Marriage Loan: A significant sum of money is necessary for organizing a wedding. It is frequently observed that the actual expenses exceed initial estimates. In cases where the shortfall is between one to two lakhs, individuals often resort to borrowing from family or friends. However, what options are available if the required amount is greater? In such instances, a marriage loan presents a viable solution.

Bank can help you

This type of loan can be obtained swiftly from a bank, allowing you to secure the necessary funds. Here, you will find information regarding the amount you can borrow, the eligibility criteria, and the interest rates charged by banks for this loan.

Loan amount is determined based on your salary

A marriage loan is classified as a personal loan, which does not require any collateral. The loan amount is determined based on your salary. According to HDFC Bank’s website, you can borrow between Rs 50,000 and Rs 40,00,000. The repayment period can range from 12 to 60 months, allowing you to select a duration that suits your needs. The approval process for a marriage loan is relatively quick.

Existing HDFC customers can receive a pre-approved wedding loan almost immediately, while customers from other banks can expect approval within four hours. Once approved and after submitting the required documentation, the loan amount is typically credited to your account within one business day. The application process can be completed online from the comfort of your home, making it very convenient.

Interest rates for marriage loans can vary between 10.85% and 24.00%. Additionally, processing fees and GST may apply.

Who are eligible?

Eligibility criteria for applying for a marriage loan at HDFC include being a salaried individual employed by select private limited companies or public sector undertakings (including Central, State, and Local bodies). Applicants must be between the ages of 21 and 60 years. A minimum of two years of work experience is required, with at least one year spent with the current employer. For those holding a salary account with HDFC Bank, a minimum monthly income of Rs 25,000 is necessary. Whereas if the salary account is in any other bank, then the minimum monthly salary should be Rs 50,000.