Wedding in India are lavish affairs. An average Indian wedding these days can cost anywhere between Rs. 20 lakh to Rs. 50 lakhs. Estimates suggest that a person in India spends one fifth of the wealth accumulated in their lifetime on their wedding. This can lead to a huge burden on the entire family’s financial resources. Traditionally, parents of the bride and groom pitch in to bear the major expenses of the wedding. This was especially prominent several decades back, because people got married when they were very young and not earning enough to be able to afford a wedding.
However, in recent times, the average age of a bride and groom are much higher than they were even 10 years ago. As a result, young couples today are more than capable as well as willing to foot the expenses of their wedding themselves. Finances in marriage can become a touchy topic, especially if your plans for the big day are slightly beyond the budget previously decided upon by you and your partner. All is not lost, thankfully. A marriage loan, such as the Personal Loan, available on Finserv MARKETS, disburses loans upto Rs. 25 lakh within 24 hours. Marriage loan interest rates start from 12.99%, and can be repaid over a flexible repayment schedule.
If you want to get married without causing a financial burden on your parents, read on below to learn of the different ways to fund your own wedding:
1. Get a second job:
Since weddings can be a huge expense, you will require substantial funds to successfully pull off the wedding of your dreams. Don’t think of downsizing your dreams, instead think of how it can be afforded. If your primary job is not enough to pay for the entire wedding, consider getting a second job for the time being. The second job may not be glamorous, but it will help you save up the essential resources you require to pull off your wedding with style. It need not be anything too complicated, it could just be something you do online; but make sure it pays enough for the time you invest on it. Finances in marriage ceremonies can get pretty elaborate, so make sure you save the most of what you earn.
2. Cut down on daily expenses:
There are certain expenses that are such a regular part of our daily lifestyle that we even fail to count them as an expense anymore. Maybe it’s the coffee you purchase everyday right before you enter office, or maybe you spend Rs. 30 on an auto between your home to workplace. Cut down on those expenses that are not absolutely essential. For instance, cutting down on that auto can benefit you in two ways. Firstly, you are saving up and secondly, walking to the office or cycling to office instead will make you fit and healthy for the biggest day of your life. While the coffee or the auto might not seem like a huge expense, but together all of these little expenses add up to a significant amount that could be used to make your wedding an even more lavish experience.
3. Apply for a marriage loan:
A marriage loan is an instrument that has huge benefits for those wishing to tie the knot in a lavish, no expenses spared fashion. It’s an excellent choice because this way, you can have everything you dreamed of on your magical day. This is a day many people dream of since they are children, and it is important to fully celebrate it the best way you can. Marriage loan interest rate can vary, and you can choose one that fits in with your requirement. The marriage loan, available on Finserv MARKETS, can be availed without any collateral. The best part of this loan is that you get unlimited withdrawals, which allows you to track your expenses and budget accordingly. You can also access your loan account online, and make prepayments whenever you wish to. The online processing of this loan makes availing and repaying your loan a simple, hassle-free experience.
4. Reduce your recurring payments:
Some bills are essential, such as the electricity at home you pay for or your telephone bills. However, there are some monthly bills we receive which can be easily curtailed. These could include subscriptions to magazines or Netflix, or even a gym membership that you don’t actually utilise. Stop these subscriptions, and use the money saved to make your wedding even more special.
It’s great that you want to fund your own wedding, and spare your family the expense. There are several options for funding your own wedding that are available to you. A marriage loan, available on Finserv MARKETS, will ensure that you can pull out all stops on planning and having your dream wedding. You can submit your documents online once and be spared from repeated form filling. Your loan application can be approved in as little as three minutes, and your marriage loan will be disbursed to your account within 24 hours. The marriage loan interest rate is low, and you are offered a flexible repayment policy which spares you the worries associated with finances in marriage.
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