What is the interest rate on a marriage loan?

Posted by KushiBL on March 27th, 2020

What is the interest rate on a marriage loan?

Borrow your marriage loans from Buddy Loan explore the benefits of lowers interest rates, increasing your CIBIL score and loan repayment options from this loan aggregators. Interest rates of marriage loans start from 11.99%p.a. The maximum loan amount is capped at Rs. 15 lakhs.Get personal loan for wedding through the new age loan aggregator - Buddy Loan.

What is the repayment tenure of a marriage loan?

Repayment tenures are no different from personal loan products.

  • Some banks cap the repayment tenure at 60 months – which is 5 years. Buddy Loan can go up to 60 months.
  • The minimum tenure is 12 months in most cases. However, some new-age banks offer minimum repayment tenure of 3 months, which could be beneficial for those who want to prepay their marriage loan. Foreclosure of the loan cannot be done until after the minimum tenure period.
  • Foreclosure charges could be levied by some banks; whereas several others waive this charge.

What is the minimum marriage loan that can be availed?

The minimum amount that can be availed can be as low as Rs.1000. Banks that offer such type of mini marriage loans may cap the upper limit at Rs. 15 lakhs. Repayment tenures could start at 3 months to 24 months.

Does everyone get the same amount?

No. It depends on several factors.

  • EMI to Income ratio – If a person is already paying EMI, the amount of EMI they are paying can reduce their marriage loan amount eligibility. Higher the EMI being paid, lower the wedding loan amount eligibility.
  • Credit score – A credit score upwards of 750 indicates healthy repayment habits. A score of less than 700 may not be entertained by a few banks, yet there are several others who have lower credit score requirement thresholds.
  • Employment status – Designation, type of work, employment location can all have a bearing on the amount of marriage loan disbursed. Credit departments of banks and financial institutions have their own methodologies for adjudicating the repayment index of an individual.

Self-employed persons with a medium-income can only get nominal marriage loans whereas self-employed persons with higher income or high-net-worth individuals can command higher marriage loan amounts.

  • Organization – Employees in established, renowned companies have a higher rating with banks. Norms may be relaxed for persons from these companies when they are applying for marriage loans.

When not to take a marriage loan?

  • Do not take a marriage loan if there are sufficient funds to cover the wedding expenses.
  • Marriage loan is no different from a personal loan, so take a marriage loan with caution. It is not advised to take a marriage loan on behalf of a third-party.
  • Avail Personal loan for marriage from Buddy loan with easy approvals.

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