Make Your Wedding a Memorable Affair with Bank of India Wedding Loan

Wedding Loan 171 views

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:

ParticularsDetails
Interest Rates13.20%-14.70% p.a.
Loan AmountUp to 10 Lakh
RepaymentUp to 5 years
Processing Fees2% 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.

Must Read  How to Calculate Your Wedding Loan EMI?

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.)
300000113.20-14.7026,823-27,03521,880-24,4213,21,880-3,24,421
300000213.20-14.7014,291-14,50342,978-48,0783,42,978-3,48,078
300000313.20-14.7010,137-10,35664,936-72,8013,64,936-3,72,801
300000413.20-14.708,078-8,30487,747-98,5763,87,747-3,98,576
300000513.20-14.706,857-7,0901,11,401-1,25,3894,11,401-4,25,389

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

SalariedSelf-Employed
Signed application form with photographSigned application form with photograph
Copy of passport/voter ID card/driving licenseCopy 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)