So you are already banking with RBL Bank and betting big on its personal loan to get you married the grandest way possible. Your wedding is about a year from now. You need a fund of around ₹12 lakhs to make it the wedding you want. Currently, you take home a net monthly salary of ₹60,000 and save about ₹25,000.
In the given situation, your saving would be around ₹3,00,000 by the time your D-date comes. Now, that savings would be handy for the wedding expenses ahead. You can combine it with RBL Bank Personal Loan to ensure a grand wedding.
First List Out The Expenses
The first job you need to do is to list out the spending items and the estimated amount. The wedding would involve cost of attending guests, decoration, clothes, accessories, and several rituals that you may have to do. After you are done with the list, you should go ahead and save accordingly. Even as RBL Bank Personal Loan is there, you still need to save a little more than what’s the case now to lessen the debt burden on your pocket when you would be repaying the same through installments.
What is RBL Bank Personal Loan Interest Rate?
RBL Bank offers personal loans at interest rates ranging from 14.50%-23% per annum. The rate is determined on the basis of income, credit score and the repayment potential you may have. The effect of the rate would be seen in the monthly installments that you would have to pay to RBL Bank. Since you already have a relationship with the lender, you can take leverage from that to get the rate lowered. You need to negotiate with RBL Bank on the basis of sound relationship, a good income, and strong repayment potential. Keeping these things in mind, the rate can be lowered to ease the interest burden greatly.
RBL Bank Personal Loan EMI Calculator
Don’t take your eyes off the calculator as it can be a true wedding planner for you. Not only you get to know the monthly installment applicable but even the total interest outflow. As the calculator is available online, you can go there to compute the installments by entering the loan amount, tenure and interest rate. As far as the loan amount is concerned, RBL Bank offers as much as ₹20 lakhs.
You just need a fund of ₹12 lakhs for your wedding. Don’t go for full 12 lakh loan, cut it down to ₹10 lakhs and use ₹2 lakhs out of the ₹3 lakhs saving you would make with the existing savings of ₹25,000 a month. Let’s be told that RBL can give you a maximum of 5 years to pay off the debt. But that may not be the ideal way to go about it as the interest outgo resulting out of that could be a lot more than going with a shorter tenure.
The EMI may be lesser with a long tenure but it’s no fun paying more on interest, is it? While the interest can be contained greatly with a shorter tenure, the EMI rise needs to be factored in by seeing whether it suits your budget or not. If it does, why not go with that to make your experience post wedding as good as that of the D-day. So, keep experimenting with the interest rate and tenure figures by having the loan amount of ₹10 lakh constant. Check out different repayment summary and find which suits your budget the most.
In the given situation, your saving would be around ₹3,00,000 by the time your D-date comes. Now, that savings would be handy for the wedding expenses ahead. You can combine it with RBL Bank Personal Loan to ensure a grand wedding.
First List Out The Expenses
The first job you need to do is to list out the spending items and the estimated amount. The wedding would involve cost of attending guests, decoration, clothes, accessories, and several rituals that you may have to do. After you are done with the list, you should go ahead and save accordingly. Even as RBL Bank Personal Loan is there, you still need to save a little more than what’s the case now to lessen the debt burden on your pocket when you would be repaying the same through installments.
What is RBL Bank Personal Loan Interest Rate?
RBL Bank offers personal loans at interest rates ranging from 14.50%-23% per annum. The rate is determined on the basis of income, credit score and the repayment potential you may have. The effect of the rate would be seen in the monthly installments that you would have to pay to RBL Bank. Since you already have a relationship with the lender, you can take leverage from that to get the rate lowered. You need to negotiate with RBL Bank on the basis of sound relationship, a good income, and strong repayment potential. Keeping these things in mind, the rate can be lowered to ease the interest burden greatly.
RBL Bank Personal Loan EMI Calculator
Don’t take your eyes off the calculator as it can be a true wedding planner for you. Not only you get to know the monthly installment applicable but even the total interest outflow. As the calculator is available online, you can go there to compute the installments by entering the loan amount, tenure and interest rate. As far as the loan amount is concerned, RBL Bank offers as much as ₹20 lakhs.
You just need a fund of ₹12 lakhs for your wedding. Don’t go for full 12 lakh loan, cut it down to ₹10 lakhs and use ₹2 lakhs out of the ₹3 lakhs saving you would make with the existing savings of ₹25,000 a month. Let’s be told that RBL can give you a maximum of 5 years to pay off the debt. But that may not be the ideal way to go about it as the interest outgo resulting out of that could be a lot more than going with a shorter tenure.
The EMI may be lesser with a long tenure but it’s no fun paying more on interest, is it? While the interest can be contained greatly with a shorter tenure, the EMI rise needs to be factored in by seeing whether it suits your budget or not. If it does, why not go with that to make your experience post wedding as good as that of the D-day. So, keep experimenting with the interest rate and tenure figures by having the loan amount of ₹10 lakh constant. Check out different repayment summary and find which suits your budget the most.
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