Marriage Loan Interest Rates: Get a Loan at 10.50% p.a.

Marriage or wedding is the dream of our life. From wedding ceremonies to honeymoons, the cost goes high. That is why a marriage loan, typically a personal loan, comes with 10.49% interest. The marriage loan interest rate is a crucial aspect of the repayment amount.

Many lenders provide affordable wedding loans at lower rates. Explore marriage loan eligibility, interest rate, and digital application process.

What is a Marriage Loan?

A marriage loan is also known as a wedding loan. This loan is designed for wedding-related expenses. Marriage loans include wedding ceremonies, receptions, catering, photography, and honeymoon expenses.

A wedding loan is an unsecured loan, a form of personal loan. The borrower pledges a marriage loan without collateral.

Marriage Loan Interest Rates in Banks / NBFCs

Banks / NBFCs	Interest Rate (p.a.)	Minimum Salary
WeRize	16% to 18% p.a.	Rs. 12,000	Apply Now
MoneyView	1.33% per month	Rs. 13,500	Apply Now
HDFC Bank	10.50% to 24% p.a.	Rs. 25,000	Apply Now
Axis Bank	10.49% to 22% p.a.	Rs. 15,000	Apply Now
InCred	11.49% to 18% p.a.	Rs. 15,000	Apply Now
Fibe	24% to 30% p.a.	Rs. 15,000	Apply Now
IIFL Finance	12.75% to 33.75% p.a.	Rs. 15,000	Apply Now
Prefr	18% to 36% p.a.	Rs. 18,000	Apply Now
Finnable	16% to 22% p.a.	Rs. 15,000	Apply Now
IDFC	12.50% to 18% p.a.	Rs. 15,000	Apply Now
PaySense	1.4% to 2.3% per month	Rs. 18,000	Apply Now
Upward	9% to 32% p.a.	Rs. 18,000	Apply Now
mPokket	1% to 6% per month	Rs. 9,000	Apply Now
Kreditbee	1.02% per month	Rs. 10,000	Apply Now

Factors Influencing Marriage Loan Interest Rates

The wedding loan interest rates can be different from borrower to borrower. So, what is the actual reason for the difference? Understand factors that can help borrowing better interest rates.

CIBIL Score: Credit score significantly impacts on interest rate. A borrower’s higher credit score can reduce interest rates. Applicant’s on-time loan payment, lower inquiries, and maintenance DTI ratio directly increase credit score.  Also, borrowers, with poor credit scores will raise interest rates.

Loan Amount and Tenure: The borrower’s loan amount and repayment tenure significantly affect interest rates. If you borrow a higher loan amount, you might get lower rates. Also, a lower loan amount comes with higher interest. Similarly, the interest rate may be high if you choose a longer repayment tenure.

Employment Status: Applicant employment status plays a vital role when talking about interest rates and doing a reputable company or government job, which is an important part of lower interest rates. Also, higher and more stable income gets the better result on interest rates.

Debt-to-Income Ratio: The borrower debt-to-income (DTI) ratio decides marriage loan interest rates. This ratio calculates the borrower’s current monthly debt with net monthly salary. Keep maintaining a lower debt-to-income ratio for cheap rates.

Features and Benefits of Marriage Loan

• Get a marriage loan at the lowest salary of Rs. 12,000 from 24hr Loan.
• Easy and instant loan approval which is an online process.
• Obtain a marriage loan without security as 24hr Loan offers a personal loan for marriage based on your monthly salary.
• Paperless loan that is available without documentation process.
• The attractive interest rate of marriage loans at 10.49% p.a.
• Wedding loans available up to 40 lakh loan. Also, choose various lenders based on borrower eligibility.
• Compare various lenders that give you attractive interest rates.

Eligibility Criteria

• Borrower age minimum of 21 to a maximum of 55 years is eligible.
• Salaried employees must be at private limited, public limited, and government undertaking required.
• Job experience minimum 1 year is good for eligible.
• The credit history of a salaried person should be nil or 700.
• A salary holder with a minimum of Rs. 12,000 net salary is required.

Also Read: I want 1000 rupees loan urgently

Impact of Interest Rates on Loan Repayment

Marriage loan interest rates directly affect on total amount with principal + interest amount. Let’s take an example, a 2 lakh loan with 10% fixed interest over 5 years. The repayment amount per month would be approximately Rs. 4,250.

The repayment amount included the principal amount and interest amount. This example gives you a clear vision of how to impact of interest rate of your loan amount.

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