| The maximum amount of the load depends on the bank and customers. It can be vary from customer to customer and bank to bank. It depends on numerous factors such as collateral/security given by the customer, age of the customer, and repayments capacity of the customer. Repayment can be done in monthly, quarterly, half yearly and yearly installments or under EMI or Equated Monthly Installments
Interest Charged by Banks on Marriage loan in India
The interest rate for marriage loans in India is governed by the current market rate on the time of taking the loan. Generally fixed interest rates are preferred by the customers.
Process of Marriage Loans in India
Anybody can apply for marriage loan in India by simply filling a form at bank outlet. The bank charges are ostensible amount as processing fees, this can be different for different banks.
Documents Required for Marriage Loans Approval:
Salaried Individuals:
- Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
- Address Proof (Ration card Tel/elect. Bill/ / Passport copy)
- Bank Statements(latest 6 months bank statement /passbook)
- Latest salary slip or current dated salary certificate with latest Form 16
Self Employed Professionals and Businessmen:
- Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
- Address Proof (Ration card Tel/electricity Bill/ Passport )
- Bank Statements(latest 6 months bank statement /passbook)
- Latest ITR along with computation of income, B/S & P&L a/c for the last 2 yrs. certified by a CA
- Qualification proof of the highest professional degree
- Proof of continuation (Trade license /Establishment /Sales Tax certificate)
- Other Mandatory Documents(Sole Proprietorship. Declaration. Or Certificate. Copy of Partnership Deed, Cert. Copy of MOA, AOA & Board resolution.)
Several Indian banks provide marriage loans in India. Marriage loans are available for meeting the expenses of marriage of daughter, marriage of son, marriage of son dependent sister, dependent brother, working woman, and self-marriage of man.
List of Some of Banks Providing Marriage Loans in India:
- Bank or Baroda
- ICICI Bank
- SBI (State Bank of India)
- HDFC
- UCO Bank
- HSBC Bank
- United Bank of India
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