Apply for a Marriage Loan

What Is A Marriage Loan?

Marriage is a big milestone in life, and you may want to celebrate it lavishly. With rituals and functions spanning several days, the event is quite an expensive one. This is where a marriage loan steps in, allowing you to fund the day of your dreams without exhausting your savings. 

Also known as a wedding loan by certain lenders, this is a personal loan that helps you meet all marriage-related expenses without any stress.

Some of the benefits you can avail of through marriage loans -

• Instant Fund Disbursal - The marriage loans are usually quickly approved and the loan amount is disbursed within 2-3 business days into the applicant’s account.

• Flexible Fund Utilisation - There are no specific guidelines or restrictions on the utilisation of the loan amount under wedding loan. You can use the loan amount as per your comfort and convenience.

• Flexible Repayment Facility - Banks and financial institutions offer flexible repayment tenure as per the financial goals of the loan applicant.

• No Collateral Required - There is no collateral required to avail a marriage loan, which eliminates the hassle of hefty documentation.

• Improves Credit Score - The timely payment of budget-friendly EMIs will build or improve the credit score, which will be beneficial in the future.

Compare Marriage Loan Interest Rates

The interest rates applicable for marriage loans are as follows:

**Disclaimer: The rates mentioned above are subject to constant change. You must always check with the lender before applying. Additionally, the final interest rate applicable to you will depend on various factors such as your repayment tenure, your age, your monthly income, and your CIBIL score.

Marriage Loan EMI Calculator 

The personal loan for marriage has an easy loan approval process, and there is no need for you to liquidate your assets. However, it is still a credit instrument, and you must ensure that it does not affect your financial stability down the line. 

One way to do so is to plan your loan with the marriage loan calculator. With a marriage loan EMI calculator, you can calculate your marriage loan equated monthly instalments (EMIs). It is an easy-to-use tool available on Bajaj Markets, and you can use it to find the best EMIs. 

This algorithm-based tool allows you to compute your monthly EMI outflow. All you need to do is input wedding loan variables such as the principal amount, preferred repayment tenure, and expected interest rate. Once you fill in the required details, the EMI amount will flash on your screen within seconds. 

Features And Benefits Of A Marriage Loan

To help you understand more about the marriage loan, here are some of its distinctive features and benefits: 

1. High Loan Amount

With a wedding loan, you can borrow up to ₹50 Lakhs to plan lavish ceremonies or even host a destination wedding. Do note that your final loan amount is approved based on certain parameters such as eligibility, repayment capacity and credit score.

2. Attractive Marriage Loan Interest Rates

You can avail of a marriage loan at an interest rate starting at 10.49% per annum. As this marriage loan interest rate is one of the most competitive rates prevailing in the market, it causes less strain on your pockets.

3. Completely Online Process

You can apply for a marriage loan from the comfort of your home. All you need to do is use the Bajaj Markets app or visit the website and follow a few basic steps. The money will get credited to your account within a few hours after the approval of your application. 

4. Zero Collateral Required

There is no need to pledge any of your assets as collateral to get a marriage loan. This is one of the most convenient features of a wedding loan.

5. Flexible Repayment Tenure

With a convenient repayment schedule, you can repay your marriage loan over a period of 5 years. This helps you manage your budget with ease.

6. Minimal Foreclosure Charges

If you want to foreclose your wedding loan before the repayment tenure ends, it is possible. You may have to pay a very minimal charge towards loan foreclosure.

Marriage Loan Eligibility Criteria

To avail of wedding loans, ensure that you meet the following marriage loan eligibility parameters:

• You need to be a minimum of 21 years of age when availing a marriage loan

• You must not be above 60 years of age at the time of loan maturity

• You need to have a CIBIL score of 750 or more

• You should earn a minimum of ₹15,000 a month

• You should either be self-employed or a salaried individual with a work experience of at least 1 year.

Documents Required For A Marriage Loan

Submit the following documents to avail of a personal loan for a wedding:

• Identity Proof: Aadhaar Card/Voter’s ID/Passport/PAN Card/Driving Licence

• Address Proof: Driving Licence/Passport/Aadhaar Card/Rental Agreement

• Bank account statements or salary slips of last 6 months (for salaried applicants)

• IT returns for the last 2 years (for self-employed applicants)

How to Apply For A Marriage Loan

To apply for a wedding loan, follow the easy steps mentioned below:

• Step 1: Visit the Personal Loan application page on Bajaj Markets. 

• Step 2: Enter your basic details like your mobile number and date of birth.

• Step 3: Proceed after you receive an OTP.

• Step 4:  Choose the loan amount of your choice from one of our lending partners (subject to eligibility).

• Step 5: Add a suitable loan tenure to get instant approval on your personal loan for marriage.

• Step 6: Get your personal loan amount credited to your bank account immediately after approval.

Why Choose Bajaj Markets for a Marriage Loan?

• Fast Online Processing: Get your wedding loan application approved in just 2 minutes. Post approval, your loan amount will be credited to your bank account typically within 24 hours.

• Minimal Paperwork: The process to avail of a wedding loan through Bajaj Markets is practically paperless and instant. Fill in the details online and submit the required documents for easy loan approval.

• Transparency: With no hidden charges, you are aware of the entire loan details right from the beginning. By choosing Bajaj Markets, the whole process of availing a loan is transparent and clear. 

• Trusted Companion: Bajaj Market has been chosen by millions of customers across the country as their trusted financial partner. With umpteen customer-centric features and various other benefits available, this is a name you can trust wholeheartedly!