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 loans category.
Maximum Amount of Marriage Loans 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 Loans Application:
Anyone can apply for a marriage loans 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 Loans 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 Some of Banks Providing Marriage Loans:
* Terms and conditions may vary from bank to bank.
