RBL Bank Wedding Loan

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Hepson Franklin

Hepson Franklin is a seasoned financial expert and accomplished writer specialising in Financial Services, Investments, Loan Assessments, Mutual Funds, Banking & loan products. With a wealth of experience in the financial industry, he has established himself as a trusted voice, providing invaluable insights and guidance to both seasoned investors and those new to the world of finance. With a comprehensive understanding of the intricate facets of the financial landscape, he is dedicated to demystifying complex financial concepts for readers of all backgrounds.

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Amit Prakash Singh

Co-Founder, Square Yards & Chief Business Officer, Urban Money

Amit Prakash Singh is the Chief Business Officer at Urban Money. With over nine years of experience at Square Capital, he has played a crucial role in establishing it as one of India's premier loan advisory services. Amit's deep financial insights and extensive knowledge have driven significant business growth and strategic advancements. He has successfully built and managed large sales teams, optimised costs, and created leaders within the industry. Amit's financial expertise and strategic vision are key to the ongoing success and expansion of Square Yards and Urban Money.

Planning the perfect wedding can be a bit like chasing a dream, right? Well, at RBL Bank gets you. They know you want your big day to be fantastic without any financial hassles. So, explore the realm of Wedding Loan with Urban Money. We have collected all the information and made a cocoon of all the information, so you can cosy and absorb all the information related to your dream wedding.

Benefits of RBL Bank Wedding Loan

The benefits of an RBL Bank Wedding Loan include:

Borrow up to INR 20 lakhs to cover various wedding expenses.
Enjoy convenient repayment options ranging from 12 to 60 months.
No need for collateral.
Experience simplified and quick documentation for faster loan approval.
Benefit from competitive and attractive interest rates starting at 14%.
Use the loan for various wedding-related expenses, including venue, jewellery, and other costs.
After 12 EMIs, there are no foreclosure charges if using your own funds.
Existing RBL Bank account holders may receive pre-approved offers and favourable interest rates.

Personal Loan for Wedding Interest Rates & Charges

Here is a list of additional charges that you might need to face alongside the interest rate on the RBL Bank Marriage loan:

Fees and Charges	Details
Processing Fee	2% of Loan amount
Late Payment of EMI	2% additional interest per month on overdue EMI amount
Duplicate Interest & Principal Certificate	₹250 per instance
Cheque Swapping Charges	₹250 per instance
Bounce Cheque Charges	₹250 per instance
Charges for CIBIL report	₹50 per instance
Part Prepayment	No Part Prepayment is allowed in this loan
Agreement Franking Charges	As per actuals
Full Prepayment Charges	Up to the payment of the first 18 EMIs- 5% of Principal outstanding<br>. More than 18 EMIs paid – 3% of Principal outstanding<br>*NIL. Foreclosure charges only if a minimum of 12 EMIs are paid without any bounce and foreclosure is using Own funds. Balance Transfer of loan outstanding to another financial institute is not treated as own source of funds.

Tips for Getting a RBL Bank Wedding Loan

Tips for an RBL Bank Wedding Loan:

Make sure your income and work experience meet the bank’s requirements.
Figure out exactly how much money you need for the wedding.
Keep a good credit score for better loan terms.
Double-check and provide accurate documents like IDs and proof of income.
If you’re already an RBL Bank customer, see if you have any special offers.
Choose a loan with a good interest rate after comparing options.
Plan a repayment schedule that fits your budget.
Be aware of any extra fees or charges.
Talk openly with the bank about your needs.
Read and understand the loan terms before signing anything.

Eligibility for RBL Bank Loan for Wedding

To be eligible for an RBL Bank Loan for a wedding, you need:

Minimum net monthly income of INR 40,000.
Minimum age at loan sanction – 25 years. Maximum age at loan maturity – lower of 60 years or retirement age.
Work experience of a minimum of 1 year at the current employment and 3 years of total employment experience.

Documents Required for Wedding Loan Application

Documents required for a wedding loan application typically include:

Application form with a photograph
KYC documents (PAN card, Aadhaar, Passport, Voter ID)
Proof of identity and age
Proof of address (Aadhaar, Voter ID, Driving License, Passport, Utility Bill)
Latest 3 months’ salary credit bank statements
Salary slips (1 for loans below 7.5 lakhs, 2 for loans above 7.5 lakhs)
For existing RBL Bank account holders, additional verification may be needed.

How to Apply for a Wedding Loan

To apply for a wedding loan:

Visit the RBL Bank website or branch.
Complete the application form.
Provide necessary documents like ID proof, income proof, and address proof.
Submit and wait for the bank’s verification process.

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Frequently Asked Question (FAQs)

How much can I borrow with a personal loan for a wedding?

You can borrow up to INR 20 lakhs with an RBL Bank personal loan for a wedding.

How long does it take to get an RBL Bank personal loan for a wedding?

Getting an RBL Bank personal loan for a wedding is easy and quick. It only takes a few days to process and approve the whole process.

Do I need a bank account to get a personal loan for a wedding?

Yes, you need a bank account with RBL or any other bank to get a personal loan for a wedding.

What is the credit score requirement for an RBL Bank personal loan for a wedding?

A good credit score of 700 or above is generally preferred for RBL Bank personal loans for marriage.

What are the penalties for late payments on an RBL Bank personal loan for a wedding?

Charges for late payment of EMI is 2% additional interest per month on the overdue EMI amount.