20% of total loans availed by borrowers between 20 and 30 years of age in India are taken for marriage
Some view lavish Indian weddings as vulgar display of wealth while the society at large, caught in the trap of norms and convention, continues to flow with tradition and refuses to reform itself.
Weddings in India are becoming more and more gaudy and lavish each season, notwitstanding the fact that the country is going through an unprecedented economic crisis, commodity prices are sky-rocketing, banks are cash starved due to staggering sums tied to non performing assets and liabilities, financial institutions are struggling to stay afloat due to scams unlimited, public sector units are sinking, revival of the unorganised sector that suffered a body blow due to demonetisation remains a far cry, a flawed system of taxation continues to bleed and squeeze the honest tax payer only to fill the government’s coffers to allow reckless unproductive spending, lopsided equity distribution, adverse balance in terms of foreign trade, falling value of rupee, joblessness, tardy pace of industrial growth and a southward bound GDP graph is leaving very little room for increasing consumption and savings on the part of the common citizens, which is so essential for economic growth and all round development.
In the prevailing scenario, we have non-banking finance companies that have gone into the overdrive mode to finance the Indian wedding industry and give the general public a roller coaster of a ride that would take them no where but into the clutches of EMI.
Finance companies want to ride piggyback the average tradition-strapped Indian and encash what they term as “a significant momentum over the last few years as wedding ceremonies have become more lavish than ever in the country.”
A finance company with standing has done its homework and underscored that India witnesses around 10 million weddings per year and this only makes it (potential of business) more profound. With rising expenses, weddings have only become costlier with costs at the lower end ranging between Rs.5 lakh and Rs.10 lakh. Seeking luxury wedding arrangements attracts much higher costs, the company points out.
While there are various financing options available in the country, personal loans have surfaced as a go-to solution. Therefore, several lenders in the country offer personal loans for marriage, making the fulfilment of such high-end expenses convenient. Financing weddings with a loan has become a suitable option for many. Studies reveal that 20% of total loans availed by borrowers between 20 and 30 years of age in India are taken for marriage. Increasing lending capacity of consumers has made availing a personal loan feasible, to meet marriage expenses with ease.
Bajaj Finserv has launched a campaign to build media hype. Planning and organizing dream weddings involve high expenses, which individuals can cover with a Bajaj Finserv Personal Loan for Wedding, the company points out adding the loan offered by Bajaj Finance Limited, the lending arm of Bajaj Finserv comes as a high-value instant loan with multiple other benefits. It is available as an unsecured loan and requires an applicant to meet simplified eligibility criteria. Document requirement is also reduced to minimal to avail financing, thereby making for convenient wedding arrangements in no time.
Bajaj Finserv’s wedding checklist that can bring dream marriages to reality:
Arranging for wedding couture involves making several arrangements, from outfits and jewellery to makeup.
If you are going for a grand wedding, a designer outfit for the bride and groom may cost around Rs.50,000 and above. Add to it the cost of gold jewellery, which is a must-have for Indian weddings, and you may incur an expense of Rs.1 to 2 lakh.
With easy access to designer wedding couture, marriage celebrations are more lavish than ever. As the cost of making these arrangements are significantly high, a Bajaj Finserv Personal Loan for Wedding comes as a suitable funding option with features such as Flexi loan and flexible repayment tenor.
Destination or venue booking
Booking a venue is another expensive engagement while arranging a marriage function. As you go for a bigger and more splendid venue, the cost involved also increases. Destination wedding to exotic foreign locations is another high-end marriage plan that requires planning as well as financing.
As venues account for a significant percentage of total wedding expenses, cost of arrangement and booking a venue can run into Rs.5 lakh to Rs.10 lakh, depending on the location chosen and facilities available. The rates are usually higher during peak wedding seasons. The cost of booking a venue only for destination wedding ends up on the higher side.
Availing high-value personal loans can easily fulfil such luxurious disposition.
These advances are affordable today as the best lenders in the market offer attractive interest rates to facilitate easier repayment.
Hiring venue decorators
Given the wedding planning industry is thriving, to-be brides and grooms can conveniently opt to hire venue decorators for a luxurious and elegant set-up.
Based on the grandeur required for the event, treating your guests with an alluring décor and preferential hall can range anywhere between Rs.50,000 and Rs.2 lakh.
You can fund these expenses with wedding loans that come with fast approval and disbursal facilities.
Catering & hospitality
Cuisines form an essential part of hospitality during wedding ceremonies. As the arrangement involves substantial expenses, individuals can fulfil the same with a personal loan for marriage.
Such a funding can suffice for all other arrangements, including catering and hospitality. You can make a budget of the arrangement for which reputed wedding organisers can charge up to Rs. 2,500 per person participating in the celebration.
All you need to do is meet certain simple eligibility criteria and provide the required documents to avail this advance at the earliest.
Treating the loved ones with a post-wedding reception party is another wedding essential for a long time now in Indian marriages. Only that, today it involves more luxurious wedding invite and celebration, sometimes with the likes of celebrity events as well.
The entire arrangement of post-wedding receptions, including décor, couture for the bride and groom, venue arrangement, et al, is an affair of several lakhs.
With such high expenses being the necessity, funding it with a personal loan is the go-to option.
However, as the overall outflow of funds is high, individuals must have a budget planned before applying. Personal loans for wedding offered by Bajaj Finserv make planning these extravagant celebrations seamless, owing to their numerous attractive features. To a avail customised a personal loan for marriage, all you need to do is check your pre-approved offer. Pre-plan your budget to repay the same in easy EMIs.