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The Indian wedding industry: Second-biggest on the planet

The Indian wedding industry: Second-biggest on the planet
November 25
12:49 2021

The Big Fat Indian wedding has always been full of entertainment with several types of dishes, dĂ©cor, presents, and fun. While the Indian mindset always aims to please their guests, a common worry is likely to be, how to fund this?  Traditionally it has been the duty of the bride or at times groom’s family to fund these events.

Today however these trends are changing; with couples choosing to fund their own wedding or split the costs involved. Yet a great many people desire the wedding to be carried out with all the pomp and fanfare.

The Indian wedding industry is estimated to be $50 billion, second only to the $72 billion industry in the US. Indian families spend huge amounts of cash on the venue, stylistic layout, outfits, adornments, and presents for their family members. With the developing attention to “Instagrammable” patterns, these costs go up when VIP, cosmetic artists, wedding photographers, choreographers, and drone videographers, etc. are included in the mix. Thus, when you are planning a wedding right out of your dreams, care must be taken to guarantee that this fantasy doesn’t transform into a financial nightmare.

In case you’re attempting to allocate funds to pay for a wedding—for you or somebody you love—you might need to begin saving as quickly as time permits. The normal expense of a wedding in India according to our sources is nearly Rs 8,75,000.

Wondering if you can spend this? Or maybe even how to save up? Then the answer is Wedding Loans.

Wedding Loans are essentially Personal Loan for Weddings. They are, for the most part, accessible at an interest rate of 13-18% depending upon one’s eligibility. Having secured one, you can indulge in wedding expenses such as your kid’s designer outfits, the caterers of your choice, and the venue desired, without worrying about spending all your savings at one go. This will not only help you wow to your loved ones but will also cover all the wedding expenses such as jewelry, outfits maybe even your honeymoon plan in easy EMIs.

At What Point You Should Get a Wedding Loan

Acquiring cash to pay for a wedding isn’t something you ought to do spontaneously. It’s a good idea to get a wedding loan if:

  • You need the funds immediately: in case you have not saved up sufficient funds to cater to all your planned wedding expenses or at times even if the amount is close to your entire corpus of savings and investments, you should consider opting for a Personal Loan. This will not only let you have a backup nest egg but will also be faster than liquidating various instruments.
  • Advances to Merchants. Booking services for a wedding often require you to make a down payment. Without this, you may lose out on your select venue, caterer, outfitters etc. Thus if amassing your own funds is difficult, you should opt for a Personal Loan.

Also remember that Eligibility plays a pivotal role when applying for a Personal Loan for wedding.

All individuals salaried, self-employed, or business owners between the age limit of 21 to 60 years and with a minimum net monthly income of Rs. 15,000 are eligible for Personal Loan for Wedding. The documentation is minimal and allows the processing of the Personal Loan application faster.  Once Approved Simply choose your tenure to repay your loan with EMI cycles ranging upto 60 months!

Planning a wedding tends to be a long-term goal for most, however, if the happy occasion happens to arrive earlier than expected for you or your loved ones. Opt for a Wedding Loan and make planning it that much more convenient!

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