ICICI Bank wedding loan explained: Interest rates, eligibility, and documents

As wedding related expenses continue to rise in the country, many couples are actively exploring financial resolutions to manage costs efficiently.

ICICI Bank provides for marriage loans, to help aspirational borrowers in helping them meet various wedding related expenses from venue booking to attire, catering etc.

What is a marriage loan?

A marriage loan is also known as a wedding loan. It is a type of a personal loan which is designed to assist individuals who require funds to cover the expenditure related to their weddings.

This particular type of loan covers broad expenses such as decorations, jewellery, venue bookings, catering, bridal attire among other associated expenses.

ICICI Bank provides eligible applicants the opportunity to secure a collateral free marriage loan of up to ₹50 lakhs depending on all such applicants meeting the required eligibility criteria.

Here are six simple step by step guide through which you can avail an ICICI Bank marriage loan online in seamless fashion:

1. Check and verify your eligibility: Visit the ICICI Bank Personal Loan page to clearly understand your eligibility based on several different factors such as age, monthly income, repayment capacity, credit history, credit score along with other associated factors.
2. Calculate EMI carefully: Once you are clear with the eligibility part, do calculate the applicable EMI as per your loan application. You can also utilise the personal loan EMI calculator provided by ICICI Bank to determine your monthly repayment amount. This will give you a clear idea about the total money that you will end up paying upon the completion of your loan tenure.
3. Fill the application form, avoiding errors: Complete the online application by providing the correct and accurate personal, professional, and financial details. Do ensure that no detail is missed or incorrectly added because this application will form the basis of your entire interaction with the bank.
4. Upload and submit documents: You should also ensure that you submit all the necessary documents such as identity proof (Aadhaar Card), PAN Card, driving license, address proof, and income proof i.e., salary slips or bank statements for the last three months as requested by the bank.
5. Verification and loan clearance process: Once the process of application submission is complete from your end, then ICICI Bank will verify the submitted information and documents. If there will be any discrepancies you will be informed by the bank. If everything will be as per the requirements your loan will be approved and you will be informed by the bank in this case as well.
6. Disbursal of the loan: Upon approval, the loan amount, ranging from ₹50,000 to ₹50 lakh as per your loan request application, will be disbursed to your account generally within 72 hours.

Key features of ICICI Bank marriage loans

• Total loan amount: The bank provides a loan of up to ₹50 lakh, depending on eligibility of the applicant.
• Applicable interest rates: These loans start from 10.85% per annum.
• Flexibility in repayment tenure: The bank also provides for flexible repayment options ranging from 12 to 72 months.
• No need for any collateral: No collateral or guarantor required while availing a marriage loan from ICICI Bank.
• Usage of these funds: Funds availed under this loan product can be used for various wedding expenses without any end-use restrictions.

Note: The interest rates, terms and conditions discussed above are illustrative in nature. For the updated terms, conditions and interest rates applicable in your case refer to the official website of ICICI Bank and discuss your doubts with a designated customer service executive.

Basic eligibility criteria

• Age: Applicants should be between 21 and 58 years old.
• Employment: Both salaried individuals and self-employed professionals with a regular income are eligible, provided they have proof of the same during application submission.
• Credit score: A good credit history and a high credit score is preferred.

For more details, clarifications and resolution of doubts related to marriage loans offered by ICICI Bank, visit the official website of the bank.

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