A marriage loan is a personal loan used to finance a wedding. This can include a destination wedding, an intimate ceremony, or a large event. The loan is offered depending on the borrower’s credit score and financial situation. A marriage loan can be used for any expenses related to the wedding, such as venue rental, catering services, clothing purchases, travel costs, honeymoon expenses, and more. Some loans are offered with adjustable interest rates and flexible repayment schedules so that couples have some flexibility when planning their dream wedding. Marriage loans allow couples to have access to additional funds to make their special day everything they have imagined it to be without having to worry about breaking the bank.

Features & Benefits of Marriage Loan

A loan for marriage comes with several features and benefits. These benefits ensure that couples have access to the funds they need at a reasonable cost. Some of the benefits that come with Piramal Finance marriage loans include:

Loan Amount and Tenure

Piramal Finance offers personal loan amounts of up to Rs 10 lakh with repayment terms up to 60 months. This allows couples to choose the best option for them based on their individual needs and financial situation.

No Security Required

In Piramal Finance, wedding personal loans don’t require collateral. This eliminates the need to provide personal property or assets as security. Instead, we determine loan eligibility and loan amounts based on a borrower's credit score and overall financial situation.

Attractive Interest Rates and Easy Repayment

Piramal finance interest rates begin at 12.99*%pa. Furthermore, its personal loans for marriage include flexible repayment options such as EMI-based repayment schedules that divide the loan amount into equal parts so that borrowers can easily repay the loan without overburdening their finances.

Quick, Hassle-Free Disbursal

Piramal Finance marriage loans are known for their quick and hassle-free disbursal processes. Most personal loan applications get approved within a few hours of applying. Once approved, funds can be disbursed to borrowers’ accounts within 3 to 4 working days.

Eligibility Criteria for Marriage Loan

To qualify for a personal loan for marriage from Piramal Finance, applicants must meet certain eligibility criteria. Some of the criteria are listed below:

  • 1.
    Salaried individuals should be between 21 years and 60 years old.
  • 2.
    Salaried employees or salaried individuals working with public sector undertakings or private sector companies with an experience of at least 1 year.
  • 3.
    Applicants must have a minimum income of Rs 25,000[NB1] per month, irrespective of whether they are salaried or self-employed professionals/businessmen.
  • 4.
    Credit score should be equal to or above 750 to increase the chances of personal loan approval.

Documents Required for Marriage Loans

To get a personal loan for marriage, you must submit the following documents:

  • 1.
    Identity Proof: PAN card, Passport, Aadhar card, Voter ID
  • 2.
    Address Proof: Electricity bill, ration card, passport, bank statement
  • 3.
    Income Proof: Salaried individuals – salary slips and Form 16; Self-employed professionals – ITR/P&L statements
  • 4.
    Bank Statement: Applicants must submit the latest 6 months’ bank statements to prove their repayment capacity
  • 5.
    Photograph: Applicants must submit a recent passport-sized photograph.

Interest Rates & Charges

Piramal finance loans can be repaid over a period of up to 60 months. Although personal loan interest rates are much lower than credit card interest rates, you must still pay a processing fee on your personal loans. This is usually around 4% of the loan amount. Other charges, such as prepayment fees or late payment fees, may apply in some cases. It’s important to review all applicable charges before signing up for a personal loan for marriage.

The followings are the charges and fees of the personal loan for weddings available from numerous financial institutions:

Processing Fee

It is the handling charge levied by Piramal Finance for processing a personal loan application. The personal loan processing fee at Piramal Finance is 4% of the loan amount

Goods and Services Tax (GST)

It is a government tax levied when personal loan services are provided. Piramal Finance taxes interest rates are 12.99*%pa.

Verification Charges

This is a one-time fee charged by Piramal Finance for verifying personal loan documents. Piramal Finance charges a fee of Rs. 250 for each visit.

Charges Levied for Issuing Duplicate Statements

If you lose your loan statements or need to get additional loan statements, Piramal Finance will charge a nominal fee for issuing duplicate statements.

Penalty for Defaults

A personal loan for marriage comes with personal loan EMI payments that must be paid on time. Piramal Finance charges a default penalty of Rs. 500 plus applicable taxes.

Penalty for Prepayment and Part Payment of Loan

Piramal Finance charges a personal loan customer a prepayment fee for paying personal loan EMIs before the end of the personal loan repayment tenure. Piramal Finance charges 4% of the loan principal amount plus applicable taxes as a penalty for prepayment and part payment of a loan.

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वारंवार विचारलेले प्रश्न

What is a Marriage Loan?
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How to apply for a Marriage Loan?
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How to calculate Marriage Loan EMI?
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Can people with low credit scores avail of marriage loans?
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Can government employees apply for marriage loans at lower interest rates?
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What is the minimum and maximum loan amount that I can avail of on a marriage loan?
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Is it possible to foreclose or prepay wedding loans?
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Why choose Piramal Finance for Marriage Loan?
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