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Marriage Loan Terms – How to Get It?

Getting married is naturally a difficult and costly process; You need a certain budget for every preparation you make and every step you take for your wedding. Even if you have a general budget for your wedding, you may encounter expenses and extra wedding expenses that you have not calculated. In such cases, if you do not have sufficient financial means, the marriage loan option may relieve you. Therefore, in this article, we will be answering questions such as what is a marriage loan, what are its conditions, and how to apply.

What is Marriage Loan?

Marriage loan is a repayable consumer loan offered by public or private banks to newly married couples. (Therefore, your credit score must be at a certain level in order to apply.)

We can also define a marriage loan as a repayable bank loan with the maturity options and payment plan you specify during your application.

Is It the Same Thing as a State-Sponsored Marriage Loan?

Marriage loans provided by banks are sometimes confused with state-supported loans. State-supported marriage loan is dowry support paid to couples after marriage. (We did not mention that issue in this article because it is a different practice. If you would like to learn more about dowry support, you can read our article: State Dowry Support Conditions – How to Get It?.)

What are the Marriage Loan Conditions?

In order to apply for a marriage loan or consumer loan, you must meet certain conditions. Although these conditions may vary from bank to bank, the basic conditions are as follows:

  • Your credit score is high enough,
  • Not having legal debt follow-up,
  • Having an income.

In addition, some banks may also request a guarantor or guarantee.

How is Credit Score Determined?

When determining the credit score; How you repay products such as loans and credit cards you use from banks is taken into consideration. Regular and on-time payments result in a higher credit score. Your credit score will be low due to missed or delayed loan or credit card payments; It is very difficult for banks to approve your loan.

Can I Get a Loan Even If My Credit Score is Low?

You can apply for a marriage loan provided that you have a guarantor option or an asset that can be mortgaged. It is also important that you do not have any outstanding debt for credit use. Having a regular and verifiable income is also one of the conditions requested by banks.

Now let's come to the documents required for marriage loan…

Documents Required for Marriage Loan

The documents required during the loan application vary from bank to bank. However, the basic documents required for a marriage loan are:

  • Original and photocopy of identity card,
  • income statement,
  • Certificate of residence,
  • Photocopy of payslip or photocopy of tax certificate,
  • An electricity/water/natural gas bill issued in your name (must be from the last 3 months).

You can obtain the salary slip from the institution you work for. (Banks that are payroll customers generally do not request a pay slip.) You can also obtain information about the properties and movable assets you own through the e-government system; You can perform many transactions such as your salary information, credit score inquiry.

Where to Apply for Marriage Loan?

After approximately calculating your expenses during the marriage process, you can review the interest rates of various banks online. (But these rates are usually not up-to-date. You may need to go to a bank branch to find out the current rates.) In addition, although some banks do not offer a loan option for couples who are getting married, they provide personal loans with low interest rates.

Once you have made your decision, you can fill out the relevant form of your preferred bank online or go to any branch of the bank to apply for a loan.

Should we apply for a wedding loan together?

Since the wedding loan is classified as an individual consumer loan, you apply individually, not as a couple. However, if the bank asks for a guarantor, your future spouse can be your guarantor.

What is the Maximum amount of Marriage Loan?

When your income, credit score and current debts are evaluated, the highest loan amount you can use is notified to you by the bank you apply to. This amount may be above or below the value you need. For this reason, unfortunately, we cannot give a clear answer to the question of how much marriage loan is given. If the amount given is below your needs, you may need to reduce your wedding budget slightly.

Is Wedding Loan Refundable?

Yes, the wedding loan (as we mentioned above) is repayable.

What are Marriage Loan Interest Rates?

Marriage loans have maturity options ranging from 1 month to 60 months. Although interest rates vary from bank to bank, we can say that they start from %1 levels. However, you can learn the most current interest rates and number of installments from banks.

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  • We were thinking of taking out a loan to meet our needs for marriage. As it is said here, you cannot draw as a couple, you can draw individually, but you can show your spouse as a guarantor. If you don't really need it, I would say don't get involved in credit.

  • I want to take out a wedding loan, but some banks directed me to a consumer loan instead of this loan. The interest rates are not bad, compared to other loans, I think it is an opportunity that those who need money for marriage should not miss.

  • Unfortunately, it does not seem possible to get married right now without taking out a marriage loan. If your spouse does not want a wedding, gifts, etc., unfortunately you have to take out a loan.

    And as soon as you get married, you get into a world of debt, not just a marriage ceremony.

  • It's seriously not possible anymore without taking out a loan. It makes sense, too. Today's installment amount will be snack money in the coming years. That's definitely preferable. It's kind of comforting.

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