Where Should I Get a Personal Loan for Wedding?

As wedding is a once in a lifetime event, everyone wishes to make his or her wedding a memorable occasion. All of us want to hold a lavish, glamorous wedding memory of which we can cherish always. However, sometimes the cost of wedding exceeds the budget due to growing inflation. In such a situation, a personal loan can be the appropriate solution to cover wedding-related expenses. 

What is a wedding loan?

Personal loans are unsecured in nature and can be used for whatever purpose a borrower wants to use. You can use a personal loan for wedding-related cost, home renovation, travel, credit card payment, child’s education, big-ticket purchase and many other purposes. Personal loan used for the wedding is known as a wedding loan. Borrowers can use the loan amount for the purchase of branded outfits, invitation cards, decoration, accommodation, catering, transportation, banquet booking, and jewellery shopping. 

All leading institutions like banks and NBFCs (Non-Banking Finance Companies) extend wedding loan in India under the umbrella of a personal loan. You can apply for a wedding loan online or by visiting the nearest branch of a bank. 

Where should you get a personal loan for a wedding?

While all lenders offer a personal loan, some of them offer exclusive offer. ICICI Bank is one of the lenders that offer a customised wedding loan at a competitive interest rate with minimal documentation. 

ICICI Bank personal loan for wedding

ICICI Bank is one of the best personal loan lenders in India. It offers personal loans for a wedding at competitive interest rates. ICICI Bank has customised personal loan for the wedding. Based on your eligibility, you can get a personal loan up to Rs. 20 lakh for up to 60 months. 

Why should you get a personal loan from ICICI Bank?

Online application: The procedure of applying for a personal loan at ICICI bank is completely online. Apply for the loan online by filling some KYC details and submitting supporting documents. Within a couple of seconds or minutes, the eligible customer will get approval from the bank. You can check the ICICI Bank personal loan status Online.

Minimal documentation: ICICI Bank personal loan application needs minimal documentation. You can apply for the loan with a few details about you and your profession. 

Higher loan amount: ICICI Bank personal loan amount ranges Rs. 50,000 to Rs. 20 lakhs. Borrowers can get the loan amount based on their needs. Use ICICI Bank personal loan EMI calculator to know the EMI you will need to pay per month.

Flexible loan tenure: Based on their repayment capacity, borrowers can choose the repayment tenure ranging from 12 months to 60 months. 

Quick disbursal: Pre-approved customer of the bank can get disbursal in just 3 seconds after completion of online verification. Other customers can get the loan disbursal in a few hours. 

Attractive interest rates: ICICI Bank personal loan is available at competitive interest rates, starting from as low as 11.25% per annum. The interest will be applied on a reducing balance i.e. interest will be computed on the outstanding principal every month.

Loan balance transfer facility: Personal loan customers can shift their personal loan from the existing lender to ICICI Bank to get attractive interest rates, reduced EMI, and to-up loan facility.

ICICI Bank personal loan interest rates 

Interest rate 11.25% – 17.99% p.a.
Prepayment charges 5% of outstanding balance + GST
Processing charges Up to 2.25% of loan amount + GST
Loan amount From Rs. 50k to Rs. 20 lakh 

ICICI Bank personal loan EMI calculator

When you apply for a personal loan for wedding, use ICICI Bank personal loan EMI calculator to find out the instalment you will be paying per month over the loan tenure of your choice. It is very simple to use ICICI Bank personal loan EMI calculator. You need to enter some inputs like loan amount, number of years or months you want to get the loan and rate of interest applicable.  

Who can apply for ICICI Bank personal loan for the wedding?

All salaried individuals and self-employed professional and non-professional can apply for a wedding loan from ICICI Bank. Applicants need to meet the following criteria to get a wedding loan:

Age Limit: Any salaried person within the age limit of 23 – 58 years and self-employed individuals 25 – 65 years can apply for a wedding loan.

Monthly Income: Monthly income varies from city to city. For salaried applicants living in Mumbai & Delhi Rs. 25,000; and Rs. 20,000 per month for applicants residing in Chennai, Hyderabad, Bangalore, Pune and Kolkata. Elsewhere it is Rs. 17,500 per month. For self-employed professionals, minimum turnover of Rs. 15 lakh and for self-employed non-professionals and Rs. 40 lakh. 

Employment Status: All salaried employees and self-employed individual alike who are getting a regular income for minimum past 2 years are eligible to apply for ICICI Bank personal loan. 

Good Credit Store: CIBIL score is one of the most important factors to get a personal loan. Typically, a credit score between 750 and 900 is considered suitable for a personal loan. Higher the credit score, the better it is for you.

Documents required to apply for a personal loan

For salaried person

  • Proof of identity: Voter’s ID / PAN Card / Passport / Aadhaar Card / Driving License
  • Proof of residence: Utility Bills like Electricity Bill/ Water Bill / Telephone Bill (not more than 3 months old)/ Leave and License Agreement
  • Salary slips for last 3 months
  • Bank statement for at least last 3 months showing salary being credited 
  • Passport size photographs

For self-employed individuals

  • Identity proof: Passport / Driving License / Aadhaar Card/ PAN Card
  • Residential proof: Utility Bills like Electricity Bill/ Water Bill / Telephone Bill (not more than 3 months old)/ Leave and License Agreement
  • Date of birth proof
  • Office address proof
  • Income proof: Financials for the last 2 years audited by the competent authority like CA
  • Bank statement for the last 6 months
  • Proof of office ownership
  • Proof of continuity of business

ICICI Bank is one of the leading banks in India. The Bank is known for integrity, transparency and excellent customer service. After applying for a personal loan for the wedding, you can check the ICICI Bank personal loan status online. 

For any help related a personal loan, you can get in touch with the bank by filling a simple form on the bank’s website. 

Read More: Which is the Best App to Get a Personal Loan up to 1 Lakh?

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