Avail Personal a Loan While Getting Married – Kotak Bank

08 AUGUST, 2019

Indian weddings are a lot more than just events – it is about culture, traditions and the union of two families. However, they are also considered to be a huge monetary venture. Since the average cost of weddings in India range from 10 to 20 lakhs, sometimes even more, the Indian wedding is often called as The Big Fat Indian Wedding! Parents are always worried about saving for their children’s marriage. However, with the help of personal loans for marriage which is basically a personal loan for marriages, weddings can be pulled off even without savings. The availability of such loans help you realise your dream wedding and even gives you the freedom to fund your own wedding.

 

   Why should you go for a personal loan for marriage?

  • Cost Effective: Dedicated event management companies that make wedding events grand and successful help in making a fair estimation about the total expenses based on your budget. Early payments to various service providers even fetch you discounts and help you save money.
  • Ease of getting personal loan for a wedding: The dynamics of personal loans for wedding have seen a great transformation in terms of interest rates, approvals and documentation. Banks today offer convenient interest rates on personal loans for marriage, easy approvals and quick disbursement of loan amount. The entire process, barely takes a day or two with minimal documentation. You can choose the tenure of the repayment based on your preference and convenience.


Factors to keep in mind while taking a personal loan for marriage

  • Interest rate - The interest rates have gone down due to the competition in the money lending business. Each bank is competing with another to give you the best personal loan interest rates. Hence it is advisable that you study the market well and go for the best interest rate.
  • EMI amount - While going for a personal loan for wedding, it is important to determine the EMI based on your initial planning of repayment of the loan. This planning is important because even though you will have other monetary commitments, you must keep repaying your loan amount on time. Therefore, select an EMI amount that will not affect your monthly expenses.
  • Tenure of the loan – The EMI amount is determined with respect to the tenure of loan repayment. Thus, longer the tenure lesser is the EMI amount but higher will be the interest charged. It is hence important for you to decide the tenure to repay the loan.


Personal loans are quite affordable with the flexibility to repay the loan without any financial burden. Do not worry about expenses in your or your loved ones’ wedding. Take a personal loan for marriage and make your big day a grand success!

Read more about how to plan a memorable wedding under 20 lacs here.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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