Wedding loans can be used to help cover the costs of a wedding. The interest rate charged and the maximum loan amount one can borrow will depend on the applicant’s eligibility and the policy of the lender. SMFG India Credit’s personal loan for wedding s is a low-interest* personal loan which you can use to cover the costs of your wedding arrangements. It's an unsecured loan, which means you won't have to put up any collateral. You start repaying the loan through EMIs over the agreed upon tenure, just like any other loan product.
Features of Wedding Loan
The interest rate on a marriage loan from SMFG India Credit starts at 11.99% per annum. However, the actual interest rate you'll be charged is determined by several criteria, including your existing debts, credit score, and income level.
- SMFG India Credit offers marriage loans upto INR 25 lakhs*
- SMFG India Credit offers flexible repayment tenures between 12 to 60 months on personal loans.
- A marriage personal loan is an unsecured loan. You don't need a guarantor's signature or to submit any collateral. As a result, there is minimal documentation, and the loan application and processing are simple and quick.
You could apply for a wedding loan using any of the following methods:
- Apply online through our website
- Salaried applicants can apply through the SMFG India Credit InstaLoan app, available for both android and iOS devices
- Through your nearest branch. This is the recommended option for self employed individuals.
The loan applicant must satisfy the required criteria to be eligible for a marriage loan. However, because qualifying standards differ from person to person, make sure to speak with a personal loan officer to learn more.
Documentation Required for a Wedding Loan:
Obtaining wedding financing entails completing a loan application as well as the appropriate proof documents. Here is a list of wedding loan paperwork you'll require to apply for a wedding loan
1. PAN is compulsory for individuals applying for a personal loan from SMFG India Credit
2. Valid Proof of Identity: When applying for a loan, applicants can present any of the following documents as proof of identity:
- Voters ID
- PAN Card
- Aadhar Card
- Driving License
- Ration Card
- National Rural Employment Guarantee Act (NREGA) Job Card
3. Address proof: The following documents can be used as evidence of address when applying for a wedding loan. The proof offered must reflect the applicant’s current address.
- Driver's licence
- Ration Card
- Aadhar Card
- Water/Electricity/Telephone bill
- Rental Agreement
4. Proof of Income:
- For salaried employees, a copy of Form 16 or past 2-3 months salary slips
- For self-employed persons, income statements need to be provided.
5. Bank statements: All applicants must provide bank statements of the past 6 months
Depending on the applicant’s profile and our policy, additional documents may be requested.
Advantages of Getting a Loan for Your Wedding
- Quick disbursement of funds - Shortly after final loan approval, the funds are transferred to your savings account. This means you won't have to postpone your wedding plans owing to a lack of cash.
- There are no constraints on how funds can be used - You can spend the money for anything related to your wedding, like renting the venue, hiring caterers, hiring makeup artists, buying expensive gowns, and even arranging flights for your honeymoon. You have complete control over how you spend your money.
- Flexible EMI and Tenure - You can choose the tenure of your marriage loan depending on the EMI amount that fits in your budget.
- Great Interest Rates - There are attractive wedding loan interest rates that help you pay off your debt faster.
Eligibility Requirements for Wedding Loans
- For marriage loans, lending institutions usually have their own set of eligibility conditions. To apply for a personal loan for a wedding, you must meet the following requirements.
- You must be between the ages of 21 and 60 to apply.
- Total work experience – You should have spent at least 6 months with your present employer. A minimum of 1 year of work experience is also required.
- Minimum income - You should earn a monthly salary of Rs. 20,000 (INR 25,000 for residents of Delhi and Mumbai) at the very least.
- You should have a credit score of 750 or higher. Those who have no history of credit transactions and have a credit score of “NH” or “-1” can also apply.
- You must have a stable source of income
- Cash salary applicants will not be accepted.