Here’s how you can plan your wedding under 20 lacs – Kotak Bank

11 MARCH, 2020

The thought of planning your wedding can be exhilarating, but it also comes with its own share of stressors. This is especially true when you begin to realise that it is going to be a costly affair. On one hand, you want a wedding of flamboyance, while on the other, you constantly worry about managing the funds for the same. If you are in the midst of planning your wedding, and working on ways to make it budget-friendly, then you have reached the right place. We are here to tell you how you can plan your wedding under Rs. 20 lakhs.

Deciding the Venue

Budget: Rs. 8 lakhs for three events

Venue costs make up for the highest expenses during weddings. Most Indian weddings take place on a specific day called ‘Muhurta’. Around these days, most popular venues in the cities are booked. So, if you have a preference or an eye on a particular venue, book it as soon as you decide to get married.

If a destination wedding is something that amuses you, then you do not have to let go of the idea due to budget constraints. You can conveniently avail of a marriage loan for full or additional financial support. Wedding loans are a type of personal loans that will provide you with the required funds to support your wedding expenses.

Wedding Decorations


Budget: Rs. 3 lakh

Break down the cost of decoration required for your wedding as

  • Wedding day: Rs. 1,00,000
  • Haldi + Mehndi: Rs. 50,000
  • Reception: Rs. 1,50,000

You can always negotiate on decoration charges when your wedding and reception venue is the same. Avoid the use of exotic flowers and source props and décor items from local vendors instead. The market is inundated with wedding décor, especially during the season. Alternatively, you can also go for off-season shopping to get props at a reasonable price.

Wedding Photography


Budget: Rs. 3 Lakh

Your wedding is going to be beautiful, and the photographs must depict this beauty. Your wedding album is going to capture the most memorable moments and you should invest in a good wedding photographer. Hire a professional who will capture your candid pictures while you enjoy the ceremonies with your family and friends.

Wedding Attire (including jewellery)

Budget: Rs. 3 lakh

The last but the most important part of your wedding is your attire. From traditional sarees and Sherwani to modern gowns and tuxedoes, you sure have several kinds of sartorial pieces on your mind. It is best to start shopping for your wedding at least a few months in advance to get the best deals.

What’s a wedding attire without the opulence lent by wedding jewellery? If you really like classic heavy Indian jewellery, then you can use it in combination with imitation jewels to cut on cost. These days, most websites host unique jewellery catalogues from which you can select jewellery especially designed for each function.

Your wedding is an important day in your life and you should ensure that it goes just the way you imagined. If you tactfully manage your wedding expenses, you can smoothly meet your budget of under 20 lacs. However, if you still feel like you need support with finances, you can always turn to the option of a marriage loan.

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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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