Top 5 Best Marriage Loans 2024

Planning a wedding is a wonderful, yet time-consuming activity. With all the happiness in the air, people are bound to face stress on various fronts. One of the major causes of such stress is the finance part. Money plays a major role in the planning and execution of the wedding.

Many people today dream of a good marriage celebration, therefore, the financial part is not compromised here. To give you major support and make all your wedding dreams come true, top financial institutions in India offer marriage loan schemes at attractive interest rates. So, you can plan all your expenses right from the favourite wedding dress, location to the dream honeymoon destination with instant loan approval and disbursal options.

Best Banks for Marriage Loan in India 2024

Top banks like and financial institutions Tata Capital, HDFC, ICICI, Bajaj Finserv, Kotak Mahindra, etc., offer great loan amount with suitable interest rates.

They are mentioned below:

1. Tata Capital Wedding Loan

Tata Capital Wedding Loans are highly trusted by customers. Avail loan up to Rs. 25 lakh with minimum interest rates. Here're the following features of the loan:

Paperwork

There is minimal paperwork involved to get wedding loan approval. Tata offers digital and convenient application options so that it doesn’t hamper wedding preparations.

No Collateral

Since the wedding loan comes under the personal loan segment, it is an unsecured loan that doesn’t require a guarantor or Collateral.

Repayment

Tata Capital wedding loan allows flexible repayment options for applicants. Also, there are Zero charges on part repayment early.

Tenure

You can choose a loan repayment tenure from between 12 months to 72 months. This will allow flexibility in planning and paying the loan back.

2. HDFC Wedding Loan

HDFC's personal loan for wedding loan is one of the best offerings by the bank. You can get the loan anywhere between Rs. 50,000 to Rs. 40 lakh, and the interest rates starts from 10.50% p.a. Let's look at the top features:

Customer Benefit

HDFC bank customers can get a pre-approved personal loan within 10 seconds. The funds will be directly transferred to their accounts with minimum or no documentation. Please note that Non-HDFC bank customers can also get the loan. The loan will be approved in 4 hours.

Fund Wedding Expenses

The bank doesn’t place any restriction on the loan amount when it comes to weddings. You can take the loan and finance for various requirements such as wedding dresses, wedding invitations, makeup artists, hotel rooms, banquet halls, catering charges, honeymoon destinations or even flight tickets among other possible expenses.

Tenure

You have the flexibility to choose the tenure from 12 - 60 months.

EMI Payment

The wedding loan comes with flexible EMI options based on your monthly Income, cash flow and financial needs.

No Need to Redeem FD or RD

You don’t have to redeem your fixed or recurring deposits to pay off the loan amount faster. Redeeming before maturity costs additional charges, therefore you can continue Investing and apply for the loan.

3. ICICI Bank Wedding Loan

ICICI Bank offers some great schemes and loan options. One among them is the marriage loan option. Here're the following features of ICICI Bank Wedding Loan:

Interest Rate

ICICI bank interest rates for wedding loans start at 10.50% p.a. However, the interest rate is also subject to your income level, Credit Score, credit history, etc.

Tenure

The loan repayment tenure is around 1-5 years. You can apply for a loan ranging from Rs. 50,000 to Rs. 25 lakh. You can choose the loan repayment tenure based on the bank's specifications.

No Collateral

Wedding loans are personal loans that are unsecured loans. You don’t need to submit a collateral. Due to this, the paperwork is minimal and the loan is approved fast.

Digital Applications

You can apply for the ICICI marriage loan through internet banking or even through the iMobile app. You can also send an SMS saying PL to 5676766, and a personal loan expert will get in touch.

EMI

You can choose the flexible EMI amount or your loan repayment.

4. Bajaj Finserv Marriage Loan

Bajaj Finserv offers some great features when it comes to wedding loans. The time taken for loan approval, flexible EMI option is some of its best features. Some of the key features of Bajaj Finserv Marriage Loan are:

Loan Approval

One of the major advantages of the marriage loan with Bajaj Finserv is that the loan application gets approved instantly within 5 minutes.

Disbursing of the Loan Amount

You will be able to avail the loan within 24 hours of the application after necessary document verification.

Flexi Personal Loan

You can borrow the amount as per your convenience and can pay it back with Flexi Personal Facility exclusively provided by Bajaj Finserv.

Tenor

You can choose the loan tenor between 24 to 60 months.

Loan Amount and Documentation

You can apply for a loan up to Rs. 25 lakh with basic documents.

Processing Fees

You will have to pay 4.13% of the loan amount along with applicable Taxes.

5. Kotak Mahindra Bank Marriage Loan

Kotak Mahindra has an attractive marriage loan offer to suit all your expenses. Get attractive interest rates, flexible EMI loan repayment and much more.

No Restrictions

You can avail the loan to suit any of your wedding expenses right from photography, decoration, makeup, honeymoon destination, etc.

No Financial Constraints

You can avail the loan without having to hamper your monthly investment cycle. The loan allows you to choose a flexible time period to pay back the loan amount and also continue with your monthly investment in Mutual Funds, etc.

Loan Disbursal

One of the applauded features of this loan scheme is that Kotak’s pre-approved customers can get quick loan disbursal under 3 seconds.

Documentation

Kotak bank requires minimum documentation for loan approval.

Loan Amount and Tenure

You can avail a loan from Rs. 50,000 to Rs. 25 lakh along with flexible EMIs. The bank offer flexibility tenure ranging from 1 to 5 years.

Loan Processing

Up to 2.5% of the loan amount, GST and other applicable statutory levies.

Loan for Daughter's Marriage - Plan SIP WAY!

While attractive loan options are available, another popular option doesn’t require taking a loan. Yes, Systematic Investment plan (SIP) is one of the best ways to fund your daughter’s wedding or any of your Financial goals. Why, you ask? Here’s why:

1. Disciplined Investment

You can make a monthly contribution to save for the dream wedding day. This will also help you stay focussed on the financial planning.

2. Great Return on Investment

Saving for the wedding day also comes with some perks. Monthly and regular savings for 1-5 years will generate a high return on your investment. This will give you the extra edge when it comes to creating a budget for the wedding.

SIP Calculator - Estimate Wedding Expenses

If you are planning to fulfil a certain goal, then a sip calculator will help you to calculate the amount you need to invest.

SIP calculator is a tool for investors to determine the expected return of the SIP investment. With the help of a SIP calculator, one can calculate the amount of investment and time period of investing requires to reach one's financial goal.

Open SIP Calculator

Best SIP Mutual Funds 2024

Conclusion

Weddings are one of the biggest memories of life, it is also a great event to spend with your friends and family. If you want to apply for a marriage loan, then visit bank websites and get complete details about the loan and read all related documents thoroughly before applying for the loan.

Else, plan in advance and consider investing in SIP to fund the big day!

FAQs

1. What are the documents required for marriage loans?

A: Like any other loan, you will have to provide your identity and address proof when applying for a marriage loan. However, this loan is like a personal loan, you will have to provide your income details to assure the bank or financial institute disbursing, to assure them of your ability to repay the loan.

2. How much loan can I get?

A: You can get a loan from Rs.50,000 to Rs. 20 lakhs. But not all banks offer the highest amount of marriage loan. For example, Kotak Mahindra offers more than the ceiling limit. If you can convince the loan officer of your requirement, you can get a loan of up to Rs. 25 lakhs.

3. Do marriage loans require collaterals?

A: No, Marriage Loans are unsecured loans, and hence, these do not require any collateral.

4. What is the tenure of marriage loans?

A: The tenure for marriage loans will depend on the bank or financial institute you are taking the loan. However, these are categorized as long-term loans and hence, the repayment period for these loans Range from one year to 5 years.

5. Can I apply for a marriage loan online?

A: Yes, most banks and financial institutes have the facility of allowing you to apply for a marriage loan online. However, you might get a visit from an executive of the bank or the financial institute on a suitable date to complete the process.

6. Is there an income criterion that I have to fulfil to get the loan?

A: Yes, this is because a marriage loan is given without any collateral, which makes it necessary for you to earn a minimum of Rs.15000 per month to get a marriage loan. In some cases, you have to earn a minimum of Rs.25000 per month.

7. What should be the employment status of the person applying for a marriage loan?

A: Anyone applying for the marriage loan should have steady employment. You should have worked with the company for at least two years. If you are self-employed, then your business enterprise should be at least two years old and have an excellent turnover to get the marriage loan. Only when the bank or financial institute is satisfied with your income and your ability to repay the loan will it grant it.

8. Does it take along to get the loan?

A: No, the loan does not take long to be disbursed. After application, the loan will be disbursed in a matter of five minutes if you meet the eligibility criteria.