Kotak Personal Loan for Wedding

Amidst the hustle- bustle of weddings, finances are the most difficult thing to manage. Weddings in India are expensive affairs. However, with Kotak Bank’s marriage personal loan, wedding planning gets simplified like never before. High loan amounts at customer-friendly terms and conditions help borrowers make their wedding day the most important event of their lives. 

Kotak Bank loans for wedding functions are just like any other personal loan. Borrowers can avail of the loan for long terms without making any collateral submissions. Keep reading as we discuss the Kotak Bank wedding loan interest rate, eligibility, application process and more. 

Benefits of Kotak Bank Wedding Loan

Wedding Loans by Kotak Bank come with a range of advantages. Here are some of its highlighting features:

• Loan amounts ranging from 50,000 to 40 lakhs.
• Loan Tenure up to 6 years
• No Collateral Submissions 
• Funds can be used for all wedding expenses

Why Choose Kotak Bank for Wedding Loans?

Kotak Bank is among India’s most reliable private-sector banks. Banking with Kotak Mahindra offers:

• Quick Disbursals
• Easy Application
• Competitive Interest Rates
• Minimal Documentation
• Easy Eligibility 

Personal Loan for Wedding Interest Rates & Charges

The Kotak Bank wedding loan interest rate and other charges are as follows:

Interest Rate	10.99% p.a. onwards
Processing Charges	Up to 3% of the loan amount (plus taxes)
Pre-payment charges	Rs. 500 plus taxes
Bounce/ EMI dishonour charges	Rs. 500 plus taxes
Interest on outstanding EMI	3% per month on the outstanding instalment
Stamp Duty Charges	As per the State’s Stamp Act

Tips for Getting a Kotak Bank Wedding Loan

Here are some practical tips to follow while borrowing a Kotak Bank marriage personal loan:

• Apply only for amounts which are within your repayment capacity
• Go through all the additional fees and charges. 
• Maintain high credit scores to get faster approvals.
• Compare the offer with other banks. 
• Carefully read the loan agreement before signing

Eligibility for Kotak Bank Loan for Wedding

The Kotak Bank Wedding Loan eligibility criteria is as follows:

1. Eligible Candidates: Self-Employed/ Salaried Individuals
2. Age Limit: 21-60 years
3. Minimum Qualification: Graduation
4. Minimum Monthly Income: Rs. 30,000 (net)
5. Minimum Work Experience: 1 year

Documents Required for Wedding Loan Application

The Kotak Bank Wedding Loan document requirements are listed below:

• ID Proof: Aadhar Card/ PAN Card/ Voter’s ID
• Residence Proof: Aadhar Card/ Passport/ Driver’s Licence
• Bank Statements of the last 3 months
• Salary Slips/ Business Returns of the last 3 months
• 2-3 Passport size photographs

What Are the Things to Consider While Taking a Wedding Loan?

One’s financial circumstances are among the most important things to consider while borrowing a loan. An applicant should seek only as big a loan as can be easily repaid by them. As a thumb rule, one should ensure that not more than 30-40% of their income is directed towards loan EMIs. While borrowing a loan for wedding expenses, applicants should refrain from overborrowing to avoid future burdens.

Apart from these factors, interest rates, monthly instalments and additional fees charged by the bank are other important factors to consider.

How to Apply for a Wedding Loan

Urban Money offers complete assistance to Kotak Bank marriage personal loan seekers. From filing the application form to submitting the right documents, our experts guide you through every step. Simply contact us at 1800 208 3344 to get a prompt response.