Marriage Loans

Marriage Loans

Wedding are a time for family jubilation. No stone is left unturned to make wedding functions complete success. Marriage loans are gaining popularity in both rural as well as urban areas. Such a loan can also be availed under the personal loans category.

Maximum Amount of Marriage Loans Provided:

The maximum amount of loan varies form customer to customer,depending on a number of factors like, security/collateral offered by the customer, repayment capacity of the borrower, age of the borrower. Repayment can be done through monthly/quarterly/half yearly installments or under Equated Monthly Installments or EMI.

Interest Charged by Banks on Marriage loan:

The rate of interest is governed by the prevailing market rate at the time of loan taken. Fixed interest rates are generally preferred by customers.

Process of Marriage Loans Application:

Anyone can apply for a marriage loans by filing a form at the bank outlet. The banks charge a nominal amount as processing fee, this can vary in banks.

Documents Required for Marriage Loans Approval:

Salaried Individuals:

1. Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
2. Address Proof (Ration card Tel/elect. Bill/ / Passport copy)
3. Bank Statements(latest 6 months bank statement /passbook)
4. Latest salary slip or current dated salary certificate with latest Form 16
   

Self Employed Professionals and Businessmen:

1. Proof of Identity (Passport Copy/ Voters ID card/ Driving License).
2. Address Proof (Ration card Tel/electricity Bill/ Passport )
3. Bank Statements(latest 6 months bank statement /passbook)
4. Latest ITR along with computation of income
   
   , B/S & P&L a/c for the last 2 yrs. certified by a CA
5. Qualification proof of the highest professional degree
6. Proof of continuation (Trade license /Establishment /Sales Tax certificate)
7. Other Mandatory Documents(Sole Proprietorship. Declaration. Or Certificate. Copy of Partnership Deed,Cert. Copy of MOA, AOA & Board resolution.)

List of Some of Banks Providing Marriage Loans:
Bank of Baroda - Baroda Loan Scheme For Marriage
UCO Bank - UCO Cash
HSBC Bank - Loan Amount For Marriage

source : http://www.surfindia.com