How to Calculate Your Wedding Loan EMI?
Wedding Loan 225 views
Are you interested in buying a wedding loan, but worried about the EMIs. Well, now you don't have to bother and no need to call the bank in order to know your entire procedure of EMI calculation. Yes, today, with the help of EMI calculator, it becomes really easy to calculate, and know your EMIs of marriage loan. However, to use the calculator effectively, all you have to do is just know these three very important variables i.e.
- Loan Amount
- Interest Rate
- Loan Tenure
Let's understand this thing with an example below:
For example: If you want to buy a wedding loan of 30 lakh at 12 % rate of interest for a 7 year tenure, your EMI will be: Rs. 50,000
With the help of knowing these three variables, it would be not a problem for you to calculate your EMIs via using a calculator online. These are the basic parameters on the basis of which your EMI gets calculated. However, apart from these three basic variables, other variables that play a pivotal role in your wedding loan EMI calculation are- your work profile, the company you work with, your credit history, and EMIs of other loans.
What is Wedding Loan EMI Calculator?
When it comes to an EMI calculator, it is nothing but a tool that you can use effectively to calculate your EMI. This useful tool allows you to know your EMIs within few seconds as you just need to enter few details. You can use it any time to make yourself aware with the exact amount of your EMI that you need to pay. It is easy and highly convenient to use it, and it gives you instant results.
What are the Features of Wedding Loan EMI Calculator?
The wedding loan EMI calculator can give you the exact and accurate data that you are looking for. In fact, one of the biggest USPs of a calculator is its accuracy as it gives you exact information within few seconds.
This tool allows you to save a lot of time as it gives you results within few seconds. Whereas, if you calculate your EMI through pen or paper, it will take lot of time, and you might not get the accurate results. So, using a calculator is surely a wise move.
This wedding loan EMI calculator helps you in doing the easy comparisons within few seconds. Yes, you can conveniently compare the EMIs of different banks, and can easily know which bank is offering you the lowest EMIs.
Well, one of the best things about EMI calculator is the fact that you can use it endless times. Yes, till the time you are not satisfied with the results, you can use it countless times, adjust the settings, and can get the results in no time.
It's About More than Just the EMI
Apart from giving you the exact information regarding your EMIs, a calculator actually gives you a little extra. Yes, it with the help of showing the appealing graphic representations, diagrams, pie-charts, tables and many more, it also enhances your knowledge.
In a nutshell, now that you know how to calculate your EMI for wedding loan, the next thing is to calculate various other parameters such as interest rate, processing fee and so on offered by different banks. Moreover, different banks provide you with different rate of interest, processing fees, so before finalizing any bank, it is important for you to compare different banks on different parameters.
So, for your reference, here is a list of top banks, offering wedding loan:
|Banks||Interest Rates||Monthly EMI Per Lakh||Tenure||Processing Fee||Min-Max Loan Amount|
|ICICI||11.49% - 22%||Rs. 2,199 - Rs. 2,762||12 -60 months||2.50% of the loan amount||Rs. 40 Lakh|
|Kotak||11.50% - 18%||Rs. 2,199 - Rs. 2,539||12 -60 months||Rs.575-2% of the loan amount||Rs.50,000 – 20 Lakh|
|SBI||12.55% - 17.65%||Rs.2,600-Rs.2,919||48 months||2.02%-3.03% of the loan amount||Up to Rs.10 Lakh|
|Bajaj Finserv||14% - 20%||Rs. 2,327 - Rs. 2,649||12 -60 months||2% of the loan amount||Rs.25 Lakh|
|HDFC||15.75% - 20%||Rs.2,419 – Rs.2,649||12 -60 months||2%-2.50% of the loan amount||Rs.15 Lakh|