Marriage Loan

Documents Required for Wedding Loan

To apply for a personal loan, you will be required to provide the following documents:

For salaried individuals:

• PAN Card
• Identity proof (Aadhaar Card, Driving license, Passport, Voter ID, etc.)
• Signature Proof (Passport, PAN card, etc.)
• Address proof (Passport copy, Aadhaar card, driving licence, utility bill - gas or electricity bill, Voter ID, ration card, rent agreement, etc.)
• Bank statements of the past 6 months

Additional Documents for Salaried Individuals:

• Salary slips for the last three months
• Income tax returns or FORM 16

Additional Documents for Self-employed Individuals:

• Balance sheet and profit and loss account, income computation for the last 2 years
• Income Tax Returns for the last 2 years
• Business proof (License, registration certificate, GST number)
• IT Assessment OR Clearance Certificate
• Income Tax Challans OR TDS Certificate (Form 16A) OR Form 26 AS for income declared in ITR

Please note that the specific documents required may vary depending on your individual profile and the policies of SMFG India Credit.

Personal Loan for Wedding Interest Rates

SMFG India Credit provides personal loans for marriage starting at an interest rate of 13%* per annum. The interest rate you receive will depend on factors such as your financial profile, including your credit score, employment status, and your existing relationship with SMFG India Credit. The interest rate can also be influenced by the chosen loan tenure and amount. Additionally, there may be a processing fee of Up to 5% of the total loan amount + GST of the loan amount.

Marriage Loan Eligibility Criteria

Any resident citizen of India between the ages of 21 years and 65 years, and with a minimum income can avail SMFG India Credit’s personal loan for marriage. You can get loans for up to Rs. 30 Lakhs* if you are a salaried employee and Rs. 10 Lakhs* if you are a self-employed person, subject to your previous credit history. The minimum monthly income for a salaried person residing in a non-metro area is set to ₹20,000 to avail this loan and ₹25,000 for residents of Mumbai and Delhi. For self-employed individuals, a minimum annual profit after tax will be considered instead. 

How to Apply for Marriage Loan

Apply for a personal loan from SMFG India Credit with these instructions:

1. Provide Basic Details

Submit your mobile number, PAN, pincode, and select the applicable option for you from ‘Salaried’ and ‘Self-Employed’.

2. Verify Mobile Number

Authenticate your mobile number with a 6-digit OTP.

3. Add Personal Information

Provide additional information such as your email address, date of birth, gender, along with annual household income information. Also, verify your email ID.

4. Submit Employment Details

Enter employment data if you are on a salary.

5. Upload Bank Statements (For Salaried Individuals Only)

To have a loan offer generated by us, please submit your bank statement using one of these options: Net Banking, an Account Aggregator, or by uploading it.

6. Identity Verification

Use well-known processes like CKYC, Offline Aadhaar XML-based KYC, DigiLocker to conduct online verifications for identity and share address information. You also need to take a selfie to complete the identity verification process.

7. Enter Bank Account Details

Submit your banking details, which we will verify.

8. Provide Additional Information

After we have verified your bank account information, provide more information in the ‘Additional Details’ section regarding your marital status, loan purpose, and other personal details.

9. Set Up E-NACH

Choose your preferred mode of re-payment from debit card and internet banking and complete setting up E-NACH.

10. Digitally Sign and Verify Loan Agreement

Digitally sign the loan agreement once you have reviewed it carefully. The process is complete when you validate with a 6-digit OTP sent to your registered mobile number.

Complete this simple process and take your first steps towards achieving your financial goals.

Why Choose SMFG India Credit for Wedding Loans?

SMFG India Credit offers a convenient and efficient personal loan for marriages. With instant online approval, you can check your eligibility, fill out a form, and upload documents to get quick approval. Access your loan account details anytime through our online portal. Expect the requested funds to be disbursed within 30 minutes* after approval. Enjoy competitive interest rates starting at 13%* per annum onwards and borrow up to Rs. 30 Lakhs* with flexible repayment tenures from 12 to 60 months. Plan your dream wedding without compromise with SMFG India Credit's wedding loan.

What are the things you should do before taking a Wedding Loan?

Before taking out a wedding loan, it's crucial to:

• Assess Budget: Determine a realistic budget for the wedding, considering all expenses.
• Compare Lenders: Explore various lenders for interest rates, processing fees, and terms.
• Check Eligibility: Ensure you meet the lender's eligibility criteria based on income, credit score, and other factors.
• Plan Repayment: Evaluate your ability to repay the loan comfortably and choose an appropriate tenure.
• Understand Charges: Thoroughly review all associated charges like processing fees, late payment, and foreclosure charges.
• Read Terms: Understand the loan agreement, interest rate type, and any hidden clauses.

How to Calculate EMI on Personal Loan for Marriage?

Personal loan EMI calculators provided by lenders or financial websites simplify this process. Input the loan amount, interest rate, and tenure, and the calculator instantly provides the EMI amount along with a detailed repayment schedule.