Personal Loan for Wedding 2021: Details That You Can’t Miss!

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 A personal loan for a wedding is availed with the aim to fund the expenses linked with a marriage. The interest rates on wedding loans range from 10.50% p.a. to 28% p.a.

You can avail of a Personal Loan for Wedding 2021 of up to Rs. 40 lakhs. There are numerous banks in India offering wedding loans at appealing rates and terms.

Nonetheless, there are certain things that you must know before finalizing. Below we’ve outlined the details of top banks offering the best personal loan in India for weddings.

 Top banks for best Personal Loan for Wedding 2021

Below are the top banks offering the best Personal Loan for Wedding 2021 in India. Take a look at them:

1.     ICICI Bank

ICICI Bank understands that a wedding is a special event of life and therefore, it offers personal loans to needy people to help them meet their expenses linked with the marriage. The main features of a wedding loan from ICICI Bank are stated below:

  • The loan application process is quite simple and smooth.
  • The documentation is nominal.
  • You can use the funds for meeting wedding-related expenses like decorations, booking the venue, etc.
  • The wedding loan from ICICI can be availed through the iMobile app which you can download from Play Store.

2.     Axis Bank

The Axis Bank Personal Loan for Wedding 2021 also holds the position in the top wedding loan offers in India. It can very useful financial product for you if you are willing to set your wedding dream into reality. The features of Axis Bank wedding loan 2021 are mentioned below:

  • Axis Bank wedding loan amount ranges from Rs.50,000 and Rs.15 lakhs.
  • You also get the option to get Axis eDGE Reward points.
  • You can redeem the points to avail of some great offers.
  • The bank offers wedding loan tenure of up to 5 years.
  • You can avail of the wedding loan from Axis Bank if you have a minimum monthly income of Rs. 15,000.

3.     Indiabulls Dhani

Indiabulls Dhani also offers wedding loans to fund the expenses related to the wedding event. The loan offer comes with attractive benefits that are stated below:

  • Indiabulls Dhani wedding loan tenure ranges from 3 months to 2 years.
  • The lender’s personal loan application process is completely carried out digitally.
  • You can apply for the loan through Indiabulls Dhani mobile app which you can download from the Google Play Store.
  • You can withdraw a loan amount ranging from Rs. 1,000 to Rs. 15 lakhs.
  • The Indiabulls Dhani Wedding Loan gets approved instantly.
  • The loan disbursal also takes place within a matter of hours.

4.     Tata Capital

Tata Capital serves the financial requirements of lakhs of individuals in India and with its wedding loan, it makes their dream wedding into a reality. Following are the features of Tata Capital wedding loan:

  • The bank offers wedding loan within the range of Rs. 75,000 and Rs. 25 lakhs.
  • You can choose the loan tenure ranging from 1 year to 6 years.
  • The Tata Capital wedding loan can be repaid online on the lender’s website or you can also drop a cheque at the nearest Tata Capital branch.
  • The lender does not charge anything for the prepayment of the loan.

Eligibility Criteria for Personal Loan for Wedding 2021

The eligibility for Personal Loan for Wedding 2021 depends upon multiple elements and this can vary for every wedding loan applicant. Following are the fundamental eligibility requirements that are demanded by almost every wedding loan provider in India. Take a look at them:

·        Minimum age

You should at least be aged 21 years. Some banks may also demand a minimum age of 23 years to give you a wedding loan.

·        Maximum age

You should not surpass 58 years if you are a salaried individual, while if you are a self-employed applicant, you should not be aged above 65 years.

·        Minimum Net Monthly Income

The minimum income required for Personal Loan For Wedding 2021 in India is generally Rs. 15,000. Although, some moneylenders may demand a minimum monthly income of Rs. 25,000.

·        Credit score

The majority of moneylenders in the market prefer lending to applicants whose credit score is above 700. If you have a lower CIBIL score, you can also avail of a wedding loan but you can be charged a higher rate of interest.

·        Employment type

If you are a salaried or a self-employed individual or a professional, you are eligible to avail of wedding loans in India.

·        Employment status

You must possess a gentle source of income to take out personal loans for weddings in India. If you are a salaried individual, you should be employed for a minimum of two years and a minimum of one year with the current employer to take out wedding loans.

Documents Requirement for Personal Loan for Wedding 2021

Different moneylenders demand a different set of documents from you for a wedding loan in India.

Nevertheless, the following are the fundamental and core ones that you will have to attach along with your wedding loan application. Take a look at them:

·      Identity proof

·         Address proof

·         Age proof

 The Bottom Line 

To conclude, a wedding is one of the most special events in anyone’s life and everyone thinks to not compromise on celebrating this event. Thus, you can choose to avail of a personal loan for the wedding to fund all of your planning.

Yet, you must not forget to consider studying the market so that you can choose the best personal loan in India for weddings.

Location: India

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