Worried About Wedding Expenses? Federal Bank Wedding Loan is Here
Last Updated : July 6, 2016, 10:51 a.m.
Are you worried about the forthcoming wedding expenses of your daughter? Don't know from where to arrange the funds? Well, now nothing to worry as Federal Bank is here to help. Yes, the bank with its Wedding Loan product is leaving no stone unturned to make you enjoy every celebration. The bank offers you wedding loan at lowest interest rate, flexible tenures and minimum charges, so that you can easily repay the same without any hassle.
The bank with its best of services and financial products such as wedding loan ensures to fill your life with a lot of happiness. Whenver, you are in need of instant money so as to fund the wedding expenses, don't look further as Federal Bank will take care everything. However, when it comes to availing the loan from the lender, you need to meet the eligibility criteria set by the bank because only then you can avail the loan. So, to know more about Federal Bank Wedding Loan, go through this article below.
Federal Bank Wedding Loan Details:
| Particulars | Details |
|---|---|
| Interest Rates | 13.33%-15.13% p.a. |
| Loan Amount | Up to Rs. 10 lakh |
| Repayment | 48 months |
| Processing Fees | 0.50% of the loan amount |
| Pre-closure Charges | Nil |
Features and Benefits of Federal Bank Wedding Loan
- Competitive Rate of Interest
- No Collatral Required
- Flexible Tenures
- Loans to Meet Multiple Needs
- Less Paperwork
- Fast Process & Disbursal
- Doorstep Facility
Eligibility Criteria for Federal Bank Wedding Loan
In order to become eligible for Federal Bank Wedding Loan, kindly take a look at the eligibility criteria mentioned below.
- The applicant should be minimum 21 years old.
- The applicant should be maximum 55 years old.
- All salaried individuals with minimum monthly income of Rs.50,000 can apply for a loan.
Next, thing on which you need to pay attention is the documentation required to get the wedding loan in this bank.
Documentation Required for Federal Bank Wedding Loan
- Proof of Identity (Passport / Voters ID card/ Driving License/PAN Card)
- Address Proof (Ration card Tel/ Electricity Bill/ Lease agreement/ Passport)
- Copy of PAN Card
- Latest Passport size photo of the applicant (2 copies)
- Latest salary certificate/Last 3 months salary slips
- Form 16/Income Tax Returns( last 2 years)
- Last 6 months salary account statement
- Loan application form duly signed
Federal Bank Wedding Loan EMI Calculator
If you are availing a wedding loan, it is also important to know the EMIs of the same. Yes, with the help of knowing the EMIs, you can easily know how much amount each month you need to pay so as to repay your loan. All, this can only be possible with the EMI calculator as it helps in doing the EMI calculations for you.
Suppose, you have availed a loan of Rs. 10 Lakh for 4 years at an interest rate ranging between 13.33%-15.13% p.a. from Federal Bank, without wasting any time , let's get started and calculate your EMIs on the same loan amount at different tenures.
If you are availing a wedding loan, it is also important to know the EMIs of the same. Yes, with the help of knowing the EMIs, you can easily know how much amount each month you need to pay so as to repay your loan. All, this can only be possible with the EMI calculator as it helps in doing the EMI calculations for you.
Suppose, you have availed a loan of Rs. 10 Lakh for 4 years at an interest rate ranging between 13.33%-15.13% p.a. from Federal Bank, without wasting any time , let's get started and calculate your EMIs on the same loan amount at different tenures.
| Loan Amount (in Rs.) | Interest Rate (in p.a.) | Tenure (in Years) | EMI (in Rs.) | Interest (in Rs.) | Total Amount Payable (in Rs.) |
|---|---|---|---|---|---|
| Rs.10,00,000 | 13.33%-15.13% | 1 | 8,947-9,032 | 7,367-8,384 | 1,07,367-1,08,384 |
| Rs.10,00,000 | 13.33%-15.13% | 2 | 4,770-4,855 | 14,473-16,516 | 1,14,473-1,16,516 |
| Rs.10,00,000 | 13.33%-15.13% | 3 | 3,385-3,473 | 21,871-25,024 | 1,21,871-1,25,024 |
| Rs.10,00,000 | 13.33%-15.13% | 4 | 2,699-2,790 | 29,560-33,904 | 1,29,560-1,33,904 |
Ammortization Table
| Year | Principal (in Rs.) | Interest (in Rs.) | Balance Amount (in Rs.) |
|---|---|---|---|
| 1 | 20,26-19,677 | 12,121-13,803 | 79,733-80,323 |
| 2 | 23,139-22,869 | 9,249-10,611 | 56,594-57,454 |
| 3 | 26,420-26,581 | 5,968-6,899 | 30,174-30,873 |
| 4 | 30,204-30,907 | 2,223-2,586 | 0 |
(Updated on: 20th October,2016)