An Indian wedding is not a joining of two people; it is a big celebration that blends family values, social sentiments, and emotional affections. A wedding in most middle-class families is a ritual to be adhered to in which one sees love and status as society dictates. Organizing a wedding in an Indian middle-class family, though, may be expensive, with location, clothing, fare, and ceremonial expense rising.
This is just one such instance of carefully planned wedding personal loans and careful planning to the budget turning a wedding into an experience that one will always remember without hurting the purse.
The Cost of a Typical Indian Wedding
The cost of a typical Indian wedding is highly indeterminate based on location, taste, and wedding size. Assuming all else remains equal, the following are some of them that cover most of the costs in most of the weddings:
1. Venue
Most of the heavy amounts are spent on venue rentals. Banquet hall, open space, or community center - rent ₹50,000 to ₹5,00,000 based on location and facilities.
2. Catering
Indian wedding is also famous for the unlimited spreads, too many dishes, and two or more days' worth of catering services. The catering cost ranges from ₹500 to ₹2,000 per plate.
3. Wears and Accessories
The gold ornaments, the grooming clothes, and sherwanis to be groomed take up the excess portion of the budget. In accessory fees and family clothes, the average amount is from ₹1,00,000 to ₹10,00,000.
4. Decorations and Entertainment
Band or DJ entertainment and flower arrangement and stage decoration between ₹50,000 to ₹3,00,000.
5. Photography and Videography
Snaps and on cam photography between ₹50,000 to ₹2,00,000.
Total expense of middle-class wedding can range from ₹5,00,000 to ₹25,00,000. For each family, this huge amount can eliminate savings and affect other money planning tasks like kids' education, home repairs, or retirement plan.
Finomia Concepts: Clever Money Planning Hints for Middle-Class Wedding Plan in India
Finances are properly managed in a middle-class wedding if the budget is planned in the proper manner. Some points that help in cutting the cost of the wedding are explained below:
1. Plan a Realistic Budget
Begin with a rough budget in the matter of expense on every activity—destination, food, clothes, photos, etc. Provide individual budgets for your city/town and categorize expenses there. One good budget is one that does not spend money lavishly on non-essential luxuries and save essentials on the top priorities. This is especially important when dealing with a middle class marriage budget in India where families try to balance tradition and affordability.
2. Needs Over Wants
Indian weddings are followed by a lot of extravagance with very costly things like celebrity performers, designer dresses, and imported decoration. Distinguish between what you can do cheaply and what is extravagant. You may dream of a lavish Bollywood party, but you must be sensible in your selection with the budget at hand.
3. Book Early to Save Money
Early reservation will save a lot of money. Early reservation discount will normally be offered by wedding venues, photographers, decorators, and caterers. Pre-booking of priority services will be cheaper.
4. Select Off-Season Dates
Indian wedding season is really November-February and April-May. Getting married off-season or during weekdays will make venues and other services reduce expenditure.
5. Eliminate Unnecessary Traditions
Indian weddings are full of rituals and ceremonies so much so that it takes them days to get it over with. You have to merge those rituals but you can hasten the process to fit by eliminating similar events or merging ceremonies. It's not budget-cutting but culture-friendliness.
6. DIY Decorations
If you and your relatives have special talents, then the homemade decorations would be perfect to keep décor charges very low. Homemade decorations bring that special touch to your wedding and are simply stunning without emptying your purse.
7. Take Wedding Personal Loans
While someone is budgeting, there are always someone else who do not have sufficient money even after that. Wedding personal loans are a great means of filling the gap without using emergency funds. The benefits and insider information regarding wedding loans are given below.
What are Wedding Personal Loans?
Wedding personal loan is a product that is specifically for the marrying individuals. It is an easy and unsecured form of borrowing, and hence it is designed to be in the form of money support in the event of expensive occasions such as wedding. The following are the reasons why it is the best option to do:
1. Easy Access to Money
If you take a wedding personal loan, it is credited in working days. You will never lack funds at the time of the wedding with this facility.
2. No Collateral Need
As home loans or gold loans are collateral-based loans, wedding personal loans are personal loans. You are not required to hypothecate any property to raise finance.
3. Choice of Flexible Tenor and EMI
Wedding loans are also provided in finance companies and banks with the repayment period stretched flexibly for 1 to 5 years. It is quite simple to opt for an EMI scheme from your salary every month.
4. Low Interest Rates
Personal loans provide interest rates of 10% to 20%, based on the provider and your profile. By some study work, you can obtain a loan at good rates of interest.
5. Pays All Wedding Charges
Personal loan is a variable loan that can be utilized for any wedding charge—be it renting a place for the wedding or purchasing stunning wedding attire.
Availing Wedding Personal Loan in India
Availing wedding personal loan is simple if you are qualified to do so. Simply adhere to the procedure laid below:
Step 1: Check Eligibility
In most of the scenarios, lenders ask the borrowers to fulfill the below criterias:
Indian residence
21 to 60 years of age
Minimum monthly income (lender-wise)
Good employment or business record
Step 2: Compare Loan Offers
Interest rate, repayment term, and processing fee differ from bank to bank. Compare offers from different lenders to receive the maximum benefit for yourself.
Step 3: Documents Preparation
In both situations, you will require the following documents for a wedding personal loan:
Identity proof (Aadhaar/PAN/Passport)
Proof of address
Proof of income (salary vouchers, tax returns, or passbooks of banks)
Approximate wedding expense
Step 4: Online or Offline Application
You may apply online from the lender's website or visit there yourself. Fill up the form of application, documents, and wait for the approval of the loan. The funds are credited to your account when approved.
Advantage of Taking Marrying Wedding Loans and Money Planning Together
Weddings are bliss and happiness, but the expenditure made there can destroy the happiness. Sense and wedding personal loans assist middle-class families in numerous ways:
1. Avoids Debt Traps
Neglect will definitely lead to extravagant wedding expenses and thus expensive loans and bankruptcy. Properly planned budget and loan guarantee ensure that there never comes such a situation to take a loan from unregistered moneylenders at interest rates as high as the sky.
2. Prevents Long-Term Savings
Wedding expenses will make parents spend education, medical, or rainy-day funds. These funds are unavailable to an independent loan.
3. Enhances Creditworthiness
Prepaying wedding personal loan increases creditworthiness. Good credit history is the key to favorable terms on future loans.
Conclusion
Pragmatic Indian middle-class wedding planning is the synthesis of wise thinking, cost weighed against costs, and tradition in order to remain centered. Although most of the expenditure can be met from savings, wedding personal loans are the vehicle to rein in runaway expenses without making financial planning a whole compromise.
By putting aright first, keeping frills expenses under check, and wisely utilizing wedding personal loans, middle-class bridegrooms and brides can have a lovely wedding without compromising the financial health. A wedding, however, is a union of love and friendship, so do not allow the expenditure to shatter the beauty of such a noble wedlock. By being smart money managers, any shoestring wedding remains within their hands!
