For whom Marriage loans are giving? | How much marriage loans we get?

April 27th, 2010| Uncategorized.

Marriage is an unforgettable event in ones’ life. Since it is such an important event, arrangements are desired to be done perfectly. For this, sufficient amount of money is required. Every one might not have the sufficient amount or they get short of the required amount even if they have saved some of them. There is no need to worry for the amount since some banks are giving loans for this purpose. Some other banks are giving under personal loans

For whom Marriage loans are giving?

  • Bride and bride groom can themselves take the loan.
  • Girls doing job can also apply for loans for their marriage.
  • Loans can be taken for the marriage of dependant sister or brother. Dependence has to be proved in such cases.
  • Loans are also given for daughters’ or sons’ marriage.

How much marriage loans we get?

The amount of money given as loan depends upon the track and ability of the borrower and bank. Some other important aspects are also considered. Age of borrower, repayment capacity, mortgaged properties and other aspects are considered before giving the loan. Income is the main factor. Generally, two times the amount of basic annual income is granted as loan. Loans are given not more than three lakhs. There is no fixed interest rate for these marriage loans. Market rates for interest at the time of loan sanctioning are considered. It will be less than that of interest charged for personal loans. Processing fee of 2 to 3 percent is charged based on bank. Loan can be repaid in EMI method. There are quarterly and half yearly repayment options also. Loan can be paid prior to the scheduled period. But for this, borrowers should wait for first six months. If amount is arranged from other sources, the loan can be repaid well before the scheduled date. Borrowers should be ready to pay some other fees. Even if there are existing loans also, these loans are given provided their EMI amount doesn’t exceed 60% of the basic salary.

  • Loan is not sanctioned for the marriage of minors. Marriage loans can be applied if the bride has 21 years and bride groom has 18 years of age.
  • Loan can be taken for the maximum of 60 years. Loan repayment period should not exceed 60th year of the borrower.
  • The borrower should be doing the present job or business since one year.
  • The borrower should be living in the present house since one year.

To get loan, proof of marriage should be provided. Invitation card or any other card confirming the marriage is enough. Declaration regarding the expenses of marriage should be given. Bank will estimate the expenses of marriage and sanctions that amount of money.

Related search terms: