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Enjoy Zero Charges on All Commonly Used Savings Account Services
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- MD & CEO letter about the bank
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- Letter to Shareholders on the 2nd Annual Report after Merger
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As per amendment in the Income Tax Rules, PAN or Aadhaar are to be mandatorily quoted for cash deposit or withdrawal aggregating to Rupees twenty lakhs or more in a FY. Please update your PAN or Aadhaar. Kindly reach out to the Bank’s contact center on 1800 10 888 or visit the nearest IDFC FIRST Bank branch for further queries.
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Enjoy quick, paperless disbursal in a few clicks
with IDFC FIRST Bank Personal Loans
EMI starting at ₹1,699/Lakh
Enjoy quick, paperless disbursal in a few clicks
with IDFC FIRST Bank Personal Loans
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Competitive interest rates starting at 10.75%
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Completely digital, paperless online process
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Balance transfer of existing Personal Loans and Credit Cards at affordable rates
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Flexible tenure up to
84 months
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Competitive interest rates starting at 10.75%
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Completely digital, paperless online process
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Balance transfer of existing Personal Loans and Credit Cards at affordable rates
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Flexible tenure up to
84 months
Marriage Loan
A wedding is a lavish and memorable event. It does not come often in people’s lives, making them celebrate it as if there were no tomorrow. While there is nothing wrong with spending big on a wedding, financial planning is just as important.
It does not make sense to spend on lavish venues and elaborate attires using your hard-earned savings. There are many ways to deal with wedding costs, but using your savings and investments is hardly not the right approach. Marriage loans are much better, as they help realise your dream wedding without interfering with your investment goals.
Many people today use marriage loans to fund their big day. Many banks, including IDFC FIRST Bank, offer affordable personal loan for marriage in India to help cover the expense of your wedding.
Features
Personal loan for marriage is easy to understand and avail. Some of its other top features include:
You can get personal loan up to 1 Crore
Marriage loans at IDFC FIRST Bank attract competitive interest rates. Personal loan for marriage interest rates start at 10.75%, making them one of the most affordable loans in the market.
Salaried individuals can apply for marriage loans. The loan is sanctioned if they meet the eligibility criteria.
Marriage loans can be availed through a digital and paperless process. Once you apply for the loan and your application is approved, the money reaches your account within hours.
You can get flexible terms up to 84 months through IDFC FIRST Bank.
Marriage loans do not need a guarantor. If your papers are valid, the loan amount is sanctioned in your account within hours.
Eligibility
Who Can Apply
Personal loan for marriage eligibility for IDFC FIRST Bank is broken into two categories: personal loans for marriage for salaried individuals and instant personal loans for marriage for self-employed individuals. The eligibility criteria are as follows:
For salaried people
- Age limit: 23 years old at the time of the application
- Maximum age: 60 years or retirement, whichever comes first, at the time of loan maturity
Documentation
The documents needed for applying for a wedding loan with IDFC FIRST Bank include:
- Valid KYC
- RBI Approved Account Aggregator Process/ Bank Statement
- Proof that the business has existed for a minimum period of 3 years (for self-employed applicants)
- Net Banking or Debit Card details to set up e-Mandate
- E-Sign/E-Stamp for faster disbursal
Personal Loan for Marriage - Interest rates and Charges
Personal loan for marriage interest rates and charges at IDFC FIRST Bank are among the most affordable in the country. IDFC FIRST Bank offers marriage loans starting at 10.75% interest. The bank also charges other fees, such as processing fees. It is offered at 3.5% and is deducted from the bank loan for marriage at the time of loan disbursal. EMI bounce charge, which comes up to ₹500, is also applicable each time you miss a wedding loan EMI. Both the duplicate statement of account and duplicate no objections certificate cost ₹500. Document retrieval charges also add up to ₹500 each time the documents need to be retrieved. Also, 5% of the entire bank loan for marriage is charged as foreclosure fees if you decide to foreclose the loan before its time. Lastly, 2% of the unpaid EMI or ₹300, whichever is higher, is charged as an overdue interest.
FREQUENTLY ASKED QUESTIONS
What is a marriage loan?
A personal loan used to fund the expenditures of a wedding is called a marriage loan. The loan amount can be used to fund any aspect of the wedding.
How to apply for a marriage loan?
Once you hit ‘Apply,’ for your wedding loan, you will need to upload a set of documents. After those documents are verified, the loan amount is disbursed in your bank account within hours.
Which loan is best for marriage?
A marriage loan is the best financial tool to fund a wedding.
Can a girl take a loan for her marriage?
Yes, a girl can take a loan for her marriage if she fulfils the eligibility criteria. An applicant must be between the ages of 21 and 58 to be eligible for a marriage loan.
How much money is required for marriage?
Marriages can cost anywhere between a few lakhs to a few crores. It depends on the kind of wedding the bride and groom want to have. On average, an Indian wedding can cost anywhere from ₹8-10 lakhs.
Why should I take a personal loan to fund my wedding?
A personal loan for a wedding ensures that you enjoy the wedding of your dreams without cutting any corners. It also ensures that you do not have to tap into your assets and savings. A loan gives you the opportunity the use the amount you need and then pay it back slowly over time.
Can I foreclose or prepay a marriage loan?
Yes, you can. But you will have to pay a percentage of the total loan amount if you decide to foreclose it. With IDFC FIRST Bank, the foreclosure rate is 5% of the entire loan amount.
