Marriages are a grand affair, especially in India where there are countless traditions and celebrations surrounding marriage. Everyone dreams of a fairy-tale wedding and to make this dream come true, funds are needed.
While you might plan for your wedding and set aside a corpus for that special day, there might be times when you find yourself short on funds, especially when you want to go that extra mile in making the wedding grand. In these times, when you do not have sufficient funds to plan a perfect event, a marriage loan can come to your rescue.
Let’s understand what is a marriage loan, its features and benefits, interest rates and how to apply for a marriage loan. Read on!
To be precise, a marriage loan is a personal loan for a marriage or wedding that you can avail of to fund different expenses associated with the event. Personal loans for weddings are unsecured loans that do not require you to pledge any collateral security to avail of the loan. The eligibility criteria of a personal loan for a wedding is similar to any other personal loan. You need to have a stable income and a credit score close to 750 to be eligible for this loan. Lenders may also evaluate your financial standing and repayment capacity before approving your loan application.
You can avail of a personal loan from the Navi app, which you can use to meet your wedding expenses. Navi gives you easy loan options with tenor and EMI of your choice. Install the Navi app on Android or iOS. If you are eligible, you can get the amount deposited into your account within 10-20 minutes directly in your bank account.
Here are some of the benefits and features of the personal loan for weddings offered by Navi –
|Navi||6.46% p.a. onward|
|HDFC Ltd.||6.70% p.a. onward|
|Citibank||6.60% p.a. onward|
|Kotak Mahindra||6.55% p.a. onward|
|SBI||6.75% p.a. onward|
|Axis Bank||6.90% p.a. onward|
|Canara Bank||6.90% p.a. onward|
|IDFC FIRST||6.50% p.a. onward|
|IDBI Bank||6.75% p.a. onward|
|Bank of India||6.85% p.a. onward|
*Note: Interest rates are subjected to change as per the lender’s discretion
A marriage loan interest calculator helps calculate the EMI and interest payable on the wedding loan amount. Knowing the EMI amount and the Interest payable on the loan beforehand helps to plan the EMI payments accordingly. You can also adjust the loan amount and calculate results until it suits your needs.
Here’s how you can calculate the EMI payable for the wedding loan-
If you feel that the EMI is high or low for your loan amount, then just adjust the loan amount and follow the steps again for different results.
As mentioned earlier, applying for personal loans which also act as wedding loans is a simple affair at Navi. Here are the steps which you would need to follow to apply for the loan –
Navi App will not ask you the purpose of applying for the loan. Hence the multi-purpose personal loan can double up as a Marriage Loan for you!
Though wedding loans are easily available, borrowers are required to fulfil the eligibility parameters laid down by lenders before the loan is sanctioned. So, as a borrower, you would also have to meet the lender’s eligibility requirements to apply for a marriage loan.
While the exact eligibility criteria depend on lenders, here are some of the most basic criteria for availing of a marriage loan.
|Age at which you can apply for the loan||18 years to 65 years
In some cases, the minimum age can be between 21-25 years depending on the lender
|Repayment tenure||12 months to 60 months|
|Marriage loan interest rate||6.46% p.a. onward|
|Occupation||You should be salaried or self-employed having a source of income|
|Income level||There is a minimum income criterion which varies across lenders. Usually, the minimum income might start from Rs.15, 000 per month|
If you apply for a personal loan through Navi, however, you would not have to check the marriage loan eligibility criteria. Navi uses a technology-driven model which checks your eligibility based on your details and sanctions an approved loan limit.
Wedding expenses often overshoot the planned budget. These expenses may include the following –
Managing all these expenses from your own pockets might prove challenging and a marriage loan could be a viable option in such a situation. The loan supplements your income and helps you plan grand celebrations.
Ans: There’s no such restriction for wedding loans. You, your daughter or any of your family members can apply for the loan. If you meet your lender’s eligibility criteria, there shouldn’t be any difficulty in getting the loan?
Ans: You can get a wedding loan just like any other personal loan. However, make sure to compare interest rates offered by different lenders. For instance, with Navi, you can get wedding loans up to Rs.20 lakh starting at just 9.9% p.a.
Ans: No, personal loans for weddings are unsecured loans. This means that you don’t need collateral or a guarantor to avail of the loan.
Ans: Lenders usually evaluate your creditworthiness through various parameters. Your credit score, monthly income, debt liabilities, and repayment capacity are some of the factors that a lender would consider if you have applied for a loan. Based on these and other parameters, the lender would decide on the final amount.
Ans: The loan amount may vary from lender to lender and can fall somewhere between Rs.10,000 to Rs.20 lakh.
Ans: Yes, you can avail a marriage loan even if your wedding has been cancelled. Marriage loans are just personal loans that can be availed of by anyone, anytime.
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