Indian weddings are elaborate, grand celebrations and they also come with huge expenses. A wedding has big ticket items like venue, catering, décor, bridal clothes and jewellery, amongst several other small expenses that can add up quickly. These expenses can be managed well with a little financial planning and without dipping into long-term savings, and by taking a marriage loan.
In this article, we explore a step-by-step guide on what it entails to get a marriage loan.
Step 1: Understand what a marriage loan is
A marriage loan is an unsecured personal loan, where no collateral is deemed necessary. This loan goes towards the varied wedding expenses. Approval, loan amount and interest rates are highly dependent on the borrower’s credit profile, income consistency, and repayment history.
Step 2: Check your eligibility before applying
Applicants must ensure they are suitably eligible for a marriage loan by checking the lender’s website.
Typical eligibility criteria include:
- Age
- Salaried or self-employed
- Income proof
- Latest bank statements
- Debt-to-income ratio
- Credit score above 750
- Credit repayment history
Meeting these criteria can help get competitive marriage loan interest rates from lenders.
Step 3: Keep your documents ready
Having documents ready at the time of application can significantly speed up the approval process. Most lenders require these common documents:
- Aadhar card
- PAN details
- Address proof
- Identity proof
- Income proof
- Tax returns
- Recent bank statements
Digital-first options like FIRSTmoney by IDFC FIRST Bank provide a 100% paperless personal loan for marriage. All you need is your PAN and Aadhaar number for application, and display your original PAN card during video KYC. There is no need to upload any documents.
Step 4: Estimate repayments using an EMI calculator
Applicants must use an EMI calculator to get a clear number of what their monthly obligation to the bank will be.
EMI calculators can be used to:
- Compare different loan tenures
- Compare different interest rates
- Compare different lenders
Comparing multiple scenarios allows you to borrow responsibly without any financial burden after the wedding.
Step 5: Compare interest rates and loan terms
Interest rates play a major role in the overall cost of the loan, even a small adjustment in rate can significantly impact the total interest cost on the overall loan.
Banks like IDFC FIRST Bank offer wedding loans through their FIRSTmoney offering, of up to ₹15 lakhs at 9.99% annually for a tenure of 9 months to 5 years.
Step 6: Apply through a digital or branch process
Most banks now offer a 100% digital application process, allowing borrowers to apply online, upload documents, and track application status without visiting a branch.
Digital applications save time, are completely paperless and can get approved within a matter of a few minutes, which can be greatly helpful during hectic wedding preparations. With a FIRSTmoney smart personal loan, you can get funds for your marriage in as little as 30 minutes. You also have the option to withdraw funds from your approved loan offer, as and when you need. You have to pay interest only on the amount you withdraw.
Dos and don’ts when taking a marriage loan
Listed here are some practical tips while taking a marriage loan
Dos
- Avoid over-borrowing
- Select an EMI that does not add strain on your finances
- Maintain a buffer for the expenses
- Repay the EMI on time for a good impact on your credit score
Don’ts
- Avoid taking more credit than you can afford
- Make multiple loan applications, as they can negatively impact your credit score temporarily
- Miss any EMI payments
Step 7: Choose a correct lender
A reliable lender will add to your celebrations by giving you a marriage loan that has competitive interest rates, a transparent fee structure and repayment flexibility. Institutions like IDFC FIRST Bank offer structured marriage loans through digital-first options like FIRSTmoney with EMI calculators, clear eligibility criteria, and straightforward repayment schedules, making the borrowing process easier to manage.
A marriage loan can ease the financial pressure of wedding expenses when planned responsibly. Understanding eligibility, preparing documents, calculating EMIs, and comparing interest rates are key steps to borrowing smartly.
With proper planning and the right lender, you can focus on celebrating the occasion while keeping your long-term finances secure.
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