What is marriage loan?
Marriage in India is always taken as status symbol where each individual tries his level best to make marriage the most memorable occasion of his life. To bear all the expenses of marriage is not possible for a middle class person as total financial requirement exceeds from the reach of his budget.
To overcome this and to make marriage really memorable, most of the banks offer the facility of loan for marriage. The amount of loan sanctioned by the bank depends upon the capabilities of the applicant. In simple language, marriage loan can be defined as the loan taken by the person to cover all the expenses of wedding.
How to get marriage loan
All the banks have set certain criteria for sanctioning the marriage loan and which differ from each other slightly. But still there are certain common criteria like in other types of loans which must be fulfilled by the applicant to avail personal loan. Here I am giving the basic eligibility criteria for marriage loan.
1. Age of the applicant applying for the marriage loan should not be less than 21 years.
2. Bank also demands certain documents before sanctioning the marriage loan. Documents required for marriage loan include-
a) Identity proof of the applicant which includes driving license, voter card, adhar card or similar document which confirms the identity of applicant.
b) Residence proof of the applicant.
c) Last 3-6 bank statement of the applicant
Procedure of availing marriage loan
Before applying to marriage loan, applicant must process know that how to apply for marriage loan? The process of marriage loan in India is a four step procedure. Here I am providing the detail of whole procedure of marriage loan stepwise.
1. Selection of the Bank- This is the initial step of availing the marriage loan. One should select the bank on the basis of interest rate of marriage loan, EMIs, repayment options, processing fees and other special offers.
2. Applying for the marriage loan- After the selection of bank, next step is the filing an application for marriage loan in bank. Applicant must apply to the bank with all the necessary documents. Documents provided by the applicant should be genuine.
3. Review of the application by the bank- After getting the application, bank makes a thorough review of the application of the applicant and checks whether all the documents provided by the applicant are genuine or not?
4. Sanctioning/Disbursement of marriage loan- If bank is satisfied with the application of the applicant then loan is sanctioned to the applicant either through check, draft or directly into the applicant's account.
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