7 smart ways to cut down on wedding expenses – Kotak Bank

11 MARCH, 2020

The thought of marriage is indubitably elating and planning a beautiful wedding ceremony makes for an important part of the beginning of this journey. Deciding on what you wish your wedding to look like - while setting a realistic budget is essential. You are bound to have a zillion ideas on your mind for the venue, décor, food menu and more. Amidst all the planning, the costs can seem over-bearing. However, there are several ways that you can use to help cut corners while not compromising on the gleam of your celebration.

Here is a list of ways that will allow you to tactfully manage expenses while planning a memorable wedding:

Book your venue in advance

It is wise to book your wedding venue in advance or as soon as you decide to get married. Essentially, look for a venue that brings you great value in terms of location, ambiance and more. It is best to pick a venue that is easily accessible to your guests as you do not want them to spend too much time on travel.
Booking the venue early-on will ensure that you enjoy the best price. As opposed to the peak season, venues are offered at a much lower cost during off-seasons. Taking advantage of this will help you save big bucks and you can direct your budget savings in making other equally important expenses. You could avail  personal loan to handle spends in case you need to make a quick decision and have found the perfect venue.

Quality food from a reputed caterer

What’s a wedding party without some sumptuous food? The wedding food menu and special delicacies make for the highlight of your celebrations. Ensure that you hire the services of a caterer who will provide your guests with tasty dishes while charging a reasonable cost. Before selecting one, make a list of caterers and evaluate their past services, food quality and charges. You can negotiate the cost basis the number of guests and ceremonies as part of the wedding.

Affordable wedding attire

Wedding outfits add to the glitz and glamour of your wedding and it goes without saying that you would want to be clad in the most alluring sartorial pieces. Bridal outfits are high-priced but there is a way to get the best without spending too much. The first thing would be to get your attire in place, much in advance. This will give you enough time to consider different options and pick one that is not only beautiful, but affordable as well. You can also rope in a local tailor and have your outfit customized. This is a great way to save on your money, while donning an attire that is created just for you.

Local-store jewellery pieces

Wedding jewellery adds the much-needed opulence to your outfits. You must get jewels that will contribute to your outfits in making you look a billion-bucks on your special day. While there are several jewellery brands available today, they do charge exorbitantly for their designs. You can shop at local but reputed stores that offer the best ornamental pieces at an optimum price. Also, take advantage of discounts from brands that are offered especially during the festive and wedding seasons.

Cost-saving e-invites

Gone are the days when you use to print wedding cards on expensive paper and send it to your guests. Not only is this time-consuming, but costly too. You can send wedding invitations electronically in the form of WhatsApp videos, email, apps and more. This will save your budget and is also an environmentally-conscious move.

Hire a freelance photographer

Good wedding photography is essential as it captures the moments of your wedding celebrations while letting you cherish them forever. However, professional wedding photographers can be very expensive and this makes freelance photographers a better bet. You do not have to be apprehensive about getting a freelancer onboard for your wedding photography as you can check their work prior to making a booking.  Freelancers are very innovative, and you can expect the best services within an optimal price bracket.

Apply for a low-interest wedding loan

If you find yourself surpassing your set wedding budget, you can always rely on a marriage loan. This form of personal loans has become very popular because of their affordability. Wedding loans are now offered at a low-interest rate and it is a better option than using all of your hard-earned savings at once. Additionally, the loans come with note-worthy benefits that include minimal documentation and long-repayment terms.

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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.

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Frequently Asked Questions

What can a personal loan be used for?

Personal Loan can help you meet unexpected expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects or even for the purchase of consumer durables. 

 

Applying for a personal loan is a lot easier, quick, and convenient with Kotak Mahindra Bank.Click https://www.kotak.com/en/personal-banking/loans/personal-loan.html to apply for the same. 

 

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Do I need to provide any security or collateral to obtain a personal loan?

No, you do not have to provide any security or collateral to obtain a personal loan. Personal loan is a type of unsecured loan. This essentially means that it is not backed by the guarantee of collateral. You are not burdened by the need to generate collateral like gold, property or shares, as with other types of loans. As there is no security to assure loan repayment, the bank will focus on the income and financial stability of the applicant. 

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What are the benefits of taking a personal loan with Kotak?

There are several benefits of availing a personal loan from Kotak bank. Some of the most notable benefits include:

  • prepaymentInstant approval – The bank approves the loan at a quick rate and this makes the process much easier to serve different financial purposes.
  • Easy Documentation – It comes with minimal documentation requirements to help you save time and cater to your emergency financial needs without any hassle.
  • Versatile usage – The personal loan can be used to fulfil many purposes. From funding a dream wedding to serving a medical emergency, it can be used to serve different planned and unplanned financial needs.
  • Attractive interest rate – The personal loan is made more convenient with an attractive rate of interest starting at 10.75 p.a.
  • Part Prepayment facility – In case of excess funds/financial liquidity , you can reduce your loan burden with part prepayment

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What is the eligibility criteria to apply for a personal loan?

The eligibility to avail Personal loan is as follows :

  • All Indian residents who are employees of either MNCs, Public and Private limited companies with a minimum age of 21 years and maximum age of 58 years are eligible for a personal loan.
  • Other Personal loan eligibility criteria :
    • Income Net monthly salary of Rs. 20,000/-
    • Minimum educational qualification - Graduate
    • Years in city - Minimum 1 year
    • Total work experience - Minimum 1 years

You can apply for a personal loan by following the below steps:

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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What is the best way to apply for a personal loan?

You can apply for a personal loan by following the below steps:

 

On Mobile banking

  • Go to Apply Now
  • Personal Loan ( If eligible)

On Net Banking

  • Go to Banking
  • Apply for Preapproved Personal Loan (If eligible)

Or

By simply clicking https://rcasprod.kotak.com/personal-loan?source=website&banner=ProductPageApplyonlineTab.

Please Note: The same would be subject to approval. The time frame for the personal loan is 10 working days if approved.

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