You know how much money is spent on a wedding these days. So where will this much money come from, we will tell you all this in this post.how to take marriage Loan
In today’s time, the expense of marriage has reached lakhs. If you look at a good venue hall, it costs at least Rs 5 lakh. Gold prices are already sky high.Apart from this, the expense of clothes and gifts also runs into lakhs. In such a situation, it is not easy for a common working person to bear the expenses of marriage.But if there is a wedding at home, there is no need to worry. If you need a huge amount of money for a wedding, then these three easy ways are available to you.
Marriage Loan against PF i.e. Marriage loan against provident fund
If you work, you can take a loan against your EPFO account. According to the rules of EPFO, if you have completed 7 years of service i.e. you have been contributing to PF for 7 years.Then, one can withdraw 50% from EPFO for the family marriage of one’s own, son, daughter, brother or sister etc.
Marriage Loan on LIC Policy
Generally FD and LIC policy are used for marriage. Yes, it takes a long time. But now if you want, you can take a loan using LIC policy.
Rules for taking loan against LIC policy
Loan facility is available on many LICpolicy ? If this facility is available on your policy, you can take 80 to 90% of the surrender value of your policy as a loan.While giving loan against the policy, the insurance company pledges your policy. To take loan against policy, you can apply both online and offline.
marriage loan from bank
If you need more money for marriage then you can choose the option of marriage loan from banks. This is similar to a personal loan. For this, your salary and credit score are seen.
Anyone can take a loan ranging from Rs 50,000 to Rs 20 lakh for marriage. If the salary amount is high then you can also apply for this higher loan. You can get time ranging from 12 months to 60 months i.e. up to 5 years to repay the loan.
Rules for taking loan from Bank
You can take loan for as many years as you want to pay the EMI as per your requirement. To take a loan, your age should be between 21 to 60 years. The bank will immediately tell you how much loan you will get against how much salary.
To easily get the loan, your CIBIL score should be at least 700. If it is less than this, banks will be reluctant to give loan. Banks also charge loan processing fee of 1.5% to 2.5% on the loan. You can apply for this through online and offline mode.
Requriment for marriage Loan from bank
- Passport size photo
- Id Proof :- Aadhaar card,Pan Card, Passport, Voter ID
- Address Proof :- Aadhaar card, Electricity bill,Gas bill
- Office Id card
- Last 3 Month salary slip
- ITR File Form 16
Nowadays some banks ask for marriage card or some important things for it so that they can know that the loan is being taken only for marriage.You can apply for a loan if you have so many documents. If everything goes well and the bank finds everything okay then the loan amount will be credited to your account within a week.
For this, different banks including private banks and government banks have their own interest rates. Generally the bank can charge 11% to 20% interest on it. So make a little request and apply in a bank with low interest rate so that you do not have to pay much money to repay the loan.
