SBI’s New Scheme : The State Bank of India (SBI), India’s largest public sector bank, has introduced a special loan scheme aimed at easing the financial burden of parents preparing for their daughter’s wedding. With rising costs of marriage ceremonies, many families struggle to manage large expenses. Understanding this, SBI is offering a personal loan of up to ₹7 lakh with minimal paperwork and flexible repayment options.
Let’s explore the key features, eligibility criteria, benefits, and application process of this scheme in detail.
What is the SBI’s New Scheme?
The SBI Marriage Loan Scheme is a personal loan offering under SBI’s Xpress Credit or Personal Loan category, specifically tailored to help parents or guardians fund marriage-related expenses. It allows eligible applicants to borrow up to ₹7 lakh without collateral and with quick disbursal.
Key Features of the Scheme
- Loan Amount: Up to ₹7,00,000
- No collateral or guarantor required
- Flexible repayment tenure of up to 6 years
- Competitive interest rates
- Minimal paperwork and fast approval
- Can be used for marriage expenses like venue booking, jewelry, catering, etc.
Who Can Apply for This Scheme?
To apply for SBI’s marriage loan, applicants must meet specific eligibility conditions. These ensure that the bank lends responsibly and applicants can comfortably repay the loan.
Eligibility Criteria
- Applicant must be a salaried individual or a pensioner
- Minimum monthly income: ₹15,000 (for salaried applicants)
- Age: 21 to 58 years (for salaried), up to 72 years (for pensioners)
- Employment with central/state government, PSU, reputed private company, or defense establishment
- Minimum one year of employment or pension record
Documents Required for SBI Daughter’s Marriage Loan
SBI has kept documentation simple to make the process easier for applicants. The paperwork is minimal compared to traditional loans.
List of Required Documents
| Document Type | Details Needed |
|---|---|
| Identity Proof | Aadhaar Card, PAN Card, Voter ID |
| Address Proof | Aadhaar, Utility Bill, Passport |
| Income Proof | Salary Slip (last 3 months), Form 16 |
| Bank Statement | Last 6 months |
| Employment Proof | ID card or employment letter |
| Pension Details (if any) | Pension slip or pension order |
| Loan Application Form | Filled and signed |
SBI Marriage Loan Interest Rates & Charges
The loan is offered at attractive interest rates, making it accessible and affordable for middle-class families.
SBI Marriage Loan Details
| Detail | Information |
|---|---|
| Loan Amount | ₹25,000 to ₹7,00,000 |
| Interest Rate | Starts from 10.65% per annum |
| Processing Fee | 1.50% of loan amount + GST |
| Repayment Tenure | Up to 72 months |
| Prepayment Charges | Nil (if paid after 6 months) |
| Disbursal Time | Within 48 hours after approval |
How to Apply for SBI Daughter’s Marriage Loan?
The application process is simple and can be completed both online and offline. Here’s how you can apply:
Steps to Apply
- Visit your nearest SBI branch or the official website
- Fill the personal loan application form
- Submit the required documents
- Wait for verification and loan approval
- On approval, the loan amount will be disbursed to your account
Benefits of SBI Marriage Loan Scheme
This scheme is designed with families in mind who are looking to reduce the financial stress of wedding planning. Here are the main advantages:
Key Benefits
- Quick disbursal helps in managing time-sensitive wedding arrangements
- No need to mortgage property or gold
- Fixed EMI ensures better budgeting
- Transparent charges with no hidden fees
- Can be repaid through EMI via salary account
Who Should Consider This Scheme?
This loan scheme is ideal for:
- Middle-income families with upcoming wedding expenses
- Parents who don’t want to liquidate long-term savings
- Government or private employees with steady incomes
- Pensioners who want to support their granddaughter’s wedding
SBI Marriage Loan vs Other Personal Loans
To understand the value of this scheme, let’s compare it with regular personal loans from other banks:
| Feature | SBI Marriage Loan | Other Banks’ Personal Loan |
|---|---|---|
| Maximum Amount | ₹7 lakh | ₹5-10 lakh |
| Interest Rate | From 10.65% | From 11.5% to 15% |
| Collateral | Not required | Not required |
| Prepayment Charges | Nil after 6 months | May apply |
| Processing Fee | 1.5% + GST | Up to 2.5% + GST |
| Documentation | Simple and minimal | Moderate |
SBI’s new personal loan scheme for daughter’s marriage offers a smart and stress-free way to manage wedding expenses. With loan amounts up to ₹7 lakh, quick processing, and no collateral required, it provides great financial support for families preparing for a wedding.