Wedding for loan

Plan Wedding with SBI Personal Loan Calculator

Finance

The lack of finance acts as a roadblock for the accomplishment of wishes & dreams. After all the years of letting your kids study comes the time of their marriage, which you would like to make it memorable for you and as well as your wards.

You must be well aware of the fact that expenses, be it of the day-to-day life or a stuff like marriage, are going skywards, won’t they? In an expensive world, often one’s left with a very little to make wedding a grand affair.

That’s why one has to join hands with a personal loan offered by lenders like the most trustworthy State Bank of India (SBI) and ensure a grand wedding. Yes, you are charged interest on the same. But the repayment will be in installments, making it easier for you.

You can check out SBI Personal Loan Calculator to gauge the repayment that’s likely to happen. Before you use the calculator, let’s be briefed on the expenses that a wedding can demand.

A Brief Overview of Wedding Expenses

The total of wedding expenses can differ owing to varied rituals requiring different sum. A good wedding can be accomplished in about 10 lakhs.

How Will SBI Personal Loan Calculator Help Plan a 10 Lakh Wedding?

The personal loan calculator is an effective tool to calculate your repayment. What would bother you post marriage or even before it, if the impending event is quite a few months away, is the EMI that you would pay to SBI each month? All that you need is to enter the amount of loan, tenure and the personal loan rate of interest in the calculator.

So, for a 10-lakh wedding, what’s the EMI likely to be? Well, in that case, the EMI and total interest are likely to be 21,917-23,842 and 3,15,043-4,30,547 over a period of 5 years. The calculation has taken into account an interest rate of 11.35%-15.10% offered by SBI.

The time has now come for you to assess the EMI and see whether your pocket can bear it or not. If not, then you must also rely on a fair bit on the savings you may have generated over the years. The combo of savings and loan often does wonders and can be the same in the impending wedding.

Switch on SBI Personal Loan Eligibility Calculator

It would be worthwhile to actually check your eligibility for a personal loan. Yes, you guessed it right! You must know the amount of loan that you can get based on your income, savings and repayment capability. You can find the calculator online, just need to visit the official SBI website, give answers to a few personal and professional questions and the bank will quote an estimated loan amount which you have to service over a period of time. With a solid income, you can heighten your chance of getting more loan than those with a limited earning.

SBI Personal Loan Application Form

After getting a rough idea of the wedding expenses and the loan repayment, the time comes to apply for a loan. No problem, just hit the ‘Apply’ button on ‘Personal Loan’ section of SBI website. Upon clicking it, you would need to mention your personal and professional details correctly before pressing ‘Submit’ button. You can even visit the nearest bank branch to apply. Upon reaching there, ask for a form, fill all your details and submit it to the concerned official to process your application.

SBI Personal Loan Status

After submitting the application, the next thing one could bother is to know its exact status. You can check the status online by clicking on ‘Track Your Loan Application’ and mentioning Application Reference Number, Date of Birth, etc. So, whatever the status would be, you will be able to know that. You can even call the customer care or the branch official to be updated on the status.

Vikas Das is one of those expert writers in finance who has enlightened the readers about various banking and investment products like personal loan, home loan, car loan, mutual fund, fixed deposit and others.

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