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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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Some milestones in life are so momentous that you want everything about them to be perfect. Weddings are one of them. If you will be walking down the aisle soon, it is natural to feel a little overwhelmed and stressed along with all the joy and excitement. After all, who doesn’t wish for a perfect wedding! Calculating figures is helpful to reduce such stress as it brings clarity and gives you a roadmap for the next steps. So, let’s take a look at the typical budget for a wedding in India and how you can finance it with the help of a personal loan for wedding.
Budget for your wedding
Your wedding budget will primarily depend on things that can be clubbed into 3 categories:
This is the primary determinant of what your wedding will cost. The kind of venue you should select depends on how many guests you want to invite and whether you want to go for a big fat Indian wedding or opt for a more intimate affair. The theme of your wedding and the décor and style preferences will also play a role in choosing the venue. Typically, the kind of venues people opt for, and their costs are:
• Five-star hotels and palaces – Rs 50 lakh and above
• Four-star and three-star hotels, banquet halls, etc. – Rs 20 lakh to Rs 40 lakh
• Farmhouses and resorts in the outskirts of the city – Rs 5 to Rs 15 lakh
It is crucial to keep in mind that the above costs are just estimates and the total expenditure depends on the number of people invited, the kind of décor you opt for, and the package you decide to go for.
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Another major wedding cost is the outfits and jewellery of the bride and groom and the gifts given to family members and other guests. This is a very personal choice and hence you need to have a conversation with your partner to decide how you want to navigate it. For instance, if you are someone who wants to splurge on your wedding outfit, it could run into lakhs.
While these expenses may not seem directly linked to the wedding day, they are a part of wedding costs and can be a significant amount. From your pre-wedding photoshoot to wedding day videography, you need to decide how you want to document your milestone and what it's going to cost. The honeymoon too is an essential part of getting married and depending on the destination you pick, as well as the duration, the cost of this could be anywhere between Rs 1 lakh to Rs 15 lakh or above.
Once you have listed down all the major wedding expenses, you don’t need to feel stressed about figuring out how to fund the wedding of your dreams or cut back on any of your desires. You can simply apply for a wedding loan with Kotak.
Kotak offers wedding loans up to Rs 40 lakh without any collateral. The personal loan eligibility criteria are basic and the application process is quick and simple. So, you don’t need to compromise anywhere when planning your wedding. Simply apply for a personal loan for wedding with Kotak and give yourself and your partner the beautiful wedding you both deserve.
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