How Much Does an Average Wedding Cost In India?

Weddings in India are an elaborate affair. Right from trousseau shopping to booking a venue and catering, everything costs a pretty penny. Add to it the dream of a luxurious honeymoon, and the costs multiply.

When it comes to the cost of an average wedding, there is no specific yardstick. Couples getting married in court can host a simple reception and incur limited expenses. On the other hand, couples who want to mark this important milestone of their lives with grander celebrations can incur expenses running into many lakhs of rupees.

So, it is safe to say that on average, an Indian wedding can cost anywhere between Rs. 5 lakhs to Rs. 50 lakhs, depending on the extent of the celebrations, the venue and the guest list. Since weddings are an expensive affair, many parents put aside this money for their children, or the couple saves for themselves. But can these savings prove sufficient?

More often than not, the corpus saved is not enough to meet the ballooning costs of a wedding. This is where personal loans can come to your aid.

What are personal loans?

Personal loans are unsecured and multipurpose loans that are offered to meet your personal or business-related needs. You can opt for a personal loan to finance your child’s wedding. Depending on your eligibility, you can avail of considerable funds through this personal loan and hold a grand celebration of your dreams.

Why do personal loans for marriage prove beneficial?

Here are some reasons which make a personal loan the go-to solution for financing a wedding:

• Collateral-free solutions

First and foremost, personal loans do not need collateral security. You can avail of a personal loan simply based on your income and other eligibility qualifications. Thus, even if you don’t have any assets or mortgageable property, you can avail of a personal loan easily.

• Affordable repayment options

The repayment tenure of a personal loan can go up to 6 years, depending on the lender that you choose. With such long tenure options, you can pay off the loan easily and without a financial strain. Just use the personal loan EMI calculator to find a tenure at which the EMIs are the most affordable and then apply for the loan. When the EMIs are affordable, you are not likely to miss any repayment and can service the loan in a hassle-free manner. Moreover, personal loan interest rates are not very high. They are affordable, so that the cost of borrowing does not burn a hole in your pockets.

• Easy availability

Personal loans are sanctioned within a short time. You can even apply online and get the funds credited to your bank account within hours or days. Almost all lenders offer the loan, making it easy for you to weigh in your options and choose the best loan.

• Simple eligibility parameters

Lastly, the personal loan eligibility parameters are quite relaxed. You just need to be an adult with a regular source of income and a good credit score. With these basic eligibility qualifications, a personal loan becomes easily accessible to every type of borrower.

• Minimal documentation

Even the loan documentation process is simple. You just need to submit the basic KYC documents and proof of income when applying for the loan. The documents can even be uploaded online as many lenders allow online documentation for their loans.

Conclusion

With these benefits, a personal loan can help you plan the wedding of your dreams with ease. So, don’t wonder how much an average wedding costs. Instead, create your own personalized budget and plan the wedding that you need. As far as handling the expenses is concerned, you can always opt for a personal loan to take care of the costs involved.