Read useful information on marriage loans in India

Marriage Loans

Marriage is one of the most important events in a person's life. You want to make sure that all the arrangements are perfect and match the occasion. Marriage loans ensure that money is not a hindrance in marriage preparations. Several Indian banks offer loans for marriage. The loan is available for meeting the expenses of marriage of your own self as well as that of your daughter, son dependent sister and dependent brother.

The marriage loan amount that can be sanctioned varies from bank to bank and from customer to customer, depending on a number of factors, such as, security/collateral offered by the customer, repayment capacity of the borrower, age of the borrower. Generally, it is twice the net annual income of the applicant. There is no fixed interest rate for marriage loans in India. It is mostly based on the current market rate, at the time of taking the loan.

For the loan to be disbursed, the bride and the groom should not be less than 18 years and 21 years of age respectively. Anyone can apply for the loan. He/she has to fill a form at bank outlet. The bank charges processing fees, at the time of submission of the form, which varies from one bank to the other. The repayment of the loan can be done either through monthly/quarterly/half yearly installments or under Equated Monthly Installments (EMI) scheme.

Eligibility for Marriage Loan
Though the eligibility criteria vary from bank to bank, following major conditions should be fulfilled:
Documents Required

Salaried Individuals
Self Employed Professionals & Businessmen
Other Information