Marriage Loan

A marriage loan is a variant of personal loan offered to fulfil the wedding-related financial obligations of applicants, from venue bookings and catering to attire and jewellery.

How to Use a Personal Loan for Wedding

• Prospective borrowers can use the personal loan for wedding to meet various wedding-related financial requirements, such as, venue booking, decor, catering, buying outfits and jewellery, photography, video, etc.
• Lenders usually offer personal loans for wedding at competitive interest rates and flexible repayment tenure depending on the credit profile of the applicants.
• Individuals can also apply for personal loan with end-to-end digital processing, quick approval and faster disbursal.

Almost all lenders offer marriage loans to the applicants to meet their wedding-related financial requirements. Lenders who do not offer marriage loan as a separate product, offer regular personal loans that can be used for wedding purposes. Most NBFCs and fintech lenders also offer personal loans for marriage with completely digital processing and quick loan disbursal.

How Much Marriage Loan Can You Get?

The maximum loan amount offered to a marriage loan applicant would primarily depend on the applicant’s repayment capacity, subject to the upper limits set by the lender. When determining the maximum eligible loan amount, some lenders use the following methods:

• EMI/NMI Ratio Method, wherein the total EMI obligations should not exceed a predetermined proportion, usually 50-55% of the applicant’s monthly income.
• Multiplier Method, wherein the loan amount is determined based on a pre-set multiple, ranging from 10 to 24 times of an applicant’s net monthly income.

Marriage Loan Eligibility

Lenders usually set their eligibility criteria on the basis of age, employment profile, credit score score, monthly income, etc. of the applicants. Below mentioned are the eligibility requirements of the applicants planning to avail marriage loans.

Marriage Loan vs Gold Loan for Wedding - Which is Better?