Marriage Loans: How to Afford the Wedding of Your Dreams

how to get marriage loan

Embarking on the journey towards matrimonial bliss brings with it the dreams of a perfect wedding day, but often, the financial reality of making these dreams come true can be daunting. Marriage loans come through as one of the options for couples, which helps them fulfill their wishes without any difficulties. Whether it’s for luxury decoration, a posh venue, or that ultimate honeymoon, figuring out the details of marriage loans, from the application process to eligibility, interest rates, and repayment terms, is pivotal. This article dispels some myths surrounding marriage loans so that you can act on credible information and make an informed decision.

What Is a Marriage Loan?

Marriage loans are carefully crafted to finance all the expenses associated with wedding ceremonies and events. It is a financial tool that allows couples and their families to get the funds required to make their wedding memorable. Marriage loans are a stepping stone, giving couples financial support for their dream wedding.

Some Features of A Marriage Loan Are:

  • Loan Amount Flexibility
  • Competitive Interest Rates
  • No Collateral Required
  • Flexible Repayment Tenure
  • Quick Disbursal
  • Minimal Documentation
  • Online Application
  • Customizable EMI Options
  • Transparency

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Benefits of Marriage Loan

The marriage loan, specially targeted towards easing the pressure of the wedding expenses, has various benefits that make it an appealing choice for couples planning for their big day. Here’s a closer look at these benefits:

Immediate Access to Funds

Quick access to finances is one of the biggest benefits of marriage loans. At such times, timely financial support goes a long way in meeting wedding expenses to the extent that the plans progress without any obstacle or hitch.

No Need for Collateral

Marriage loans are unsecured loans that do not require collateral. This is especially beneficial for couples who may not have considerable assets to use as security.

Flexible Repayment Terms

Wedding loans come with a longer repayment term, which lightens the burden of loan repayment for the average borrower. This is facilitated by the fact that they choose a tenure that is convenient and suits their financial well-being.

Customizable Loan Amounts

Depending on their credit, borrowers may select from an array of loan amounts, making it easier to borrow precisely the sum that will suffice for wedding-related expenses.

Simplified Budget Management

The simplicity of funding wedding costs with a single loan allows couples and their families to balance their budget effectively and pay it off in installments within an agreed-upon period.

No Need to Liquidate Savings

Employing a marriage loan can free up money for other life goals, like buying a house or making other investments.

Also, Read: How to Get Loan Without Documents Easily?

Disadvantages of Using Personal Loans for Marriage

Higher Interest Rates

Although marriage loans provide quick financial aid, interest rates may be higher than usual.

Debt Burden

The beginning of a marriage is not the best time to add a debt. This may lead to undue tension among couples and affect their financial freedom and future objectives.

Potential for Overspending

A big loan could cause people to spend more on weddings, leading to unnecessary debts.

Impact on Credit Score

If you do not repay your loan on time, this will negatively impact your credit score, thereby limiting your future borrowing options.

Who Can Get Marriage Loans?

The concept of a wedding loan is that it should be available to all applicants, considering the diversification of engaged couples. However, lenders apply specific eligibility requirements when evaluating borrowers. Marriage loans are suited for couples from various walks of life, including:

  • Young professionals: Early-stage professionals who do not wish to liquidate their savings for wedding expenses
  • Couples seeking financial flexibility: For couples with limited finances who desire a particular type of wedding, a marriage loan can help provide the financial stability to turn their dream into reality
  • Those Without Collateral: Since such marriage loans are unsecured, marriage loans are best for couples who do not have an asset to pledge as a guarantee

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How to Apply for a Marriage Loan?

The application process for a marriage loan is simple and you can easily access the financial support which is instrumental in planning your dream wedding. Here are the general steps to guide you through the application process:

1. Research and Compare Lenders

The borrower’s most important task is to research and find lenders providing marriage loans, including commercial banks, licensed non-banking financial companies (NBFCs), and online lenders. Review rates of interest, loan terms, fees, and additional benefits each lender offers to get the one that best meets your needs.

2. Check Eligibility Criteria

Before applying, ensure you meet all lender eligibility requirements, such as age, income, employment status, and good credit score. Most lenders offer online eligibility calculators to check your loan eligibility.

3. Gather Necessary Documents:

Collect and prepare all the documents needed for the loan application. These usually comprise documents such as identity proof, address proof, income proof, and employment verification. 

4. Submit Loan Application 

You can complete a marriage loan application through the lender’s website or mobile application or by visiting a representative at a branch. Fill the application form correctly, provide all the required details, and submit all the necessary documents and attachments.

5. Loan Approval and Disbursal

After you submit your application for a loan, the lender will check the application and make a credit assessment. If the application is accepted, you will receive a proposed loan agreement that includes all the terms. Please read through it thoroughly before signing. 

Also, Read: How to Get Rs 3 Lakh Loan Without Documents?

Eligibility Criteria for Marriage Loans


Eligible applicants must be between 21 and 60 years of age. 


Salaried and self-employed individuals can apply for a marriage loan if they fulfill the minimum income requirements.


Most lenders have a minimum monthly salary or annual income threshold, but it can vary depending on the lender and the applicant’s location.

Credit Score

Lenders prefer CIBIL scores between 650 and 800. The interest rate can be higher for individuals with lower credit scores.

Documents Required for Marriage Loans

To apply for a marriage loan, you must submit some documents to the lender. These documents allow lenders to check your identity, determine your income and creditworthiness, and estimate whether you are eligible for the loan. Here is a list of standard documents most lenders will require:

  • Identity Proof: Passport, driving license, voter ID, or Adhaar card are used to validate an individual’s identity
  • Address Proof: Utility bills (electricity, water, gas), lease agreement, voter ID card, or Aadhaar card can be submitted as address proofs
  • Income Proof
  • For Salaried Individuals: Recent salary slips (i.e. the last three months) and Form-16 or Income Tax Returns (ITR) for the last two years
  • For Self-Employed Individuals: ITR for the last two to three years and profit and loss statements verified by a chartered accountant

Interest Rates and Charges on Marriage Loans

Interest Rate

Interest rate premiums on borrowings for matrimonial purposes depend on factors like the lender’s policy, the applicant’s creditworthiness, income, and the amount and period of the loan. Usually, the rate can start at 10% and go as high as 24% per annum.

Additional Charges

Processing fees: Most lenders charge a small processing fee, which is a fraction of the loan amount. This fee is non-refundable and ranges from 1-3% of the loan amount.

Prepayment charges: Some lenders may impose a prepayment penalty if you plan to repay your loan sooner. The penalty is the commission for the lender’s loss of interest on potential outstanding payments.

Late payment fees: A delay in paying your EMI can result in late payment charges. 

Other charges: Additional charges include documentation fees, loan cancellation fees, and stamp duty, which vary between lenders.

Personal Loan for Marriage Vs. Marriage Loan

When planning the finances for the wedding, you can consider whether to use a personal or specialized loan. Let’s take a look at a comparison of the two:

FeaturePersonal Loan for MarriageMarriage Loan
PurposeAmong other things, it can be used for personal expenses, including weddingsSpecifically designed for wedding expenses
Interest RatesIt can vary widely based on creditworthiness, loan amount, and lender; ranges from 10% to 24% APRThese loans are often similar to personal loans, but the terms may be tailored to wedding expenses, offering better rates for qualified borrowers
Loan AmountDepending on the borrower’s income and credit score, typically up to INR 20-25 lakhsMay offer higher maximum amounts, considering the specific use for wedding expenses
Repayment TermsFlexible, with terms ranging from 1 to 5 years.Similar flexibility, but may offer terms specifically suited to the borrower’s financial situation post-wedding
Collateral  RequiredUnsecured, No collateral requiredUnsecured, No collateral required
Processing TimeQuick processing and approval, often within a few daysQuick processing, with some lenders offering expedited services for wedding loans
DocumentationStandard documentation, including ID proof, income proof, and employment verificationStandard documentation is required; some lenders may ask for an expense quote

For people on a tight budget, a marriage loan is the perfect way to have their dream wedding. Competitive interest rates, straightforward documentation, quick disbursals, and flexible repayment terms make marriage loans a convenient financial solution to cover all wedding-related expenses. Apply for a marriage loan online and get instant approvals for loans up to Rs. 20 lakh.

Also, Read: How to Get Urgent Loans With Bad Credit In India?


1. How to Apply for A Marriage Loan?

Here are the steps to apply for a marriage loan:

  • Research lenders to find the best rates and terms
  • Check your eligibility based on the lender’s criteria
  • Gather and submit necessary documents
  • Submit your application online, via app, or in person
  • Await approval, review the terms, and receive the funds

2. Is A Marriage Loan Secured or Unsecured?

Marriage loans are typically unsecured, meaning they don’t require collateral. Borrowers do not need to pledge an asset, like a home or car, to get the loan.

3. What is the Maximum Tenure of A Marriage Loan?

The maximum tenure of a marriage loan can vary by lender but usually ranges from 12 to 60 months. Select a tenure that aligns with your ability to make repayments comfortably.

4. Which Bank is Best for A Marriage Loan?

The best bank for a marriage loan depends on several factors, including interest rates, loan terms, fees, and customer service. Compare offerings from multiple banks and financial institutions to find the one that best meets your needs.

5. What is the Processing Fee for A Wedding Loan?

Processing fees for a wedding loan can vary but typically range from 1% to 3% of the loan amount. Some lenders may offer promotions or discounts that waive these fees.

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