Indian weddings are worldwide popular for their elongated celebrations. Since there are several rituals observed during these days, it needs a substantial amount of expenses that make it a memorable event.
Regardless of the time and place, the average extravagant Indian wedding costs between Rs. 10 lakh to Rs. 40 lakh. Despite years-long savings, many parents must borrow money to counter the expenses. Give insight into the guide to avoid a couple of things while drafting a spending plan for the wedding.
Flicking Through an Emergency Fund
A wedding is a time-consuming affair. Thus, you get ample time to plan your expenses. Therefore, it’s of no meaning to cast down into the emergency fund for meeting any sudden wedding expenses. By using it, you withdraw your financial protection and minimize the capability to handle the financial crisis. This time, opting for a personal loan is a preferred financing option.
Not Possessing Any Financial Estimate
Before arranging your wedding, you should emphasize the proper budget. Without giving importance to it, either you end up with overspending or unnecessary spending. Whether a regular or a destination wedding, you should stick to a budget plan to maintain peace of mind and enjoy the day.
Inviting Excessive Guests
Weddings are something where you should invite only your close ones. You don’t want your life unnecessarily distressed by sending an invitation to unimportant guests. It would be best to keep your budget in mind and list the guests for the invitation.
Avoid Important Considerations
Most make a mistake by overspending on the wedding to show off. Indeed, a wedding happens once in a lifetime, but that doesn’t mean you forget the post-wedding expenses completely. Unnecessary spending on wedding functions can get you into financial trouble and affect the lives of both families. Therefore, financial experts always advise considering expenses like buying home appliances for a new life, planning a honeymoon, etc.
Undervalue Wedding Costs
If you don’t follow the latest market trend, you will likely face the highest risks while having wedding arrangements. With each passing day, the cost tends to rise. Thus you have to get ready with a more reasonable budget. Therefore, consider the current market rates while estimating a budget for clothing, jewelry, catering, photography, venue rent, etc.
Consider Taking a Personal Loan for a Trouble-Free Wedding
If you feel a shortfall in wedding expenses, consider applying for an HDFC bank personal loan. With this instant fund, you can easily plan your wedding function and don’t restrict using the amount.
Maintain a fair CIBIL score to become eligible for availing of the loan. At first, decide your budget, and then use an EMI calculator to select the best personal loan against the most befitting repayment period.
In any person’s life, a wedding is the most important event. To make your dream of celebrating your day lavishly a reality, save early to prevent any financial burden. Utilize your loan as a wedding loan and enjoy flexibility in easing your expenses.
Be financially prudent to select the right lending organization and match it with your profile. By fulfilling the eligibility requirements, you can get the loan on better terms and enjoy new life innings unconditionally.