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ICICI Bank Wedding Loan
Marriages are made in heaven, but Indian marriage ceremonies are so lavish and the expenses are very high. Our weddings are considered as one of the most expensive and lengthiest weddings. Each ceremony will take a good half of your life savings. Having said that, everyone wants to make their big day a memorable one. So how can you make the wedding expenses affordable? There are different ways of meeting the wedding expenses and a bank wedding loan is one of them. Many banks provide personal loans for the wedding ceremony and ICICI Bank is one among them.
What is a Wedding Loan?
Wedding loans are merely one of the types of personal loan. This loan can be taken up to meet your wedding expenses. In other words, a wedding loan is an unsecured installment loan which is borrowed for a short period of time and can be repaid within the specific period mentioned by the bank. If you dream of a grand wedding and you do not want to burn all your savings, taking a wedding loan will be a wise idea. The bank will fix the interest rate according to the guidelines. The bank also allows you to repay the amount before the stipulated period.
Features & Benefits Of ICICI Bank Wedding Loan
Fast Disbursal: One of the major features of applying for wedding loans from ICICI Bank is you can get the loan sanctioned within the same business day. Once you provide all the related documents, the bank will process the loan as fast as they can and will credit your savings account with the loan amount within hours. However, most of the time, the amount will get credited once the document verification is done. This feature will help you to continue with your wedding preparations without any delay.
Interest Rate:
When you apply for personal loans , one of the major concerns will be the interest rate. But with ICICI Bank wedding loan, you can be relieved as the interest rate starts from 11.25 % which is comparatively less than other loans. This interest rate may vary as per, your salary, your credit score, etc. It is important to have a good track record with the bank so that you can get the best interest rate when you apply for a loan.
Security: ICICI Bank Wedding Loans are unsecured loans which means, unlike other loans you do not have to give any collateral when you apply for the loan. This loan does not require a guarantor as well. Because of this feature, there is very less paperwork to submit and the processing of the loan happens quickly.
Simple Procedure: Since marriage is a big decision of your life, you would want that to happen in the perfect way. With ICICI Bank wedding loan, you can avoid all those procedures like filling up the application, etc. ICICI Bank accepts the application for wedding loans via their official site, the banking app iMobile, SMS, and through their branches. Less paperwork and procedures save your time so that you can concentrate on the wedding preparations.
Flexible EMI:
ICICI Bank wedding loan allows you to select the EMI as per your earnings. Also, you can decide the loan tenure. If you are confident that you can repay the loan amount within one year, the bank allows you to do so. When you repay the loan before the completion of the tenure, it increases your credit score and thus creates a good track record with the bank.
Loan Amount: When you apply for ICICI Bank Wedding loan, the maximum amount the bank can allow is Rs 20 lakhs. The repayment period of this loan is from one to 5 years. However, if you can repay the loan before the tenure allowed, the bank accepts that as well.
Eligibility Criteria of ICICI Bank Wedding Loan
The eligibility criteria of ICICI Bank Wedding loan depends on the age, salary, etc.
- The minimum age for applying ICICI Bank Wedding loan is above 23 years
- The minimum income required for applying ICICI Bank Wedding loan is Rs 15,000. However, it can change as per employment type and employment status
- To apply for ICICI Bank Wedding loan, the person should have been employed for at least 2 years
- The customer should have a successful credit score to apply for ICICI Bank Wedding loan.
Additional Information on ICICI Bank Wedding Loan
- Minimum documentation is required for applying for ICICI Bank Wedding loan
- The borrower can get a loan up to Rs 20 lakhs
- The interest rates are less compared to other loans
- To apply for ICICI Bank Wedding loan, the borrower does not have to give any security or collateral security
- The procedures to apply for the wedding loan is quick and easy.
How to apply for ICICI Bank Wedding Loan?
There are 4 ways to apply for ICICI Bank Wedding loan. They are
Internet Banking or Official Website: If you plan to take the wedding loan from ICICI, then the easiest and quickest way would be applying through the official website of the bank. If you are already a customer, it will be easy for the bank to fetch your details from the database. If you are a new customer, you can fill out the details they ask for, so that they can check your eligibility. Once your eligibility is confirmed, the rest of the process will include updating the documents necessary for sanctioning the loan such as proof of address, identity, salary certificate, etc.
iMobile: The banking app is one of the fastest ways to do banking whenever you like. You can apply for ICICI Bank Wedding loan via this app and this reduces the paperwork as well.
Branch Visit: ICICI Bank Wedding loan can be availed from one of the branches across the country. If you prefer talking to a person, then you can just walk into the nearest branch and the customer service associates will help you understand the loan and clarify your doubts.
SMS: You can send an SMS in the format PL to 5676766, and a customer service associate will call you. You can check with them about the different types of wedding loans available.
Documents Required for ICICI Bank Wedding loan
To apply for the ICICI Bank Wedding loan, the bank will require the following documentation
Proof of Identity such as
- Voters ID
- Passport
- Driving License
- PAN Card
- Aadhar Card
- Ration Card
- National Rural Employment Guarantee Act (NREGA) Job Card
Proof of address such as
- Driving License
- Passport
- Ration Card
- Water/Electricity/Telephone bill
- Rental Agreement
- Aadhar Card
- Voter’s ID
Proof of age such as
- School leaving certificate
- Birth Certificate
- PAN Card
For salaried individuals, the borrower needs to submit the salary certificate, form 16, or bank statement showing the salary amount.
For self-employed or professionals, the bank requires the Income Tax Returns for the last 2 years and other financial statements.
FAQs on ICICI Bank Wedding loan
1. What is the interest rate of ICICI Bank Wedding loan?
The interest rate of ICICI Bank Wedding loan is 11.25 % onwards.
2. What is the maximum amount allowed as a wedding loan from ICICI Bank?
The maximum amount allowed as a wedding loan from ICICI Bank is Rs 20 lakhs.
3. Is there a fixed marriage amount under ICICI Bank Wedding loan?
No, the wedding loan amount is not fixed under ICICI Bank Wedding loan. Each loan request is different and the loan amount is decided after taking into consideration the borrower’s credit rating, salary, etc.
4. What are the factors that can affect the approval on the wedding loan?
The bank requires all the correct documentation such as address proof, income proof, etc. Along with that, it is important that you have a good credit rating so that you can get a good interest rate. If your credit score is not within the norms, then there are chances that your interest rate will be slightly high or even the bank can reject the loan application.