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What is the minimum amount I can get as a marriage loan?

Posted by Buddyloan on April 30th, 2020

Marriage is an alliance of two souls, and families. Marriage loans are basically a type of personal loan. Think of your loan as a personal loan, but for the purpose of funding your marriage. Buddy Loan is the best loan aggregator that disburses them at lower interest rates starting at 11.99% p.a. 

Every parent, every family, perhaps, endeavours to see their children wed in pomp and opulence. This occasion marks a significant milestone in our lives as adults, and hence, parents wish to make it a grand event for their son/daughter.

Credit to the RBI for adopting an accommodative stance in its monetary policy. Plus, the documentation is minimal and comes with quick approval. The maximum Marriage loan that can be approved of is Rs 20 lakh, while the minimum is Rs 50,000.

Now as for the documentation, the bank decides the personal loan eligibility along with disbursal once they’ve conducted due diligence on the following documents:

                                                                                        

  • Income statements
  • Salary slips and Form 16
  • Bank statements
  • Latest Income-Tax Returns
  • Credit report
  • Age proof (birth certificate, passport, Aadhaar, voter id, PAN card etc.)
  • Address proof (Aadhaar, passport, electricity bill, telephone bill, ration card, etc.)
  • Photo identification proof (Aadhaar, voter id, PAN card, passport, driving license, etc.)

These documents need to be submitted with the application form along with two photographs. Once the loan is sanctioned, before disbursement, the loan agreement copy will be duly signed and a standing instruction request / ECS mandate form and security deposit cheques are to be provided. Personal loan for marriage, Personal loan for wedding

Your loan amount that eventually gets approved or denied, depends on your age, net monthly income, employment type (salaried, self-employed, salaried professionals), employment status (term of employment, employability, etc.), CIBIL credit score, existing EMIs being paid, and in general, your ability to repay.

Most major banks and NBFCs in India offer marriage loans, like Punjab National Bank, ICICI Bank, State Bank of India, Citibank, IDBI Bank, Kotak Mahindra, HDFC Bank, Bank of Baroda, Capital First, Tata Capital, Axis Bank among many more.

  • Minimum age: To apply for a marriage loan, individuals should be aged at least 21 years. For some lenders, the minimum age required for a marriage loan is 23 years.
  • Maximum age: Salaried individuals interested in availing a marriage loan should not exceed 58 years of age, while self-employed applicants should not be aged more than 65 years of age.
  • Minimum Net Monthly Income: Generally, the minimum income requirement for wedding loans is Rs.20,000 but certain lenders may require it to be Rs.25,000. The current city, age, etc., of the applicant, may also affect the minimum income criteria.
  • Employment type: Salaried, self-employed individuals, and professionals are eligible to avail marriage loans provided they meet the minimum income criteria.
  • Employment status: Applicants should have a steady source of income to avail wedding loans. Salaried individuals should have been employed for at least a year and at least one year with the current employer to avail marriage loans.
  • Credit score: Lenders prefer lending to applicants whose CIBIL score is above 700. Applicants having lower CIBIL scores may also manage to secure a marriage loan, but they may be charged a higher rate of interest.
  • Maximum Loan Amount: The maximum loan amount that can be availed as a marriage loan will vary from lender to lender and will be dependent on many other factors such as repayment capacity, income, CIBIL score, etc. However, the quantum of loans will range between Rs.1000 and Rs.15 lakh.

Claim your Instant Marriage loan online with the least documentation. And, get Instant Marriage loan with the low-interest rate at Buddy Loan in India. Jog through the panel. Apply now https://www.buddyloan.in/marriage-loan-online.php

Also See: Marriage Loan, Personal Loan, Marriage Loans, Self Employed, Marriage, Loan, Income

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