Loan Tips: How much amount can you take as a loan for marriage, what is the eligibility..
A good amount of money is required for the wedding function. It is often seen that more money is needed for the wedding than what you estimate. In such a situation, if it is a matter of 1 or 2 lakhs, people manage by asking for a loan from their close ones. But what will you do if you need more money? In such a situation, you have the option of a marriage loan. In this situation, you can arrange money quickly by taking a marriage loan from the bank. Know here how much amount you can take as a marriage loan, what is the eligibility, and how much interest the banks charge on this loan.
Benefits of marriage loan
A marriage loan is a kind of personal loan. You do not need any kind of security to take it. You get the loan based on your salary. According to the information given on the HDFC Bank website, you can take from Rs 50,000 to Rs 40,00,000 as a marriage loan from the bank. The loan can be taken for 12-60 months. You can choose the period at your convenience. Approval of a marriage loan does not take much time.
It does not take much time to get approved.
If you are an existing customer of HDFC, then you can get a pre-approved wedding loan immediately. On the other hand, if you are a customer of another bank, then also you get approval within 4 hours. After getting approval and submitting the necessary documents, the loan amount is sent to your account within one working day. You do not need to go to the bank to get a wedding loan. You can apply for a loan online from home. The online process is very easy.
How much interest is charged?
You can be charged interest ranging from 10.85% to 24.00% on a marriage loan. Apart from this, processing fees and GST, etc. are also charged. No documents are required for a pre-approved personal loan. But for a non-pre-approved loan, you may be asked for three months' bank statements, two latest salary slips, and necessary documents related to KYC.
What is the eligibility?
Salaried people working in select private limited companies and public sector undertakings (Centre, State, and local bodies, etc.) can apply for marriage loans in HDFC.
To apply for a marriage loan, the age should be between 21 years to 60 years.
There should be at least 2 years of job experience, in which at least 1 year of work should be done with the current employer.
People who have a salary account in HDFC Bank, their monthly income should be at least Rs 25,000. Whereas if the salary account is in any other bank, then the minimum monthly salary should be Rs 50,000.
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