Marriage Loan In India: Get Low Cost EMI Wedding Loans in 2022

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!

What is a Marriage Loan?

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.

Benefits and Features of Personal Loan for Marriage with Navi

Here are some of the benefits and features of the personal loan for weddings offered by Navi –

• App-based, tech-driven quick and easy process. Install the Navi app on Android or iOS and apply for the loan for marriage through your Smartphone
• Loans up to Rs.20 lakh
• Flexible EMI tenure up to 6 years
• Fast and convenient loan application and disbursal process
• 100% paperless
• No income proof required – just PAN and Aadhaar verification would do
• The loan is approved and sanctioned within 10 minutes by Navi 
• Navi also offers you an EMI calculator in the Navi App which helps you calculate the EMIs of the marriage loan

Marriage Loan Interest Rates

*Note: Interest rates are subjected to change as per the lender’s discretion

How To Calculate EMI On Personal Loan For Marriage?

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-

• Step1- Enter the loan amount
• Step 2- Enter the Interest Rate 
• Step 3- Enter the loan tenure
• Step 4- Finally, click on calculate to know the EMI amount and interest payable on your marriage 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.

Steps to Apply for a Personal Loan for Marriage at Navi

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 –

1. Download the Navi app on Android or iOS and register on the app with your mobile number.
2. Verify your registration through an OTP sent to the mobile number provided.
3. Once you are registered, you can apply for the loan by clicking on the ‘Apply’ tab.
4. A new screen would open wherein you would have to provide the following details:
   
   -Full name as mentioned on your PAN Card.
   -Age (completed age).
   -Marital status.
   -PIN Code of your area.
   -Employment details- salaried, self-employed or other.
   -Monthly Income level (as on the date of a loan application).
   -You would also have to provide your PAN Card number for Navi to verify your credentials.
   
5. After the application is done, Navi would check your eligibility details through a technology-based model. Then, a loan amount would be approved.
6. You can choose the loan amount, up to the approved amount, and the EMI of the loan.
7. To complete the KYC process, you should click your Selfie, enter your Aadhaar card number and provide the full names of your parents.
8. Your bank name and IFSC code would also be needed so that the loan is sanctioned directly to your account. You should also do an Auto Debit Mandate in your bank account for payment of the EMIs.
9. Once the details are verified by Navi, the funds would, then, be credited to your account instantly
   

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!

How to Avoid EMI Default on Marriage Loan?

• Have an emergency fund at your disposal to take care of your monthly repayment obligations
• Keep a portion of your income separately for EMI payment
• Set up auto-debit or standing instructions with your bank so that you do not miss out on your monthly repayments
• Set a reminder on your phone so that you don’t miss the repayment date

Marriage Loan Eligibility Criteria

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.

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.

Why Do You Need a Marriage Loan?

Wedding expenses often overshoot the planned budget. These expenses may include the following –

• Cost of booking the venue for hosting the event
• Cost of  decoration
• Catering expenses
• Cost of buying gifts for attending guests
• Trousseau shopping
• Expenses of planning a honeymoon, etc.

Final Word

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.

FAQs on Marriage Loan

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