The wedding day is considered to be the most important day of an individual’s life. From your parent to your best friend, everyone has been talking about and dreaming of this day since you were a little child. The obsession with weddings in India has, in fact, pushed the wedding market to become a whopping Rs. 110,000 crore industry, according to a report produced by MRSS India entitled the Wedding Tourism Report. In fact, the destination wedding market is expected to double by the end of 2020 to Rs. 45,000 crores.
However, as you set out to prepare or save for the big day, you need to be aware of the reality of how much it costs. From catering to your photographer all the costs add up, and here’s a breakdown for you. While it may seem like with such costs, you may not be able to get your dream wedding, with Bajaj Finserv, one can get wedding loan approval and the eligibility limit online within minutes and disbursement within 24 hours with flexible repayment options, taking care of all your financing worries.
One of the biggest costs of your wedding will be the cost of the venue. The cost of your venue will be around 10-15% of your entire budget is often the make or break factor influencing all decisions surrounding the wedding, including the date, size and much more. One should estimate that the cost of the venue can range anywhere between Rs. 3 lakhs to Rs. 5 lakhs, depending on how many guests you are planning to host for your wedding.
Food is often one of the most memorable things about one’s wedding, and hence, it is also one of the most significant expenses one has to bear. With catering services charging an average of Rs. 1000-Rs. 2000 per person, estimate that around 20-25% of your budget will be spent on food. Total food costs can vary between Rs. 5 lakhs to Rs. 6 lakhs. However, with instant-approval personal loans available on Finserv MARKETS, you do not need to worry about financing for your wedding anymore.
Another big ticket expense that will cut a hole in your wallet would be wedding decorations. From flowers to the lights, everything adds up, and decorators can charge anywhere between Rs. 50,000 to Rs. 1 lakh for decorating the venue according to your preferences. Furthermore, if your venue does not supply chairs, tables and other fixtures, the decorator is likely to charge you extra to supply the same, racking up the costs.
Every bride wants to look perfect on her wedding day and has probably dreamt of her wedding outfit since she was a little girl. The wedding attire of the groom and bride is likely to cost around 5% of the entire budget. However, if you do not wish to spend so much on an outfit you will only wear once in your life, you can opt to rent it, reducing costs significantly. The total expenditure on wedding outfits are likely to be anywhere between Rs. 50,000-70,0000 on an average.
You want to cherish every moment of your big day for the years to come, and hence hiring a good photographer and videographer is critical to the success of your event. With wedding photography costs skyrocketing these days, estimate around 10% of your entire budget to be spent on photography.
For your wedding, other expenses such as invitations, makeup costs, honeymoon, ceremony costs will make up the remaining bulk of your budget. Even if you are not having a destination wedding, you may have to pay to accommodate guests who are coming from outside, and these costs will also push your budget.
Let’s also not forget the costs of any sound or music system that you will have at the event, including the cost of hiring a DJ or a band to play. Other miscellaneous expenses such as licenses to play music, serve alcohol, amongst others will also increase the overall cost of your wedding.
A wedding is a once in a lifetime event. Plan well in advance – both on the logistics side and on the financial side. However, should things go wrong and you suddenly need an extra infusion of funds, you can rest easy knowing that Bajaj Finserv is available to provide a hassle-free disbursal of a personal loan on very short notice.
“Finserv MARKETS, from the house of Bajaj Finserv, is an exclusive online supermarket for all your personal and financial needs. We understand that every individual is different and thus when you plan to achieve your life goals or shop for the gadget of your dreams, we believe in helping you Make It Happen in a few simple clicks. Simple and fast loan application processes, seamless, hassle-free claim-settlements, no cost EMIs, 4 hours product delivery and numerous other benefits. Loans, Insurance, Investment and an exclusive EMI store, all under one roof – anytime, anywhere”!