Marriage is a big event in India. Especially in North India, people spend a lot in weddings. The grand venue for marriage is charged at the fare. There is a comprehensive arrangement for guests to eat. Even guests are gifted. On the other hand, the expenses on the bride and groom are different. There is a lot of money on all this. Many times a person has to take loans to friends and relatives. If a person does not want to take loans from friend-relatives, he can take a loan from bank and NBFC. Many banks and NBFC marriage are offering loans.
Marriage Loan Unsecured category loan
Marriage loan (Marriage loan) Most of the expenses of marriage can be met. The special thing is that the loan is not a secure loan like Against Property or Gold Loan. It comes in the category of unseen loan. Because of this, its interest rate is slightly higher. Many people consider a higher interest rate to be fine instead of mortgaging a property or asset for loan. One reason for this is that many people do not have property to mortgage.
How much interest rate banks take
Many government and private banks offer marriage loans. These include legendary banks like SBI, HDFC Bank and ICICI Bank. Apart from these, big NBFC companies also give this loan. Like the second loan, the interest of government banks in marriage loan is less than private banks. For example, SBI’s interest rate is only 10.75 percent. However, the interest rate of HDFC Bank and ICICI Bank is between 11 and 20 percent. NBFCs charge up to 24 per cent interest.
Good credit score first condition
Most banks offer marriage loans to a 21 to 58 year old man. The condition is that the person’s income should be regular. The second person must have a good credit score. Since this is a unseen loan, that is, for this, the customer does not have to mortgage any property, so it is very important to have a good credit score of the person. If a customer’s credit score is not high, then his loan application will be rejected.
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These documents require
Some documents are necessary to take marriage loan. These include Aadhaar, PAN, address proof, income proof and age evidence. Electricity bills and passports can be used in address proof. Salary slip or income tax return can be used for income proof. A birth certificate or a certificate of passing 10th can be offered for age evidence.