The document discusses marriage loans to fund wedding expenses. It notes that weddings in India involve large expenses that sometimes exceed budgets. A marriage loan can help manage both planned and unplanned wedding costs. Key details provided include eligibility requirements like a minimum income of Rs. 15k and 2 years of employment stability. Factors to consider with loans are the interest rate, tenure, and hidden fees. Pros are flexible use of funds, quick approval, and no security needed. Cons include higher interest rates as unsecured loans and limited maximum amounts. Examples of SBI and HDFC marriage loans are outlined.

1. Personal Loan to Fund the Marriage

2. Why Use Marriage Loan to Fund a Wedding?
• A marriage in family is synonymous with joy and festivity.
• We, Indians, spent lavishly on a wedding, which is synonymous with huge
expenses.
• Sometimes, these expenses go out of your budget and you may feel fund
crunch.
• This fund crunch acts as a party blooper.
• A marriage loan, at this stage, helps you to manage both your planned and
unplanned expenses during a wedding.
• Many lenders are available in the market with unique offers.
• With the help of Afinoz’s financial advice and guidance, you can apply for
the best marriage loan with the cheapest loan interest rate, instant
approval, and real-time application tracking.

3. Marriage Loans
• Amount: Avail from ₹ 50K to ₹ 30 Lakhs.
• CIBIL Score: Score above 700 makes a winning marriage loan
application.
• Eligibility:
 A person earning as low as ₹ 15K can apply for and get a marriage loan.
 The age of the applicant should be between 21 to 60 years.
 Another important criterion is employment stability of 2 years.
• Documents: Basic KYC documents including identity and residential
proof along with 2 passport size photographs.

4. Check these Factors while applying for
Wedding Loans
• Interest Rate: There are loans available for individuals with bad
credit as well, but with a higher interest rate. Interest rates determine
financial planning and how much total money required.
• Loan tenure: You can easily choose tenure to repay the loan amount,
from 1 month to 6 years. You need to pay more rate of interest if you
select a longer tenure to repay the loan. Your loan tenure also plays a
key role. Higher the tenure lower would be your monthly payments.
• Hidden charges: These include:
 Processing Fee: Typically ranges between 2% to 3%.
 Pre-payment penalty
 EMI bounce charges
 Late payment penalty

5. Pros of Marriage Loan
• Flexible to use. Yes, as per your convenience, you can outlay the
money for various marriage purposes like food, decoration and
orchestra booking.
• These loans get quickly approve.
• You can easily choose tenure to repay the loan amount, from 1 to 5
years.
• No security is needed to avail the loan. It is good for those who are
not able to fulfill this formality.

6. Pros of Marriage Loan (Contd.)
• If you have a good credit score, you can enjoy the lower rate of
interest it shows better previous financial records. Banks don't want
to lose customers with good credit scores, that's why they give a good
rate of interest to those who are having good repayment capacity.
• A marriage loan can help you build credit portfolio.
• It is also advantageous for you to know if you have the ability to pay
the loan within the shorter period of time because then you would be
able to pay the less, interest will be lower for a shorter tenure.
• It leads to fast remittances to your bank account.

7. Cons of Marriage Loan
• Marriage loan are unsecured loans,
 Lender charges borrower with a higher interest rate.
 As compared to the other loans the loan amount that you get is not so high.
 There is a lack of flexibility being offered to the applicant.
 These loans are supported only by the trust. As per the lender's point of view,
you are on more risk.
• You need to pay more rate of interest if you select a longer tenure to
repay the loan.

8. SBI Marriage Loan
• The minimum loan amount you can borrow is ₹ 24K for metro/urban areas
and ₹ 10K for rural/semi-urban areas.
• You can get a maximum loan of up to 12 times your NMI (Net Monthly
Income).
• SBI personal loan offers flexible repayment tenures up to 48 months .
• Self-employed individuals need to show a minimum 2 years of experience
in their relevant fields.
• No need of security.
• The documentation procedure is absolutely simple and hassle-free.
• The SBI does not levy any prepayment charge upon you.
• SBI charges a nominal processing fee in the range of 2% to 3% + the service
tax as applicable.

9. HDFC Marriage Loan
• Highly flexible. You can avail such a loan for any wedding related expenses. No
restrictions are imposed on the intended use of the funds.
• You can avail the funds instantly. If you are an HDFC customer, you can avail a pre-
approved loan in just 10 seconds. The funds will be disbursed to your account
with no or little documentation. You can get this loan under 4 hours if you are not
an HDFC customer.
• For availing this loan, you need to be in the age group of 21 to 60 years.
• If you have a good credit history, an HDFC marriage loan will be available to you
at highly competitive interest rates (as low as ₹ 2187 per lakh).
• You can repay the HDFC Personal loan in affordable EMIs.
• You can choose any tenure in the range of 1 to 5 years.
• No need of security.
• The HDFC Bank levies a processing fee of 2.5 % of the loan amount.

10. Thank You !!!