Features & Benefits of Marriage Loan
A loan for marriage comes with several features and benefits. These benefits ensure that couples have access to the funds they need at a reasonable cost. Some of the benefits that come with Piramal Finance marriage loans include:
Loan Amount and Tenure
No Security Required
Attractive Interest Rates and Easy Repayment
Quick, Hassle-Free Disbursal
Interest Rates & Charges
Piramal finance loans can be repaid over a period of up to 60 months. Although personal loan interest rates are much lower than credit card interest rates, you must still pay a processing fee on your personal loans. This is usually around 4% of the loan amount. Other charges, such as prepayment fees or late payment fees, may apply in some cases. It’s important to review all applicable charges before signing up for a personal loan for marriage.
The followings are the charges and fees of the personal loan for weddings available from numerous financial institutions:
Processing Fee
It is the handling charge levied by Piramal Finance for processing a personal loan application. The personal loan processing fee at Piramal Finance is 4% of the loan amount
Goods and Services Tax (GST)
It is a government tax levied when personal loan services are provided. Piramal Finance taxes interest rates are 12.99*%pa.
Verification Charges
This is a one-time fee charged by Piramal Finance for verifying personal loan documents. Piramal Finance charges a fee of Rs. 250 for each visit.
Charges Levied for Issuing Duplicate Statements
If you lose your loan statements or need to get additional loan statements, Piramal Finance will charge a nominal fee for issuing duplicate statements.
Penalty for Defaults
A personal loan for marriage comes with personal loan EMI payments that must be paid on time. Piramal Finance charges a default penalty of Rs. 500 plus applicable taxes.
Penalty for Prepayment and Part Payment of Loan
Piramal Finance charges a personal loan customer a prepayment fee for paying personal loan EMIs before the end of the personal loan repayment tenure. Piramal Finance charges 4% of the loan principal amount plus applicable taxes as a penalty for prepayment and part payment of a loan.
Types of Personal Loans:
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A personal loan for marriage is a loan taken by couples to fund their wedding costs. It can be used to finance destination weddings, purchase jewelry, or even pay caterers, and decorators.
Here are the steps to apply for the Marriage loan from Piramal Finance:
After completing the final process within 24 hours, the personal Marriage loan will get credited to your verified bank account.
The calculation of marriage personal loan EMI is done using the following formula:
EMI Amount = [P x R x (1+R)^N]/[(1+R)^N-1]
Here,
P = Principal amount
R = Rate of Interest
N = Number of years for repayment (this is calculated in months)
Yes, people can obtain marriage loans even with a low credit score. However, the marriage loan interest rate charged may be higher than usual. Borrowers should also expect to pay a slightly higher processing fee for personal loans taken on a low credit score.
Yes, Piramal Finance offers marriage loans to government employees at lower interest rates. Government employees are usually considered lower risk, and thus, Piramal Finance charges them with lower personal loan interest rates than they would for others.
Piramal Finance offers a minimum of Rs. 50,000 and a maximum of Rs. 10 lakhs, depending on your eligibility criteria.
Yes, a wedding loan can be foreclosed or prepaid; however, the borrower must pay some service charges. Piramal Finance charges a 4% prepayment fee on the amount of the personal loan plus any applicable charges that are prepaid or foreclosed.
Piramal Finance offers personal loans for marriage with flexible repayment tenures, lower personal loan interest rates, instant approval, and minimal documentation. Borrowers can also opt for part payment and prepayment of personal loan EMIs without any additional charges.
