Wedding counts as one of the most memorable and joyful moments in any individual’s life. Although the money spent on wedding might vary depending upon the person’s spending capacity and taste, it cannot be denied that the majority of Indian weddings overshoot the planned budget. This is where a wedding loan can be of great help.
A wedding loan is a type of personal loan that can be availed for meeting various wedding-related expenses including the best outfit, printing of invitation cards, jewelry purchase, venue booking, hotel-booking for guests, caterer’s bill and more. All these wedding related activities require a lot of money, the load of which can be eased with the help of a marriage loan. Although it’s important to create and maintain a budget while planning a wedding, such type of loan can be a godsend in meeting any last-minute expenses.
The eligibility criteria for a wedding loan depends on multiple factors, which can vary from person to person, as well as lender to lender. However, we have detailed the broader criteria below:
In order to apply for a wedding loan, the person should be at least 21 years old. Some lenders keep this minimum age requirement at 23 years instead.
Salaried people interested in taking a marriage loan should not be over 58 years in age. Self-employed applicants on the other hand should be under 65 years.
In general, wedding loans involve a minimum monthly income requirement of ₹15,000, however, some lenders might keep it at a minimum of ₹25,000 too. Factors like age of the applicant, current city etc. might also impact this minimum income criteria.
As marriage loan is a type of unsecured personal loan, lenders prefer applicants with a credit score of over 700. Although individuals with lower credit score can also avail such loan, they might not get an equally good deal in terms of interest rate, tenure, loan amount etc.
All salaried individuals, self-employed professionals and business persons are eligible to avail wedding loans as long as they meet the minimum income criteria. They should be able to furnish proof of regular income to avail such loan. Salaried people in particular should have been employed for minimum 2 years at the time of loan application, with at least 1 year in the current employment.
The quantum of a wedding loan might vary from lender to lender and also depend on multiple factors including the applicant’s income, credit score, repayment capacity and more. However, it’s usually in the range of ₹5 lakh to ₹25 lakh.
The interest rate and tenure of the marriage loan will depend on multiple factors such as how well does the applicant made the eligibility criteria, the lending establishment and more. In general, the interest rate can range anywhere from 10.75% to as high as 24% per annum depending upon these factors. The repayment tenure can vary from 12 months to 72 months.
The best way to avail a wedding loan or a marriage loan in India is by heading to the GoSahi website and comparing offers extended by various lending establishments. You can even seek help of our seasoned experts who can handhold you through the entire process, starting from the loan application till the disbursal of the wedding loan.