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Bank of Maharashtra Personal Loan for Wedding
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Reviewed ByPlanning your dream wedding can be an exciting yet financially demanding journey. But worry not. Let Bank of Maharashtra’s Wedding Loan help you turn your vision into reality! This convenient personal loan scheme, part of the broader Mahabank Personal Loan program, caters specifically to funding your wedding expenses. BOM understands the importance of your special day and ensures a quick and hassle-free loan-sanctioning process, making it easier for you to manage everything from venue bookings to lavish receptions without any financial constraints. Let the Mahabank Personal Loan scheme be the foundation upon which you build the wedding of your dreams, ensuring every moment is cherished, and every detail is perfect. Start your happily ever after on a stress-free note with the Bank of Maharashtra’s personal loan for a wedding. Let’s make your dream wedding a beautiful reality!
Benefits of Bank of Maharashtra Wedding Loan
A wedding loan by Bank of Maharashtra offers several benefits, including:
- Low-Cost EMI
- No Collateral
- Higher Loan Amount
- Simplified Disbursement of Loan
- Minimal Documentation
- Lowest Processing Fee
- No Hidden Charges
- No Prepayment Penalty
Why Choose Bank of Maharashtra for Wedding Loans?
When you choose the Bank of Maharashtra personal loan for a wedding, you can expect a seamless combination of financial assistance and flexibility. This ensures that your special day is not only unforgettable but also manageable. With competitive interest rates, the bank minimises your repayment burden, making it a cost-effective solution for all your wedding expenses. The approval and disbursal process is quick, allowing you to proceed with your plans without unnecessary delays. This ensures that every aspect of your dream wedding is executed perfectly. Additionally, the bank offers flexible repayment options and requires minimal documentation, providing a stress-free borrowing experience. The Bank of Maharashtra’s commitment to personalised customer service further adds to its appeal, making it the ideal choice for financing your wedding. This is supported by the trusted legacy of Mahabank’s Personal Loan scheme.
Personal Loan for Wedding Interest Rates & Charges
The Bank of Maharashtra personal loans for wedding online interest rates and charges follow.
| Charge Type | Amount |
| Loan Amount | Up to 20 Lakhs |
| Loan Tenure | Up to 84 Months |
| Interest Rate | Starting from 10.00% |
| Processing Fee | 1.00 % of the loan amount + GST |
Tips for Getting a Bank of Maharashtra Wedding Loan
Getting a wedding loan from the Bank of Maharashtra might be simple if you prepare beforehand. The following advice will assist you in completing the application and improve your chances of acceptance:
- Check your credit score.
- Be prepared with all required documents.
- Consider your current financial obligations, such as loans or credit card debts.
- Understand the loan terms.
- Apply with a co-applicant
Eligibility Criteria of Bank of Maharashtra Loan for Wedding
The Mahabank Personal Loan offered by the Bank of Maharashtra does not impose strict eligibility requirements. Here are the eligibility conditions that need to be met to obtain a wedding loan from the Bank of Maharashtra:
- Age: 21-60 Years
- Minimum Annual Income: 3 Lakhs.
- Salaried, self-employed individuals and existing home loan borrowers are eligible for a personal loan.
Documents Required for Wedding Loan Application
| Category | Document Type | Description |
|---|---|---|
| Identity Proof (Any one required) | Election ID Card | Issued by the Election Commission of India |
| PAN Card | Issued by the Income Tax Department | |
| Aadhar Card | Issued by the Unique Identification Authority of India (UIDAI) | |
| Driving License | Issued by the Regional Transport Office (RTO) | |
| Photo ID issued by the current Employer | Issued by your employer with your name and photo | |
| Passport | Issued by the Ministry of External Affairs (MEA) | |
| Residence Proof (Any one required) | Electricity Bill | Not older than 3 months |
| Election ID Card | As mentioned above | |
| Telephone Bill (Landline) | Not older than 3 months | |
| Aadhar Card | As mentioned above | |
| Driving License | As mentioned above | |
| Income Proof (Salaried Individuals) | Original/Certified copy of salary slips | For the past 3 months |
| Copies of IT returns or Form 16 | For the last 2 years | |
| Undertaking from employer (optional) | For remittance of monthly instalments | |
| Bank Account statement | For the last 6 months (if not with the lending bank) | |
| Income Proof (Non-Salaried Individuals/Businessmen/Professionals) | IT returns | Last 3 years, including computation of income, profit and loss account, balance sheet, audit report (if applicable) |
| Shop Establishment Act | Registration certificate (if applicable) | |
| Tax Registration Copy | (e.g., GST registration) | |
| Company Registration License | (if applicable) | |
| Bank statement | For the past year |
Things to Consider While Taking a Wedding Loan
There are certain things you might consider while taking a Bank of Maharashtra personal loan for a wedding:
- Interest Rates and Fees
- Repayment Plan
- Loan Amount
- Credit Score
- Terms and Conditions
How to Apply for a Wedding Loan
To apply for a wedding loan from the Bank of Maharashtra, visit Urban Money’s official website at www.urbanmoney.com. Once there, go to the ‘Loan’ section and select ‘Personal Loan’. This will take you to a page specifically for personal loans. Scroll down to find a list of well-known banks in India. Look for ‘Bank of Maharashtra and click on the ‘Enquire Now’ option. A form will appear on your screen. Fill in your name, mobile number, and city in the appropriate fields. Shortly after, you will receive a 6-digit OTP on your phone. Enter the OTP and click ‘Submit’. Within 24 hours, one of our loan experts will contact you to discuss your loan request with your preferred bank.
Frequently Asked Questions (FAQs)
How much can I borrow with a personal loan for a wedding?
You can borrow up to ₹20 Lakh with the Bank of Maharashtra personal loan for a wedding.
How long does it take to get a Bank of Maharashtra personal loan for a wedding?
The processing time for a Bank of Maharashtra personal loan for a wedding can vary. Still, typically, it takes about 7 to 14 days from the application submission to loan disbursal, provided all necessary documents are in order and the applicant meets the eligibility criteria.
Do I need a bank account to get a personal loan for a wedding?
Yes, having a bank account is required to get a personal loan for a wedding, as it facilitates the loan disbursal and repayment process.
What is the credit score requirement for a Bank of Maharashtra personal loan for a wedding?
To qualify for a personal loan from the Bank of Maharashtra for a wedding, one must normally have a good credit score, roughly 650 or above.
What is the tenure for the Bank of Maharashtra personal loan for weddings?
Bank of Maharashtra provides personal loans with flexible repayment periods of 12 to 84 months, catering to the needs of individuals seeking loans.
