Wedding is one of the most special and memorable incident in one’s life. Family and friends celebrate it with great excitement for quite some days in India. To celebrate the wedding, you need to be financially prepared or else, it will hurt your savings. The best possible way to carry out wedding expenses without affecting the saving is undoubtedly ‘Wedding loan’.
Wedding Loan is a kind of personal loan which is used to meet any expenses related to your wedding. From printing invitaion card, to booking the wedding venue, decoration to caterer, choosing the outfit to buying the jewelry, and so on, wedding loan takes care of all these expenses. Wedding Loans helps you to enjoy your wedding without thinking of the expenses.
Features of Wedding Loan
Weddings in India are celebrated in a grand way for quite a few days. The expenses in an Indian wedding are quite high. So, wedding loan without a second thought helps you to e your wedding as per your wish without carrying an immediate financial burden. Here are some of the features of wedding loan-
Wedding Loans do not need any kind of collateral or security. It is an unsecured loan.
- Wedding loan interest rates are very competitive.
Flexible loan repayment through EMI is available, which is very user-friendly.
Loan repayment tenure ranges from 1 year to 5 years. With in this period, you can easily repay your wedding loan.
Wedding loans are easily approved and disbursed.
- Very minimum documentation is required for wedding loan in India.
Eligibility Criteria to apply for Wedding Loan
Following are the eligibility criteria to apply for wedding loan-
- Age- 21 to 58 years
- Net take home income- Minimum Rs. 15,000 to Rs. 20,000 (varies from bank to bank)
Type of Employment- Salaried or self-employed
Employment Status- Minimum 2 years of overall work experience and at least 1 year in the present job or business.
- Credit Score- 750 or above
Documents required for Wedding Loans
Following are the documents required for wedding loans-
ID proof– AADHAR card, PAN card, Voter ID card, Driving License
Residential Proof– Passport, Lease or Rent Agreement, Utility bills like Water bill or Electricity bill
- Bank account statement for last 3 months, FORM 16, Salary slip (For salaried)
- IT Return copy, Balance sheet and Profit and Loss account statement (For self-employed).
- Wedding loan application form
- Passport size photograph
Wedding Loan Interest Rates
Based on your repayment capacity, income and other eligibility criteria banks and NBFCs decide the wedding loan interest rates. Wedding loans Here is the list of few lending institutions which provides wedding loans in India.
|Bank Name||Rate of Interest|
|ICICI Bank||11.5% to 15.5%|
|HDFC Bank||15% to 20.99%|
|Axis Bank||15.5% to 24%|
|Kotak Mahindra Bank||10.99% to 23%|
|Tata Capital||11.49% to 19%|
Benefits of Wedding Loans
- No need to think about last minute expenses in your wedding.
- Plan your marriage as per your wish and finance with the wedding loan.
- Enjoy your wedding stress-free with wedding loans.