How is EMI calculated on my marriage loan at Buddy Loan?

A marriage loan is the one you apply from one of the lenders associated with Buddy
Loan for the sole purposes of planning for your wedding. You plan to enjoy your day
with strong financial backing making sure you lack nothing you desire. Eligible
individuals access up to Rs 25 lakhs at an interest rate of between 14-25 %. The
repayment period ranges from 12 months to 72 months.
The EMI on your marriage loan is the amount you will be paying monthly to your loan
lender. This amount is computed to include the interest and the principal amount. You
pay fixed monthly EMIs for the period of the loan,reducing the loan you owe the bank.
The bank may choose to calculate the EMI using the reducing balance method or the
flat rate method.

Factors that affect the interest rate of your marriage loan
Buddy Loan marriage loan is technically an unsecured personal loan. Factors that affect
the interest rate will consequently affect the size of EMIs:
These are:
 Employment nature, there is a huge difference between the interest rates
negotiated for salaried people and self employed people.
 Customer relationship ensures they get a better deal on interest from their banks.
 Repayment history favours you if you have diligently been paying your previous
loans.
 If your income is higher, you negotiate for bigger EMIs, and so you save on
interest
Flat rate method
Principal amount+ interest on the principal = EMI
Number of periods* number of months
Method 1
Use an online calculator. If you are applying for an online marriage loan, most providers will have
an online calculator where you key in the variables and compute your EMI.
The bank computes the interest you pay using two methods. These are:

 Simple interest. This type of investment is calculated only on the amount of loan
given out.
Principal* interest rate * the number of repayment periods.
 Compound interest: In this method, the interest is added back to the amount
borrowed for you to calculate the next year's interest
Principal*interest rate= interest for year 1
Principal interest for year 1* interest rate= interest for year 2
Reducing balance Method 2
The mathematical formula to calculate EMI
P*R*(1+R)^N = EMI
[(1+R)^n-1
P =principal amount
R =The rate of interest
N = Number of repayment periods
Method 3
Using an excel worksheet
Using the same variables but the function
PMT=Rate* number of repayment periods* amount of loan

Is aadhar card mandatory for a marriage loan

The aadhar card was launched by the government as a requirement for citizens to use certain services. These are services offered by the government and the private sector. Avail the best marriage loan with www.buddyloan.in, know your credit score and get maximum benefits with it. The PAN card is used when

·         Applying for a SIM card

·         Applying for a PAN number

·         Open bank accounts

·         Apply for a passport

·         Loan application process

·         Process tax remittance among other uses

Benefits of the Aadhaar card

·         A single identity for every Indian

·         Easy Access to Financial Services

The aadhar card makes it easy to access financial services and improves the ease with which KYC is conducted by the bank

·         Single document for multiple proofs like citizenship, address, age, photo, and identity

Given the number of personal details on the card, then it can prove more information than any other document.

·         The card allows you to confirm your identity very fast and without any confusion. Therefore you will get the money credited into your account as fast, and you get on to using the money.

Impact on Personal Loans

The banks no longer require the customer to have a string of documentation when they apply for the buddy loan. The aadhar card covers up for that. The best wedding loan providers require you to link your online platforms with your aadhar card.

This document is widely accepted by all honeymoon loan providers. You may also get an aadhar card based loan which requires you to submit the following documents for salaried people

Residence proof: Passport/Ration Card/ Driving License/Utility Bill/Rent Agreement

Latest Form 16

Income Proof:

·         Last three months’ bank statements or six months bank passbook

·         Last three months’ salary slips or current salary certificate

For self-employed people, they need to submit the following

• PAN Card of the applicant or their company/firm
• Latest ITRs along with income computation, balance sheet, profit & loss statements – all certified by a CA.
• Business continuation proof
• Photographs
• Proof of Identity: Aadhar Card/PAN Card/Passport/Voter ID Card/Driving License
• Residence proof: Passport/Ration Card/ Driving License/Utility Bill/Rent Agreement
• Income Proof: Latest 6 months’ bank statements

If you don’t have an aadhar card, then you can fill Form 60, and you set in motion your aadhar card application process. The card allows you a host of advantages across all private sector and government services. The application process is easy and fast. Once you fill in the form and submit the required documents, then you are on your way to getting the number.

Marriage Loan | Shadi Loan | Wedding Loan Online

Does marriage loan work?

Your partner has said yes to your proposal, and you are super excited about your upcoming nuptials. Only one challenge, though, the funds are not sufficient. Avail the best marriage loan with www.buddyloan.in, know your credit score and get maximum benefits with it.

 This, however, should not deter you from applying for a personal loan for a wedding. Marriage loans do work and serve to make your marriage process easier.

A marriage loan is a personal loan that is used for marriage purposes. However, you don't need to prove to your financial provider that you are getting married for them to approve the instant marriage loan. So the money may be diverted to other uses. However, in light of repayments, it is prudent to use the funds for the purposes it was intended. The interest rates that accrue on marriage loans usually range from 10..25% to 24% p.a. The maximum investment that you can get may go up to Rs.25 lakh.

What determines the amount of buddy loan you will get is your eligibility and purpose for the credit. Some applicants want a loan to pay for the venue or a personal loan for the honeymoon. The loan providers also vary in terms of eligibility criteria

But there are the basic general requirements.

·         Minimum age: Most loan providers require all applicants to be at least 21 years. However, some applicants raise the necessary age to 23years

·         Minimum Net Monthly Income: In most cases, the minimum age to apply for a marriage loan, the applicant should earn a minimum of Rs 15000. But some lenders raise their minimum salary requirement to Rs 25000. They also take into consideration the current city of residence.

·         Employment type: There isn't much of a restriction when it comes to the kind of employment. Both salaried and self-employed individuals professionals are eligible.

·         Maximum age: A maximum of 58 years for salaried people and a maximum of 65 for self-employed people.

·         Employment status: When the applicant wants to avail of a marriage loan, they need to have served a minimum of 2 years with their current employer. That displays some stability in their status.

·         Credit score: With a good to high CIBIL score, the applicant is assured of getting the loan. However, with a lower score, they get the loan but at a higher interest rate.