Weddings are a time for family
jubilation. No stone is left unturned to make wedding functions complete
success. Marriage loans are gaining popularity in both rural as well as
urban areas. Such a loan can also be availed under the personal loan
category.
Maximum Amount of Marriage Loan Provided:
The maximum amount
of loan varies form customer to customer,depending on a number of
factors like, security/collateral offered by the customer, repayment
capacity of the borrower, age of the borrower. Repayment can be done
through monthly/quarterly/half yearly installments or under Equated
Monthly Installments or EMI.
Interest Charged by Banks on Marriage loan:
The rate of
interest is governed by the prevailing market rate at the time of loan
taken. Fixed interest rates are generally preferred by customers.
Process of Marriage Loan Application:
Anyone can apply for a
marriage loan by filing a form at the bank outlet. The banks charge a
nominal amount as processing fee, this can vary in banks.
Documents Required for Marriage Loan Approval:
Salaried Individuals:
- Proof of Identity (Passport Copy/ Voters ID card/ Driving
License).
- Address Proof (Ration card Tel/elect. Bill/ / Passport copy)
- Bank Statements(latest 6 months bank statement /passbook)
- Latest salary slip or current dated salary certificate with
latest Form 16
Self Employed Professionals and Businessmen:
- Proof of Identity (Passport Copy/ Voters ID card/ Driving
License).
- Address Proof (Ration card Tel/electricity Bill/ Passport )
- Bank Statements(latest 6 months bank statement /passbook)
- Latest ITR along with computation of income, B/S & P&L
a/c for the last 2 yrs. certified by a CA
- Qualification proof of the highest professional degree
- Proof of continuation (Trade license /Establishment /Sales Tax
certificate)
- Other Mandatory Documents(Sole Proprietorship. Declaration. Or
Certificate. Copy of Partnership Deed,Cert. Copy of MOA, AOA &
Board resolution.)
List of Leading Banks Providing Marriage Loans:
