The National average cost of a wedding is reaching new heights every passing day. Marriage is a huge celebration time for Indian culture, most wedding lasts for 4-7 days. Planning a wedding in Jaipur can come with a lot of expense. Jaipur is a place full of royal palaces and hotels; the lace itself represents a rich heritage that makes you feel like you are in a royal place.
Wedding in India is unforgettable moments for the families. A lot of expenses occur in terms of an Indian wedding, your expense can go from 10 Lakhs to 25 Lakhs and wealthier people also spend in crore on a single wedding event. India wedding planning industry is one of the most lucrative industries, as India wedding are full of entertainment and fun for family and friends.
The cost involved in getting married in Jaipur is expensive, and it can also go out your budget. At such time you ca take a personal loan for a wedding. Commonly people use a personal loan for their wedding expenses. A Jaipur wedding can alone cost you INR 40 Lakhs to 1.2 crores, on expenses like venue, hotel room expense, food, photography, wedding planner, local folk artist (Jaipur is famous for its folk culture), DJ and sound setup, flower setup, lights setup, decoration etc.
A destination wedding is always more expensive because of lot other expense of living and eating and multiple events and functions can increase your wedding expense budget. Indian weddings are never forgotten in Indian family throughout life, hence to make it possible you may have to take a pause and decide whether you want to exhaust your saving and fixed deposit, or a personal loan can be the best option here.
A personal loan is easily available on the basis of your credit score, also the rate of interest also depends on it. The rate of interest in a personal loan is very high, in such cases, if you want to get an even lower rate of interest, a secured loan can be offered to you against your property, gold, fixed deposit etc. In such loans, the bank has less risk involved and can give you a personal loan on a low rate of interest. A personal loan does not have any tax deduction benefits.
The personal loan is normally of two types; one is the secured loan in which the borrower has to put collateral against his loan. In a secured loan you have to collateral either a house; fixed deposit or gold etc. The banks usually offer loans very quickly in such scenario. The wedding personal loan is usually an unsecured loan but you always have an option to go with the secured loan as you will get a lower interest rate as compared to an unsecured loan.
A salaried person can also avail overdraft facilities; overdraft facility can be helped in terms of money shortage problems, it is treated as a fast personal loan. In this, you do not need to mortgage your property or any asset. Your salary and deposits at the bank can serve as assets. A salary overdraft operates on a pay per use basis where the interest is calculated on the amount used.
Personal loan in such events is the best deal you can avail in terms of fulfilling your expenses towards a wedding. Many banks and NBFCs will offer you a lower rate of interest, flexible tenure options. In a personal loan, you can also pay for your travel after the wedding. The cost of your honeymoon can also be taken care on the loan amount and you can easily pay off your loan by managing monthly EMIs.
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