Marriage Loan Calculator

A marriage loan can be a helpful way to get money for your big wedding day. Since weddings usually cost a lot, it's important to find good personal loan choices that can work as a marriage loan. The right loan should cover all your wedding expenses and also make it easy for you to pay back the money you borrowed in monthly installments throughout the loan period. 

A marriage loan calculator can help estimate the approximate EMI (monthly loan repayment) for a marriage loan based on its principal amount, interest rate, and duration. 

What Is a Marriage Loan? 

A marriage loan is a type of personal loan taken to finance a wedding. A marriage loan allows borrowers to have a grand wedding without affecting their savings. You can use the loan for venue rent, catering charges, wedding apparel, jewellery, and other marriage expenses.  

A marriage loan has interest rates similar to personal loans. Repayment of the loan occurs post the wedding, done through regular EMI instalments. 

It's crucial to estimate the EMI amount before applying for the loan. You can use a marriage loan EMI calculator to estimate the monthly EMI for your marriage loan. 

What Is a Marriage Loan Calculator? 

A marriage loan calculator is an online tool developed to calculate the EMI amount of a marriage loan. The tool calculates the EMI amount based on 3 variables- the loan amount, the interest rate, and the duration. Once the user enters these 3 variables into the tool, it computes the monthly loan instalment within a few seconds.  

Using a marriage wedding loan EMI calculator, one can estimate how much loan they can afford to repay. It allows users to compare other loan options based on the future EMI amount. Additionally, it calculates the overall interest to settle the loan. 

How Does a Wedding Loan Calculator Work? 

The wedding loan calculator computes the EMI amount using a mathematical formula. Calculating the EMI amount manually through the formula can be difficult and time-consuming. A wedding loan EMI calculator automates this calculation and can provide results within seconds.  

  
How to Use the Shriram Marriage Loan Calculator for Your Wedding Expenses? 

You can budget your wedding expenses based on the amount of marriage loan you can afford to take. A simple way to do this is to calculate the possible EMIs of marriage loans of various amounts and judge whether you have enough monthly cash flow to pay those EMIs. 

You can compute this effortlessly using Shriram's wedding loans calculator. Follow 3 easy steps to find out the EMI of your marriage loan. 

Step 1: Enter the amount of your loan in the blank column of the tool. 

Step 2: Select the interest rate and the loan repayment period. 

Step 3: After ensuring you have entered the correct data, click 'Submit'. 

Within a few seconds, the EMI of your loan will be displayed on the page. You may change the figures in the blank columns to see the impact of changes in interest rates and tenures on your EMI. You can also put in different loan amounts until you find an amount you can manage. 

How to Calculate Marriage Loan? 

A marriage loan EMI is calculated based on the principal amount, the interest rate, and the loan repayment period.  

The EMI of a marriage loan is calculated manually or by using a wedding loan EMI calculator. Once you put the 3 variables in an online calculator, you can get the EMI amount, the principal amount, and the interest amount within a few seconds. 

Marriage Loan Calculation Formula 

The mathematical formula for calculating the EMI of a marriage loan is- 

EMI = [P x (i/100) x {1+(i/100)} ^n]/[{1+(i/100)} ^(n-1)] 

Where, 

P = Principal amount of the marriage loan 

I = Interest rate on the loan (.p.a) 

N = Number of months in the tenure of the loan 

Example: 

Assume that a bank lends a marriage loan of ₹10,00,000 to a borrower. The loan has an interest rate of 9%, to be repaid in the next 5 years. In this case, 

P= ₹10,00,000 

i= 9.1% 

n= 5 years x 12 months = 60 

If we put these values in the formula, we get ₹20,074.44 as a result. It is the monthly amount you should pay for the next 5 years. 

Benefits of Marriage Loan Calculator Online 

A marriage loan EMI calculator is beneficial in many ways. 

1. Easy To Use 

This tool is available online and is simple to use. All you have to do is enter 3 basic details. You get an accurate answer right away. 

2. Provides Accurate Results 

It is possible to calculate loan EMIs manually. However, the process is time-consuming and is prone to calculation mistakes. A marriage loan interest rate calculator can never go wrong and will provide correct answers every time. 

3. Helps in Financial Planning  

The tool gives an idea of how much liability one can afford. It helps in planning and budgeting for the wedding. 

4. Enables Comparison 

Using an EMI calculator for marriage loans, one can estimate the future EMI liabilities of different loan options. It helps in comparing multiple loan options and choosing the right one.  

5. Free Tool 

The Shriram Finance marriage loan EMI calculator is available for free. 

Eligibility for Marriage Loan 

Most lenders specify eligibility criteria for marriage loans.  

• Age 

Lenders usually require that the applicant be between 21 and 60 years old. 

• Employment 

It is a general requirement that the applicant should be a salaried employee or a self-employed individual. 

• Income 

The applicant is required to have a minimum monthly income. The minimum amount can differ from lender to lender. 

• Work experience 

The applicant must have a minimum required work experience. Each lender specifies the experience requirements. 

Use a marriage loan eligibility calculator to ensure that you are eligible for a marriage loan. 

Documents Required for Marriage Loan 

One has to submit various documents to make an application for a marriage loan. Here is a list of documents required for a wedding loan. 

• Identity Proof 

The applicant should furnish valid proof of identity such as an Aadhar card, PAN card, driver's license, or passport, to name a few. 

• Address Proof 

The applicant should provide proof of their residential address. It is necessary to submit documents like electricity bills, telephone bills, Aadhar cards, Voter IDs, and rent agreements. 

• Income Proof 

The lender may ask for the salary slips or Form 16 from salaried individuals as proof of income. Self-employed persons should submit their balance sheet, profit and loss account, or bank statement for the past 6 months. Lenders may also ask for copies of income tax returns filed. 

• Age Proof 

One has to submit their birth certificate or school leaving certificate as proof of their age. 

Conclusion 

The marriage loan calculator is a valuable tool that computes the EMI of your wedding loan. It also provides the bifurcation of total interest and principal amount that one pays over the tenure of the loan. Using this tool, one can compare the EMIs of loans of various tenures, amounts, and interest rates. The answers are quick and accurate, provided the user enters the correct data.