A wedding is an important event in one’s life, and everyone is concerned about making the best arrangements for this beloved event. However, with the rising inflation, people are concerned about economically managing their events.
For this purpose, different NGOs and banks have introduced various marriage plans. Some of them offer interest-based loans, and some provide interest-free Loans.
Each of them comes with variable features and benefits. In this blog, we will look at some prominent marriage plans so that you can choose from.
Why Marriage Loans?
Marriage loans hold a key significance in many aspects. It gives you the financial flexibility to spend how you like to celebrate your dream event. Moreover, a marriage loan comes with “no end-use restrictions”, which means you are free to use your marriage loan for other expenses as well.
A marriage loan is also an “unsecured loan”, so you do not have to pledge any asset to avail of this loan. Simply, you have to fulfil the eligibility criterion and get your loan. Last but not least, marriage loans come with instalment plans, enabling you to return easily.
On the basis of profit, there are two categories: interest-based loans and interest-free loans. Let’s look at some of the prominent packages of both types.
Interest-Based Marriage Loans
Below are some useful interest-based schemes for marriage loans provided by reputed banks in Pakistan:
Bank of Punjab Wedding Loan
- The Bank of Punjab marriage loan ranges from PKR 0.5 million to PKR 1.5 million. It comes with a repayment period of 1-5 years.
- It has a fixed markup rate throughout the repayment tenure, meaning your interest rate remains the same.
- Bank of Punjab marriage loan also offers zero pre-payment penalties, facilitating you to pay the total loan amount before the agreed deadline without paying any additional charges.
- The whole documentation process is quite easy, eliminating the hassle of waiting for days and weeks to complete the process and get your loan.
United Bank Limited
- The receivable loan limit for UBL is from PKR 0.5 million to PKR 3 million, and you have to return the loan in 1-4 years.
- Once you have met the eligibility criteria, the processing is completed within 24 hours.
- Once your loan is approved, you have to pay a certain amount for processing charges.
- Interest charges are quite competitive, making it easy for you to repay your loan.
Habib Bank Limited
- The financing limit for the HBL wedding loan is PKR 25,000- PKR 3 million, with a repayment tenure of 1-3 years.
- A Top-up facility is provided with this loan that allows users to enhance their amount limit after the initial payment.
- Another astonishing feature of the HBL loan is its life insurance perks. With the help of this insurance, your loan will be paid off in case of any untoward incident at the wedding event.
MCB Bank
- The MCB wedding loan repayment period spans 1-4 years, with the total payable amount in the range of PKR 50,000 – PKR 2 lacs.
- This wedding loan does not require any financial security and has zero processing fee. This saves you from additional charges you must pay for application processing.
- The application process is fast, so customers can get their loans without hectic delays.
Bank Alfalah
- Bank Alfalah does not demand any collateral requirement and provides wedding loans on easy instalments for a period of 1-4 years.
- The total allowed amount under this loan is PKR 50,000-PKR 3 million. This loan also facilitates additional perks and discounts.
- Another feature of this scheme is that it allows you to change your interest rates within the repayment tenure.
Allied Bank Limited
- The wedding scheme of Allied Bank Limited stands distinct for its easy documentation, flexible payment plans and zero hidden costs.
- You are given a financial limit of PKR 30,000 – PKR 3 lacs that you have to pay within 1-5 years.
- They also offer low markup rates, which makes the interest rates competitive.
Standard Chartered
- Standard Chartered offers instant decisions on your applications, giving a remarkable financial limit of PKR 50 lacs.
- This scheme offers an interest rate starting from 11.5%* and onwards.
- A hassle-free documentation allows customers to get the loan easily.
Interest-Free Marriage Loans
Some NGOs and a few govt institutes provide interest-free marriage loans. These loans are for low-income individuals, enabling them to enjoy their married bliss economically.
Pakistan Bait-ul-Mal Marriage Loan
- The Bait-ul-Mal is a government institution offering marriage loans to individuals with a monthly income of PKR 35,000.
- Generally, widows, disabled, orphans and persons from backward areas are given preference.
- An interest-free loan promotes social welfare, and the family values financial independence.
- The amount offered in these loans is limited, and you may have to manage your expenses with additional loans.
Ehsaas Akhuwat Marriage Loan
- Akhuwat Marriage Loan is an interest-free loan offered by the “Akhuwat” foundation. It has a financial limit of PKR 10,000- PKR 50,000.
- The repayment duration for the loan is 10-24 months, whereas the application fee is a mere 200 PKR.
- This is a conditional loan with a 1% additional Mutual Support Fund Contribution ratio.
Eligibility Criteria
The eligibility criterion varies for all types of loan schemes. However, a general criterion is listed below:
- The applicant must be over 18 years old.
- He/she must have all the documents with accurate information.
- The applicant must bear good citizen conduct.
- The individual must have sound proof of income.
- The person must apply within the given deadline with a duly complete application.
