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From Lehenga to Jewellery: Cover All Bridal Shopping Expenses with a Personal Loan
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Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. 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 the Bank. The Bank, 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. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.
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Weddings in India – the first word that comes to your mind is heavy expenditure. Unlike other countries, weddings in India are a festival for families. There are tons of rituals and events in one wedding that are spread out for a week.
People save for years and sometimes decades to fund such lavish weddings – after all, it is a lifetime event for them. However, in the current age, the mindset has shifted in a new direction. Cities like Bangalore, Pune, Delhi, Mumbai and Hyderabad have recorded the highest demand for wedding loans with some financial institutions observing a 20% increase in such applications in 2023 compared to 2022.
Let’s take a look at why wedding loans are on-demand and how you can use them too:
Top Reasons to Take a Personal Loan for Your Wedding
Jewellery is a big part of an Indian wedding, especially gold. With rising gold prices, a Personal Loan helps you cover the cost of gold jewellery without worrying about your savings.
If you are planning for a destination wedding or choosing a 5-star property for your wedding venue – having a financial backup comes in handy. You then have the liberty to choose your dream venue with Personal Loans. It also covers the cost of catering and decoration.
In today’s busy world, people often overlook their honeymoon vacation. It is because of their jobs or their finances. However, whenever they plan it – either they are out of holidays or out of funds.
Taking a wedding loan solves one of the two challenges and with a reasonable tenure and interest rate, it is easy to save on the total loan amount.Gifting is another huge aspect of weddings in India. To make guests happy, there is a separate inventory of gifts given to each one of them to maintain good relations with all.
However, such inventory comes at a cost and a wedding loan can cover all these expenses seamlessly.Designer lehengas, sarees, makeup – it's not just about the venue, there are so many other things to look after. Over the years, the expenses of lehengas, sarees, makeup and jewellery have increased and to plan a great wedding you must plan how you are going to cover these expenses.
Why Are Personal Loans for Weddings Preferred by People?
Unlike secured loans, Personal Loans have a quick approval system. You don’t have to wait for weeks to get your loan approved. Now you can book your wedding venue without worrying about funds.
Personal Loans don’t have a lot of paperwork. Lenders usually ask for a few documents like identity proof, proof of salary and proof of residence.
Many people opt for wedding loans because they don’t want to exhaust their savings. It is a great way to protect your savings and use it as an investment for the future.
Common Mistakes to Avoid When Taking a Wedding Loan
Often there are times when people take a huge amount of Personal Loan for emergency funds. However, they overlook important factors like loan tenure and interest rates, and they land up on huge debts and high interest amount.
If you take out a loan without a repayment strategy, then you are ignoring your financial calendar and this might hinder your plans where there are more debts than savings.
How to Manage Your Wedding Expenses with a Personal Loan?
As you are coming near to your wedding date, list down all your wedding expenses and how much you want to spend based on different factors like venue, number of guests, jewellery, makeup, and food. With a rough budget, you can determine how much loan you have to opt for.
It is better to opt for shorter loan tenures so that you don’t have to pay a lot of interest amount. However, the interest amount varies on the principal amount so you must strike the balance between the two to save more.
Now that you have selected the principal amount, it is time to fix your EMIs. Make sure that you choose a suitable amount so that you can balance your monthly expenses with it.
Several Personal Loans have hidden charges that are not mentioned clearly in the terms. It is important to check the detailed print of the terms to ensure that you don’t miss any extra charges.
Timely repayments help you boost your credit score and make you the perfect candidate when you want to take other loans in the future. If you fall behind on paying back, then it will hurt your chances to take loans in the future.
Eligibility Criteria for a Wedding Loan
To take a Personal Loan for a wedding from Kotak Mahindra Bank you must:
To know more, check out our eligibility criteria.
Get a Personal Loan for Your Wedding with Kotak Mahindra Bank
Personal Loan is an effective way to manage your wedding expenses and Kotak Mahindra Bank is your perfect solution. Choose a wedding loan at reasonable interest rates, quick approvals, and flexible repayments.
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