loan can help turn your dream celebration into reality. Go for affordable marriage loans from trusted lenders like CASHe and reduce the financial burden on your savings.
