Personal Loan for Marriage
If you think your wedding budget is overshooting your initial expectations, a Personal Loan for wedding will ensure that money does not become a constraint when planning your dream wedding. Whether you want more finance to supplement your wedding budget or need money to handle a last-minute expense, a marriage loan from Kotak Mahindra Bank will let you spend lavishly on venue, catering, photography, decoration, or dress selection.
The best thing is that you can find the most competitive wedding loan interest rate at Kotak Mahindra Bank, letting you plan all wedding arrangements without increasing your financial stress. Our marriage loan interest rate starts at just 10.99% per annum, making our loan offers the least expensive in the market.
Features and Benefits of Personal Loan for Wedding
No Need to Liquidate Investments
You no longer need to liquidate your investments to cover your wedding expenses. Avail of the funds you need to finance your dream wedding with Kotak's Personal Loan for marriage. It provides the required funds in minutes while keeping your investments intact.
Quick Loan Disbursal
The digital loan procedure makes instant wedding loan approval possible, accelerating the disbursal process significantly. Along with minimal documentation and quick loan disbursal, our Kotak Pre-Approved Customers can get money directly into their bank account for last-minute wedding expenses.
Attractive Interest Rates and Easy Repayment Options
Our Personal Loans come with attractive interest rates starting from 10.99% p.a., subject to change. Moreover, our Personal Loan repayment terms range from 12 to 60 months, which you can choose according to your monthly repayment capacity. Use our personal loan EMI calculator to plan repayment options that best fit your wedding budget.
Avail Loan Amounts of up to Rs. 40 Lakh
At Kotak Mahindra Bank, you can avail a loan amount from Rs. 50,000 to Rs. 40 Lakh, giving you ample funds to cover your intended expenses. The best thing is that you can use the borrowed amount for any wedding-related cost without end-use restrictions.
Use Funds for all Wedding-Related expenses
Whether you need funds to purchase an expensive engagement ring or plan for a honeymoon abroad, you can avail of a marriage loan to cover your wedding expenses without any restrictions on using marriage loan funds. A Personal Loan for marriage will help you cover all costs related to the wedding, including venue, catering, photography, decorations, gifts, guest accommodation, or anything else you can wish for on your big day.
Eligibility Criteria for Marriage Loan
Checking your eligibility for a Personal Loan for wedding significantly improves your chances of getting a wedding loan approval. To obtain a marriage loan at Kotak, you must fulfil the following conditions:
Age: 21-60 years
Employment: At a private limited company, public limited company, or MNC
Work Experience: At least one year
Education: At least graduation
Minimum Net Monthly Income: Rs 25,000 for Kotak Bank salary account holders, Rs 30,000 for non-Kotak Bank salary account holders, and Rs 20,000 for Kotak Bank employees
List of Documents Required for Wedding Loan
Do you satisfy the marriage loan eligibility criteria? If yes, the next step is to provide the required wedding loan documents. Proper documentation increases your chances of approval at the best marriage loan interest rate. Here is a list of documents required for a loan for marriage:
Documents required for the Loan Upto 5 Lacs
- PAN card
- Aadhaar card
- Three months' bank statement or salary slips
Documents required for the Loan Upto 40 Lacs
- A valid identity proof like your PAN Card, Passport, Aadhaar Card, Voter's ID Card or Driving Licence
- A valid residence proof like your Passport, Aadhaar Card, Driving Licence
- Three months’ bank statements with your income details
- For salaried individuals, 3 months salary slips
- 2-3 recent passport-sized photographs
Personal Loan for Wedding Expenses Interest Rates
Along with the principal amount and wedding loan interest rate, you must be prepared to pay a few other fees and charges to obtain a loan for marriage. The marriage loan fee structure is transparent at Kotak, which is as follows:
| Type of Wedding Loan Charge | Applicable Amount |
|---|---|
| Fixed marriage loan interest rate | Starting at 10.99% per annum |
| Non-refundable processing fee | Up to 3% of the loan amount (taxes extra) |
| Stamp Duty Charges | Complying with the State’s Stamp Act |
| Overdue EMI interest | 3% monthly on the outstanding amount |
| EMI bounce charge | Rs 500 plus taxes per bounce |
| Swap charges for changing repayment mode, instrument, or EMI date | Rs 500 plus taxes per instance |
| Foreclosure Charges on Outstanding Principal | 4% up to 3 years, 2% after 3 years |
| Physical SOA or Amortization Schedule | Free once per year, Rs 200 for more |
Personal loans for Various Purposes
Apart from a loan for marriage, you can also borrow a Personal Loan for various other purposes at Kotak, including:
- Travel Loan
- Medical Emergency Loan
- Urgent Loan
