What is a Marriage Loan
Marriage is one of the most auspicious and joyful occasions where the two partners tie the knot to be with each other forever. However, a grand celebration like marriage can be expensive and requires adequate capital. Instead of spending your hard-earned savings at once, you can cover such expenses through an ideal marriage loan.
A marriage loan allows the borrower to raise immediate capital to spend on marriage expenses without using your savings.
IIFL Finance offers you an ideal wedding loan in India where you can avail of a loan of up to Rs 5 lakhs to meet all of your wedding expenses and don’t need to compromise on the happiest day of your life.
Marriage Loan EMI Calculator
Marriage Loan Features and Benefits
A personal loan for a wedding is an ideal option to raise adequate funds to cover marriage expenses. Here are the features and benefits of a personal loan for a wedding:
What are the Eligibility Criteria for a Marriage Loan?
Lenders such as IIFL Finance offer a personal loan for marriage to ensure the loan process is of utmost transparency and successfully covers the marriage expenses. Here are the eligibility criteria for a personal loan for marriage:
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Age: The age of the applicant should be between 23 years-65 years.
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Employment: The applicant should be a salaried employee or a self-employed individual.
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CIBIL Score: The applicant should have a CIBIL or credit score of 750 or higher.
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Monthly Salary: The monthly salary of the applicant must start from Rs 22,000, depending on the city of residence.
What are the documents required for a marriage loan?
One of the most beneficial features of a marriage loan is minimal documentation. Owing to the quick approval and disbursal process, the applicant must present the documents necessary to complete the KYC process and the final loan application submission. Here are the documents required for a marriage loan in India:
Marriage loan interest rate
Similar to other types of loan products, this credit facility also includes marriage loan interest rates. When you borrow money from a lender to cover the wedding costs, you have to repay the principal amount taken as a loan within the loan tenure, along with the marriage loan interest rate. IIFL Finance offers wedding loans in India at nominal interest rates that are affordable to ensure there is no financial burden at the time of repayment.
Why Should You Take a Marriage Loan?
After deciding to get married, the most pressing factor is to cover the expenses included to execute the event. A loan for marriage ensures you don’t have to use your hard-earned personal savings to cover wedding expenses. Furthermore, you can repay the marriage loan amount steadily through monthly EMIs spread over the loan tenure. Such flexible repayment options ensure that you do not have to shell out a lump sum amount but can plan or manage your expenses effectively.
Why choose IIFL for Marriage Loan?
IIFL Finance is India’s leading financial service provider with an experience of over 25 years in the financial markets. Having analysed the need for capital for various expenses such as marriage, IIFL has designed custom marriage loans. A marriage loan in India comes with attractive and affordable interest rates with flexible repayment options.
The marriage loan process is entirely online and requires minimal documentation, resulting in quick approval and disbursal within 24 hours. The loan for marriage carries no need for pledging an asset as collateral and offers the highest monetary value where you can get loans ranging from Rs 5,000 to 5,00,000.
What are the things to consider while taking a wedding loan?
A wedding loan is an unsecured loan product that lenders provide to borrowers without any collateral and minimal documents. However, as every lender may have different terms and conditions for wedding loans in India, it becomes important to consider every related factor. Here are the things to consider while taking a personal loan for a wedding:
How To Apply For A Marriage Loan?
IIFL Finance has designed a quick and hassle-free marriage loan application process. You can follow the below-listed steps to apply for a marriage loan in India with IIFL:
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Marriage Loan FAQs
Yes, IIFL Finance offers a marriage loan for weddings to allow you to raise adequate funds to cover wedding expenses.
You can get financial help for a wedding through an ideal personal loan for marriage to raise funds to cover wedding expenses.
A personal loan for marriage can allow you to avoid using your savings to cover wedding expenses through a loan amount that you can repay steadily over time.
Yes, there is a minimum and maximum marriage loan amount, which varies from lender to lender. With IIFL, you can take a personal loan for a wedding ranging from Rs 5,000 to Rs 5,00,000.
The marriage loan amount depends on factors such as CIBIL score, employment, age, desired loan amount, and loan tenure.
When you take a personal loan for a wedding from IIFL, you can opt for the highest loan tenure of 42 months to repay the loan amount.
A marriage loan in India from IIFL Finance is approved within 5 minutes and disbursed within 24 hours of approval.
There are no restrictions on the nature of expenses that you can cover with a personal loan for a wedding. You can use the loan amount to cover all the marriage expenses.