Marriage Loan – Compare Top Banks Wedding Loan Eligibility & Rate

Indian wedding is known for its grand celebrations and traditional settings and we spend a lot of money on this.

Planning a wedding is an exciting time, but it also involves making important financial decisions and that’s where marriage loans come in – they help couples finance their dream weddings.

Marriage loans are financial tools designed to provide funds for wedding expenses. They cover things like the venue, catering, decorations, and bridal attire.

These loans are specifically made for couples planning their wedding and offer flexible repayment options. Financial planning is crucial for weddings as you do not want to feel a lack of funds on your special day.

By creating a budget and exploring options like marriage loans, couples can manage wedding expenses and focus on creating memories.

In this article, we will guide you through the process of financing your dream wedding. We will discuss different types of marriage loans, the loan application process, etc.

Marriage Loan - Compare Top Banks Wedding Loan Eligibility & Rate

Top Banks Interest Rate for Marriage Loans

The following are the top banks that provides bank loans with interest rate-

BankLoan AmountInterest Rate (%)
Tata CapitalUp to Rs. 25 lakh10.99% p.a. onwards
HDFCRs. 50,000 to Rs. 40 lakh10.50% p.a. onwards
ICICI BankRs. 50,000 to Rs. 20 lakh10.50% p.a. onwards
Bajaj FinservUp to Rs. 25 lakh13% p.a. onwards
Kotak MahindraRs. 50,000 to Rs. 25 lakh10.55% p.a. onwards

Eligibility for Marriage Loans

The following are the eligibility for a marriage loan that the applicant must have-

  • The age of the applicants should be between 21 to 65 years old
  • The applicant must have Indian citizenship
  • Salaried individuals or self-employed professionals/business owners are eligible for loan
  • Minimum income requirements vary but are typically around Rs. 25,000 per month.
  • A good credit score, preferably above 650, enhances eligibility
  • A minimum work experience of 2 to 3 years is often preferred
  • Valid identification proof, address proof, income proof, and bank statements are typically required
  • Lenders may assess the applicant’s existing debt obligations in relation to their income

How to Apply for Marriage Loans?

The following are the steps that you’ll have to take to apply for the marriage loan-

  • The very first step is to calculate and plan all budgetary need that you’ll need for the marriage. You can do by either hiring a wedding planner who will take care of everything or simply have various vendors like venue, catering, decorations, attire, photography, and other expenses quotes prior to loan application
  • Now that you have the loan amount in your mind, evaluate various lenders in the market and talk to them about the loan process, interest rate, timing, etc.
  • After that, you’ll have to choose between the various options you have and select the best one
  • Now, gather the documents which the lender will use to access your credit score, financial history and credit eligibility
  • After the evaluation, visit the bank branch and fill out the application form and attach the documents mentioned below and submit the application form to the bank representative
  • Your application will be processed and an application fee will be charged from you which you’ll have to pay beforehand
  • After that, bank may contact you for any additional information or clarification if needed. The lender will verify your creditworthiness, employment status, and repayment capacity.
  • If your application meets the lender’s criteria, you will receive loan approval. The lender will communicate the loan terms, interest rate, repayment schedule, and other relevant details
  • You can review the offer and accept it or reject it based on your judgement
  • If you accept the loan offer, then you’ll have to follow the e-mandate to confirm your monthly EMI payments and in after completion of your loan process, your amount will be disbursed into your account

Documents for Marriage Loans

The following are the documents required for marriage loans-

Valid Proof of Identity:

  • Voters ID card
  • Passport
  • PAN Card
  • Aadhar Card
  • Driving License
  • Ration Card
  • National Rural Employment Guarantee Act (NREGA) Job Card

Valid Proof of Address:

  • Driving License
  • Passport
  • Ration Card
  • Aadhar Card
  • Water/Electricity/Telephone bill
  • Rental Agreement
  • Voter’s ID

Proof of Age:

  • School leaving certificate
  • Birth Certificate
  • PAN Card
  • For salaried individuals: Form 16 or latest salary slips or bank account statements showing the salary that is credited.
  • For self-employed individuals: IT returns for the last 2 years, P&L Account, and Balance Sheet, and latest bank statements of the primary account for the past 6 months.


How long does it take to get approval for a marriage loan?

It depends on the lender and can range from a few days to a couple of weeks. The factor that depends on is efficiency, document verification, creditworthiness, etc.

Can I prepay or make early repayments on a marriage loan?

Yes, you can prepay your marriage loans by paying some additional closure fees along with the principal remaining.

What happens if I default on my marriage loan payments?

Defaulting on loan payments can have serious consequences, such as negatively impacting your credit score, incurring additional penalties and fees, and legal actions taken by the lender to recover the outstanding amount.

Can I apply for a marriage loan with a bad credit score?

Yes, you can apply for a marriage loan with a bad credit score however, the interest charged by them will be higher and the credit disbursed is lower than what you expect hence, it is a good idea that you only apply for the loan once you improve your credit score.