Weddings are magical events filled with joy,celebration,and love.However, it comes with major financial responsibilities.From booking the perfect place to hire a photographer,caterers,and decorators add on the bill to the expenses.If you are planning about your wedding and worried with the expenses then you are not alone with this anxiety.This is where a marriage loan can be a savior .

All the banks and NBFCs are providing marriage loans at different rates of interest,going with the least marriage loan rate of interest is a smart move.My Mudra marriage loan will be a one step solution to all your problems related to marriage.Apply for marriage loan with My Mudra, get documents verified, and enjoy the quick disbursal of loan within a day.

What is a marriage loan?

A marriage loan also popularly known as a personal loan for marriage is a type of loan that helps to cover wedding related expenses.This loan is restricted to specific uses, wedding loans offer flexibility, allowing you to use the funds from the place of booking to catering expenses.

With the rising costs of weddings,a marriage loan can provide the necessary financial support to help you manage all the expenses associated with the wedding without compromising the idea of your dream marriage.

It is very important to understand different aspects of the wedding loans including marriage loan interest rates and eligibility criteria.

Why consider a Personal Loan for Marriage?

1.No Compromise with your Dreams Marriage

A marriage loan allows you to have the wedding that you always dreamed of, without any financial constraints.Whether you want to have a lavish wedding or a simple ceremony, a personal loan for a wedding can help you to cover all your expenses.

2.Easy Repayment Options

Most of the financial institutions are flexible while offering a repayment plan that allows you to repay the amount in a period that suits your financial needs.

3.Quick Process 

Many lenders offer quick approval and disbursal of loan.This makes it quite easier to access funds when you need them the most.In most cases the loan is disbursed within 24 to 48 hrs of the approval process.

4. No requirement of collateral

Marriage loan does not require any asset as a collateral for the approval of the loan.

5.Full Coverage 

Wedding loans can be used for various wedding related expenses that are rent of the venue, catering,jewelry,outfits,photography and also the honeymoon.

Marriage Loan Interest Rate

Interest rates are the critical factor that should be considered while applying for a marriage loans.The marriage loan rate of interest ranges from 10% to 20% per annum. My Mudra provides you the marriage loan at the interest rate of 10.25% per annum.

Impact of Credit Score

Your credit score plays an important role in determining the marriage loan interest rate.A higher credit score can help the borrower to secure a marriage loan at the lower rate of interest.If the credit score is low then you might fall for higher interest rates.

Comparing the Interest Rates

Before choosing a lender, it is advisable to compare wedding loan interest rates from different financial institutions.This will help you to navigate through lower interest rates and save your money in a longer run.

Additional charges

Not only the interest rates but the other charges should also be taken into consideration such as processing fees,prepayment charges and late payment penalties.They can be undermined a lot of time but these small costs can add up and affect the overall cost of the loan.

Marriage Loan Eligibility

Here is the eligibility criteria for marriage loan is mentioned below-

Age

Applicants should be between 21 and 60 years of age.

Employment Status

Both the salaried and self-employed individuals are eligible for marriage loans.The salaried employees need to have at least two years of work experience, while self employed individuals must have a stable source of income.

Income

Lenders assess the monthly income to know whether the borrower will be able to repay the loan amount.The minimum salary for marriage loan should be Rs.22000.A high income is an indicator that the borrower has a high chance of getting a marriage loan.

Credit Score 

A credit score of 750 or above is generally considered ideal for getting a marriage loan at competitive interest rates.If the credit score is low then you may be eligible for wedding loan but the charged interest rates will be higher.

Required Documentation

Lenders require the duty filled application form with the latest passport size photograph,KYC documents like pan card,Aadhar card,Voter Id card and Passport,salary slips for last three months,employee id card, and bank statement of last three months to process your marriage loan application.

How to apply for a Marriage Loan?

You can apply for a marriage loan with My Mudra with three easy steps-

-Apply for a wedding loan on My Mudra portal.

-Fill in the application and get your documents verified through a paperless process.

-Get approval and the loan amount is disbursed into the account within 24 hours.

Applying for Marriage Loan in India 

You can apply for a personal loan through online and offline mode.With both the process you can secure wedding loans.Applying for personal loan for wedding online is a quite easy possess that allows the borrowers to apply at the comfort of their home unlike the traditional method of physically going to banks.The online process is easy and hassle free and also require very few documents for the approval.You can apply from anywhere to get instant approval on shadi loan.Always check out all the details that are filled by you is accurate and all the documents provide the right information about you.

Once you fill out the application and submit your documents, your profile is assessed by the lender.The lender assesses your application with your credit score and documentation. The higher credit score ensures that you will get an approval that lower interest rates will be charged on the loan amount.

Once everything goes well with documentation and credit history, the lender will approve your application and the amount will be disbursed within a day.