Destination weddings with their picture-perfect settings, sumptuous gala dinners, and personalised décor are gaining popularity in the Indian market. The wedding market is set to become a Rs.45,000 crore-industry by 2020 as per an HVS ANAROCK report. Whether you are planning a dream celebration in Rajasthan, Bali or Italy, destination weddings allow you to spend quality time with your guests. Destination weddings offer the delight of feasting and celebrating for days, clicking stunning photographs and visiting places you’ve always wanted to. However, with expenses ranging from tens of lakhs to a few crores, you may need to rely on a wedding loan or your savings in order to finance your marriage
Since getting adequate funding is vital for you to not compromise on the opulence of the celebrations, read on to know the 3 ways in which you can fund a splendid destination wedding.
Avail Personal Loan Quickly and Without Hassle
Specially designed personal loans for wedding make for great funding solutions as these provide generous financing without the need for collateral. For instance, Wedding Loan offers funding up to Rs.25 lakh for a tenor up to 60 months. A standout benefit here is that the personal loan eligibility criteria do not mandate the pledging of an asset, thus helping you sidestep any unwanted stress during your wedding planning. What’s more, if you have a good credit score, you can be sure of securing some of the lowest wedding loan interest rates.
The funding available via a personal loan will allow you to take care of many aspects for your destination wedding. For instance, reports claim that around 60% of wedding expenses comprise venue and food-related costs. This means with a hefty sanction, you can book the best caterer in town or even book domestic locations like the Jaibagh Palace in Jaipur or the Royal Orchid Fort Resort in Mussoorie, easily. Further, you can plan for a comfortable repayment in advance by using the loan EMI calculator. Here you can decide on affordable EMIs within seconds and apply for the loan, without having to visit your lender’s branch.
Leverage a Property To Get High-Value Funding
While unsecured loans help you avoid the hassle of identifying a security, the quantum of funding obtainable can be lacking, especially if you’re looking at hosting the wedding at an international destination. To fund an extravagant reception in Bali or at a villa next to the Como Lake, you will need a hefty sum. One of the best loans for wedding expenses is a loan against property.
With ample funding at hand, you can throw a party at the location of your dreams be it at a lavish resort or a historic city, against the snow-capped mountains or the lush-green fields. You can cover wedding planner expenses, venue charges, and accommodation costs without scrimping on finances to enjoy the celebrations king-style. Additionally, with a long tenor, normally going up to 20 years, you can repay this loan conveniently, as per your capabilities.
The drawback of using a loan against property as a wedding loan though is that you need to pledge a valuable asset. In the event that you haven’t planned for repayment or even underestimated your budget, you may land up compromising the security of your asset.`
Bank On Your Investments and Savings to Pay For Expenses
A wedding loan in the form of a personal loan or a loan against property may be your best bet when in search of funds at the last minute. However, another valuable source of funding you can rely on is a specific wedding fund created over the years. Typically, you should save up a portion of your salary for this on a regular basis and then invest the extra sum in to a high interest option. While investments can give you generous returns upon reaching maturity, savings give you liquidity when you need it. However, with risks involved with investments, you must approach building a corpus for a wedding with prudence.
Financial experts recommend that if the wedding is around 4 to 5 years away, you can consider pushing around 40% to 50% of your savings into the equity sector. Similarly, if you have more time in your hands, you can be more aggressive with investing and opt for high risk options. A benefit of this tactic is that you aren’t borrowing anything and thus avoid all forms of interest. The downside though is that since investments involve risks, your returns may only be indicative, and you may hence fall short of the amount you desired. Nevertheless, the key to making your surplus finances work for you is to invest early with a clear goal in mind.
The idea of planning early works well for destination wedding in general too as you stand a chance to bag a huge discount at a lavish resort by booking well in advance. Similarly, you can cover your guest’s accommodation expenses and even finance a dream honeymoon at a fraction of the cost by simply starting wedding preparations early. If a personal loan for a wedding is what you seek, then check your pre-approved loan offer from Bajaj Finserv. Doing so gives you instant approval via a customised deal and hastens loan disbursal too!