What is the eligibility criteria for Marriage Loan in India?

Taking a personal loan can be extremely soothing for sizeable events like marriage. A personal loan can be the best solution put to heavy expenditure times. It is quite possible to realize the costs at later times when it bundles up to a deficit. Wedding costs are always significantly more than the expected. This is the case whether it’s your own wedding, friends or family member, they surge to a new all-time high. These are the days when you do not want to lag behind in any of your arrangements. This is exactly why lending companies develop personal loan offerings which match personalized requirements for weddings and related expenses. These personal loans are popularly known as marriage loans, with simple and quick approval. Marriage Loans by Home Credit India are instant, paperless & easy. What is the eligibility criteria for instant marriage loans in India? Here, its notable to understand that a personal loan will be based on a wide spectrum of governing factors. And interesting is to register that every condition will be placed differently for every individual. The eligibility criteria can always change depending on the lending institution/lender as we can have a view below:
  1. Minimum age: To apply for a marriage loan, you should atleast be 21 years or above. For others, it could be 23 years or more.
  2. Maximum age:Working class individuals should be below 58 years of age to apply for a marriage loan. Self-employed should be below 65 years of age. This is the maximum threshold in terms of age for application.
  3. Minimum Net Monthly Income: Typically, the starting income condition for wedding loans ranges between Rs. 15,000 and limitless. However, this changes with the lender and gets agreed upon at Rs25,000. The residing city, age, etc. of the individuals also makes a huge difference to the minimum income condition.
  4. Employment type: Salaried, self-employed and working professionals are all qualified to avail marriage loans to meet the minimum income benchmark.
  5. Employment status: Individuals must have a fixed source of income to apply for a wedding loan. The working class individuals must be into employment for over 2 years with the present company. This is an essential for marriage loans.
  6. Credit score: Lending institutions use the credit score as a compulsion. And its preferable when set at 700 or over. Individuals with relatively lower scores are still eligible but with high rates of interests. This is of utility at the time of sanction, however this turns out costlier for the individual in the future.
Maximum Loan Amount: The maximum limit for a marriage loan can of course depend on the lending institution.  This is further relied upon factors like repayment capacity, regular income, credit score etc. of the individual.  The upper and lower limit of a marriage loan is Rs. 5 lakh and Rs. 20 lakhs respectively.

Post Your Comment