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Weddings can be an expensive affair in India and to deal with all the expenses without any stress, you can apply for Indian Bank Marriage Loan. If you are a salaried individual or a pensioner, you can avail this unsecured loan and can pay for key wedding expenses like venue booking, dress, accommodation, jewelry, invitation cards, decoration, etc. If you meet the eligibility criteria, you can easily apply for Indian Bank Marriage Loan and get quick access to funds at reasonable interest rates.
Table of Contents
Indian Bank Marriage Loan Interest Rates
The following are the interest rates for Indian Bank marriage loans for various applicant types:
| For employees of Government
organizations/ State Government/ PSUs & Central and for Salaried individuals of reputed Private Sector/ other reputed organizations approved by respective Zonal Office |
If Check-off facility &
undertaking by the employer is available |
10.35% p.a. |
| If Check-off facility &
undertaking by the employer is not available, but salary is credited with the bank |
10.95% p.a. | |
| For Housing Loan Borrowers (Salaried Class) | Where applicant’s salary is credited to Indian Bank salary account | 10.35% p.a. |
| For pensioners | Repayment within 12 months | 11.90% p.a. |
| Repayment over 12 months and up to 36 months | 12.65% p.a. | |
| Repayment over 36 months and up to 60 months | 12.90% p.a. |
Comparison of Indian Bank Marriage Loan VS Other Lenders
The subsequent table compares the marriage loan from Indian Bank to comparable unsecured loans from other leading banks:
| Banks/NBFCs | Interest Rates(p.a.) | |
| Axis Bank | 11.25% onwards | Apply Now |
| IndusInd Bank | 10.49% onwards | Apply Now |
| IDFC First Bank | 10.99% onwards | Apply Now |
| HDFC Bank | 10.85% onwards | Apply Now |
| ICICI Bank | 10.85% onwards | Apply Now |
| Kotak Mahindra Bank | 10.99% onwards | Apply Now |
| Tata Capital | 11.99% onwards | Apply Now |
| Federal Bank | 12.00% onwards | Apply Now |
| DMI Finance | 12.00% - 40.00% | Apply Now |
| L&T Finance | 12.00% onwards | Apply Now |
| Kreditbee | 16.00% - 29.95% | Apply Now |
| MoneyTap | 13.00% onwards | Apply Now |
| Piramal Finance | 12.99% onwards | Apply Now |
| Aditya Birla | 10.99% onwards | Apply Now |
| Moneyview | 14%-36% | Apply Now |
| Cashe | 27.00% onwards | Apply Now |
Apply for Personal Loan with Quick Disbursal <strong>Click Here</strong>
Fees and Other Charges
The following are key fees and charges other than interest charges for a marriage loan from Indian Bank:
| Processing Fees | For salaried employees | 0.512% of loan amount with a minimum of Rs. 512. |
| For pensioners | Nil for loans upto Rs. 25,000. Rs. 255/- for loans above Rs. 25,000/- |
Eligibility Criteria of Indian Bank Marriage Loan
| Type of Individual | Particulars of Applicant | Eligibility Criteria |
| Salaried Individual | Work Experience | Permanent employees with at least service/experience of 3 years with Govt./ Quasi -Govt./ Endowments/ Boards/ Corporate Industrial Establishments/ reputed companies etc. |
| Security | · Employer’s sponsorship
· Authorisation to debit SB account or · Encashable collateral security and/ or Third party guarantee · Post-dated cheques |
|
| Guarantee | Guarantee of spouse (wherever applicable) & another employee | |
| Pensioner | Pension Type | State & Central Government Pensioners, Re-employed Pensioners, Family Pensioners, Indian Bank Retirees (both under superannuation & VRS) whose Pension SB accounts are maintained with the bank |
| Security/ Documents | · Authorization to recover monthly loan instalment from SB Account where pension is credited
· Guarantee of spouse eligible for family pension. In the absence of spouse, the guarantee from the legal heir or family member/ third party guarantee (acceptable to bank) · Pensioner’s portion of PPO |
Documents Required for Indian Bank Marriage Loan
The basic documents required to apply for Indian Bank Marriage Loan are:
- Identity Proof: A copy of your Aadhaar Card/ Driving License/ PAN Card/ Voter ID Card, etc.
- Income Proof: Salary Slips/ Bank Account Statements
- Address Proof: A copy of your Utility Bills (Electricity Bills, Phone Bills)/ Ration Card/ Aadhaar Card/ Voter ID Card, etc.
Additional documents required for salaried individuals:
- ITR/Form 16
- PAN (mandatory)
- Authorisation to debit SB account/ECS/NACH mandate
Additional documents required for pensioners:
- Authorization to recover monthly loan installment from SB Account where pension is credited
- Pensioner’s portion of PPO
- Guarantee of spouse eligible for family pension. In the absence of spouse, the guarantee from the legal heir or family member/ third party guarantee (acceptable to bank)
EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
Personal Loan at Attractive Interest Rates Apply Now
Indian Bank Customer Care
- You can call the national toll free numbers 1800-425-00-000 or 1800-425-4422.
- You can visit the nearest branch of the bank.
FAQs
Q1. What would be my interest rate if I wish to apply for Indian Bank Marriage Loan?
The interest rate offered by Indian Bank starts from 9.40% p.a. and varies from individual to individual depending on his age, credit score, repayment history, etc.
Q2. I am a self- employed individual. Is it possible for me to apply for Indian Bank Marriage Loan?
No, Indian Bank Marriage Loan is offered only to salaried individuals and self- employed individuals.
Q3. Is it important to have a bank account with Indian Bank to apply for Marriage Loan?
If you are a salaried individual, you don’t need a bank account with Indian Bank to apply for a marriage loan. However, if you are a pensioner, it is necessary to have a pension account with the bank to avail a marriage loan.
Q4. Are there any processing fees to avail personal loan from Indian Bank?
Yes you have to pay processing fees of up to 0.512% to avail a personal loan from Indian bank.
Q5. Do pensioners get any concession on Indian Bank personal loans?
Yes processing fees are nil for pensioners opting for Indian Bank personal loans up to Rs. 25,000.
Q6. How soon will my loan application be processed?
Indian Bank typically processes and disburses a personal loan application between 2-5 days from receipt of completed application along with required documents. However, in some cases approval may take a longer time depending on the applicant profile, loan amount, etc.