Planning your dream wedding is exciting, but it can get expensive quickly. From the venue and outfits to decor, catering, and photography, costs can add up faster than expected. That’s where a marriage loan can help. It gives you the financial support to enjoy your special day without worrying about overspending or depleting your savings.
The interest rate on a marriage loan affects the total amount you’ll repay, so it’s important to understand what factors influence it. Your income, credit score, and loan amount can all play a role in determining the rate. By knowing this, you can plan your wedding budget more effectively and choose the loan that suits you best.
Here, we’ve put together all the details about marriage loan interest rates and how you can apply, helping you make your wedding day unforgettable without the financial stress.
What is a Marriage Loan?
A marriage loan is a type of personal loan that helps you manage all kinds of wedding expenses, such as venue bookings, catering, decorations, outfits, and even honeymoons.
This loan is usually unsecured, which means that you don’t need to provide collateral, such as property or assets. It’s a convenient and safe option for securing instant financial support.
Marriage Loan Interest Rates in Indian
Wedding loans come with varying interest rates, processing fees, and terms. Let’s look at the interest rates offered by some leading financial institutions.
State Bank of India (SBI)
SBI offers competitive wedding loan interest rates ranging from 10.30% to 13.60% per annum. One of the main benefits that SBI offers is that they charge zero processing fee.
HDFC Bank
HDFC Bank offers marriage loans with interest rates that range between 11% to 22%. The tenure options are flexible, starting from 12 months to a maximum of 60 months.
ICICI Bank
ICICI Bank offers marriage loans at interest rates between 10.5% and 22% per annum. These loans are customized for different financial needs, providing borrowers with flexibility.
Axis Bank
Axis Bank provides marriage loan interest rates starting at 10.65% per annum. These loans are designed to meet the unique financial demands of wedding-related expenses.
LoanTap
LoanTap is an RBI-registered NBFC that offers customized personal loans, including wedding loans, to match individual requirements. It offers affordable marriage loan interest rates
LoanTap offers wedding loans up to ₹50 lakhs with a flexible repayment plan, minimal documentation and quick disbursal.
Factors Affecting Marriage Loan Interest Rates
Understanding what impacts your marriage loan interest rate can help you plan better and save money.
1. Income Level
Higher and stable income means lower interest rates, while low income may lead to higher rates.
2. Credit Score
A credit score above 750 improves your chances of getting a lower interest rate.
3. Repayment History
Timely repayments build trust and help you get better rates; delays can increase them.
4. Debt-to-Income Ratio
If most of your income goes toward existing loans, lenders may charge a higher rate.
5. Loan Amount & Tenure
Bigger loan amounts or longer tenures usually come with higher interest rates.
6. Defaults or Late Payments
Frequent defaults make you a high-risk borrower, leading to higher rates.
How to Get a Marriage Loan in India
If you need funds to cover your wedding expenses, a marriage loan is an easy and smart option. Here’s a quick guide to apply:
1. Research and Compare
Check different banks and NBFCs. Compare interest rates, loan amounts, and repayment options before choosing.
2. Check Eligibility Criteria
Before applying for a loan, make sure you meet the lender’s criteria: you should be between 21 and 60 years old, have a stable income, and maintain a good credit score (usually 750 or above) to increase your chances of approval.
3. Gather Necessary Documents
Prepare documents for verification, including ID proof (Aadhaar, PAN, or passport), address proof (utility bills or rental agreements), and income proof (salary slips, bank statements, or income tax returns).
4. Apply Online or Offline
You can apply through the lender’s website or loan app. Fill in accurate details and upload or submit the documents.
5. Verification and Approval
The lender verifies your information, which may take a few hours to a couple of days.
6. Loan Disbursement
Once approved, the loan amount is credited directly to your bank account — often within 24 hours.
Summary
Planning a wedding is super exciting, but it’s easy to get caught up in the fun and forget about the costs. Understanding marriage loan interest rates can help you stay on track and avoid financial stress. Picking a lender with good rates makes things much easier.
If you want a simple and flexible way to fund your big day, LoanTap offers wedding loans up to ₹50 lakhs with affordable rates and easy repayment plans.
This way, you can make your wedding dreams come true without worrying about money. You get to enjoy every special moment, knowing your finances are taken care of. After all, your wedding should be about love, joy, and new beginnings not money worries.
Frequently Asked Questions
How are marriage loan interest rates calculated?
Marriage loan interest rates are calculated based on your credit score, loan amount, loan tenure, and the lender’s policies. A good credit score can help you secure a lower interest rate.
What is the average interest rate for marriage loans?
Interest rates for marriage loans generally range between 10% and 20%, depending on the lender, your credit profile, and the loan amount.
What is the impact of my loan tenure on the interest rate?
Generally, longer loan tenures may result in higher interest rates, as lenders view them as higher risk. Shorter tenures often have lower rates but higher monthly payments.
Is the interest rate fixed or variable for marriage loans?
Marriage loans usually come with fixed interest rates, which means that your monthly payments will remain the same throughout the loan tenure. However, some lenders may offer variable rates.
How does a marriage loan interest rate affect my monthly payments?
A higher interest rate will increase your monthly payments, while a lower interest rate can help keep them more affordable.
