My Mudra Wedding Loan

Your Day, Your way

Some moments come once in your lifetime, plan the perfect wedding of your dreams with My Mudra Wedding Loan.

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Wedding Loan

 

Interest Rates & Charges


You must be clear about the charges you have to pay while repaying the borrowed amount. At My Mudra, we ensure lowest possible interest rate to fund your wedding day celebrations.

Apart from some nominal fees, our Wedding Loans carry the lowest interest rates among all the lending agencies. You have the option to choose between fixed and floating interest rates which varies between 11% to 22%.

 

Wedding Loan

Here is the list of interest rates offered by some of the top banks:

 

Banks

Interest Rates

Kotak Mahindra bank

10.99 - 19.65%

Standard Chartered bank

10.99 - 14.49%

HDFC bank

11.29 - 19.50%

ICICI bank

11.70 – 18.85%

Bajaj Finserv

11.99% onwards

IndusInd bank

12.99 - 20.00%

SBI bank

12.90 - 16.55%

Citibank

11.49%

 

Types of Wedding Loan Interest Rate

There are two kinds of Wedding Loan interest rates: fixed and floating.

Fixed Interest Rate

Here, the rate of interest charged on the Wedding Loan amount will remain constant throughout the loan repayment period. You know your Wedding Loan EMI obligation at the start of the tenor, allowing you to plan your monthly budget accordingly.

Wedding Loan
Wedding Loan

Floating Interest Rate

Here, Wedding Loan interest rates could change depending on changes to the Marginal Cost of Lending Rate (MCLR), which is the base rate set for banks by the RBI. With changes in MCLR, the interest rate on loans also gets revised. With a lower interest rate, the repayment amount also reduces. On the other hand, if the interest rates increase, your EMI obligation will also increase. A floating Wedding Loan interest rate makes it difficult for you to ascertain your monthly financial obligation.

Wedding Loan Interest Calculation Method

There are two methods to calculate interest: flat rate method and the reducing balance method.

In the flat interest rate method, the interest rate is based on the complete loan amount you pay during the repayment period. In case of reducing the balance method, the rate of interest on the Wedding Loan will be considered and calculated on the basis of the outstanding loan amount.

Flat Interest Rate Calculation

EMI = (principal + total interest payable) / loan tenure in months i.e. total interest payable = P x r x n/100

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

Floating Interest Rate Calculation

EMI = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

Where, ‘P’ is the principal loan amount, ‘r’ is the rate of interest, and ‘n’ is the loan tenure in months.

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