Marriage Loan

Any salaried or self-employed Indian national who is earning a minimum of ₹15,000 a month can avail of a marriage loan. It is also vital to have a CIBIL score of 750 or more (for assured approval and favourable loan terms) to avail a marriage loan.

Yes, you can also take a personal loan to cover wedding-related expenses. The benefit here is that you would be able to use the funds to meet non-wedding-related expenses as well. Whether you need to pay specialist vendors, decorations, or advances for catering, getting a personal loan for wedding expenses helps you tackle these expenses easily.

A credit score of 750 or above is advisable to avail a marriage loan at affordable rates. With this credit score, you can avail a loan at nominal interest rates. However, some lenders may also approve the loan if you have a credit score of 700 or above. This depends solely at the discretion of the NBFC or bank. 

Yes, it is entirely possible to repay or foreclose a wedding loan after you have paid a few instalments. However, be aware that you may have to pay foreclosure charges of up to 6% on your total loan outstanding. Note that this percentage varies from lender to lender.

You can get a top-up option on your existing loan but this solely depends on your lender. If your lender provides a top-up facility for a marriage loan, you should be able to get one. It is ideal for you to check with the lender regarding the same before you avail a loan.

The factors that determine your marriage loan amount include: 

• Your monthly income 

• Your CIBIL score

• Your overall creditworthiness

• Your financial standing

Many banks and NBFCs will not approve a sanction if you do not meet their minimum credit score requirements. Generally, a credit score of 750 and above can get you a personal loan easily. Higher your score, better are your chances for loan approval.

You can get a personal loan for marriage with a credit score of less than 750 too. However, this is dependent on your lender. Most lenders will offer marriage loans you a high interest rate if you have a with low credit score. So, it is advisable to check with your lender before you proceed with availing a loan.

The first and foremost thing to check is your credit score. If your score is less than 750, take necessary actions to improve it. A good credit score will assure the lender of your creditworthiness and you will be charged nominal interest rates. 

Yes, it is ideal to do a thorough market analysis before zeroing in on a specific lender. You can do so with ease on Bajaj Markets. Assess the prevailing personal loan interest rates offered by some of the top financial lenders by checking the marriage loan interest rates table.

Yes, you can avail a loan as a co-applicant for your family member. The loan will be approved based on your credentials since you are the primary applicant.

While there are many pros, one of the main benefits is that personal loans are available at a lower interest rate when compared to using credit cards.

Yes, it is possible for you and your partner to apply for a joint personal loan for marriage. This is helpful in situations where one party has a low credit score. Joint loans provide assurance to the lender that two individuals are responsible for repayment instead of a single applicant. Your partner plays the role of a co-borrower in such a scenario.

These factors are linked to each other. If you want a longer period to complete your repayment, you will end up paying more interest. However, if you plan to finish off your loan as early as possible, you can opt for a shorter tenure but your EMIs will be higher. Take an informed decision based on your budget.