A wedding is inevitable and so as the expenses for the same. In today's times of elevating inflation, it does get tough to manage the requisite fund via your savings. So, what do you look up to? A loan isn't it? And, when you discuss wedding loan, you can't get away from the attractive offers of Bank of India (BOI), the Mumbai head-quartered state-owned commercial bank.
The wedding loan of the bank is here to cover all the expenses related to the marriage. So, if you are also interested in availing a wedding loan from Bank of India, read this article below:
Bank of India Wedding Loan Details:
|Interest Rates||13.20%-14.70% p.a.|
|Loan Amount||Up to 10 Lakh|
|Repayment||Up to 5 years|
|Processing Fees||2% of the loan amount|
Features and Benefits of Bank of India Wedding Loan
- Attractive interest rates
- Flexible repayment options
- Loans available for various needs
- Minimal Paperwork
- Easy Process
- Speedy Disbursal
- Enjoy doorstep service
Eligibility Criteria for Bank of India Wedding Loan
It is important for you to meet the below eligibility criteria set by the bank if you want to avail a loan. So, kindly go through the points below.
- Minimum age of the applicant must be 21 years at the time of loan application
- Maximum age of the applicant must be 58 years at the time of loan maturity
- Individual with a minimum monthly income of Rs.10,000
Bank of India Wedding Loan EMI Calculator
For a successful wedding loan journey, it is important you keep an eye on the EMI calculator that can make things certain for you by calculating the installments payable on the loan. If you know the EMI amount well in advance, you can easily make the requisite saving by the time repayment starts on the loan. Looking forward to a snap of the calculator's modus operandi? Take help from the example below.
Example– You find the expenditure in your impending wedding at about Rs. 4 lakhs. You wish to apply for a 5-year loan of Rs. 3 lakhs at BOI and the rest you want to do from your savings. The EMIs, interest outgo and the overall payment for different tenures of the loan are shown in the table below.
|Loan Amount (In Rs.)||Tenure (In Years)||Interest Rate (In % p.a.)||EMI (In Rs.)||Interest Outgo (In Rs.)||Total Payment (Principal+Interest) (In Rs.)|
Next, thing on which you need to pay attention is the documentation required to get the wedding loan in this bank.
Documentation Required for Bank of India Wedding Loan
|Signed application form with photograph||Signed application form with photograph|
|Copy of passport/voter ID card/driving license||Copy of passport/voter ID card/driving license|
|Processing fee cheque||Processing fee cheque|
|Last 3 months bank statement/6 months bank passbook||Last 3 months bank statement/6 months bank passbook|
|Latest salary slip||Latest Bank statement|
|Current dated salary certificate with the latest Form 16||Latest ITR or Form 16|
(Updated on: 20th October,2016)