Taking a Loan for Your Destination Wedding – Smart or Risky

The average Indian wedding costs somewhere between INR 5 lakhs and INR 20 lakhs. With India's INR 10,79000 crore MEGA wedding industry growing by leaps and bounds, the wedding loans market is expected to reach $23.3 billion by 2033.

Let us start the discussion with three scenarios –

Scenario 1 - Ritika and Aman's wedding – Both software engineers from Bangalore had always dreamt of taking their pheras on a Goan beach with family, friends, and a golden sunset. The only problem? Their dream wedding budget was INR 25 lakhs plus.

Scenario 2 - Mrs. Radha Krishnan, a private school teacher and a single mother, always dreamt of getting her only daughter married in the serenity of the mountains. Now that the dates have been finalised, the problem remains the budget – an estimated expense of INR 15 lakhs plus.

Scenario 3 - Now, finally, Mrs. and Mrs. Anand from a posh town in Punjab also need funds (approximately INR 30 -INR 40 lakhs) to fund their son’s destination wedding, pay for gifts, book luxury stays for the entire family, buy jewellery, and purchase designer clothes. The only problem is that there is already a business loan of about INR 10 lakh on Mr. Anand.

Now, in all three scenarios, the question is, should they take out a loan for a wedding, and if yes, what are their options?

Let us discuss the same in this guide!

Why Take Wedding Loans for Destination Weddings

A destination wedding is not just a ceremony, but it is an experience. Here are some reasons why, in all three scenarios, a wedding loan is a prudent choice:

• Exorbitant venue & location fees.
• Travel & stay
• Decor & food
• Entertainment, which may include live bands, DJs, or cultural performances.
• Photography & videography
• Grooming expenses

Taking a personal loan for weddings helps avoid dipping into emergency funds or savings that could destabilize finances.

What Kind of Loans Can Be Applied to Finance Weddings

If, in all three scenarios, a wedding loan has to be taken, let us understand the best options first.

1. Personal Loan – The Most Convenient Option

No security, quick processing, a personal loan is one of the best ways to fund weddings.

Use a trending Digital Lending App for Android and iOS, check for eligibility, upload documents, and get instant funds in your account if the loan is approved.

All this can be done on your mobile.

For instance, most couples take non-collateral personal loans ranging between INR 2 lakhs – INR 5 lakhs for 1–5 years to pay for venue, catering, and photography charges.

2. Quick Loan – For Last-Minute, Small Payments

A quick loan App or Instant loan App will be helpful when you need some cash for making last-minute arrangements.

This instant loan is best for additional spending on décor, gifts, and other events.

For instance, you can make advance vendor payments or book a surprise entertainment by taking a quick loan for INR 20,000 – INR 1 lakh for a tenure of 3 to 12 months.

3. Business Loan – For Wedding Planners & Vendors

If you’re a wedding planner financing bookings for multiple clients, a Business Loan App can provide working capital to manage large-scale events.

For example, event companies can take business loans ranging between INR 5 lakhs and INR 25 lakhs at flexible repayment schedules of up to 5 years to pay for venues, bulk decor, and staff costs in advance, before client money is released.

How Loan Apps Make Wedding Financing Easier in All 3 Scenarios

Here are some reasons why, in all three scenarios, a wedding loan from a loan app is beneficial. This is how you must plan your simple online application process:

• No long bank queues; approvals in hours.
• Paperless process – you simply upload documents from your phone.
• Make the most of exceptional security features that build trust among users and keep confidential information safe.
• Choose repayment periods according to your income.
• View interest and EMI amounts at the beginning.

Borrowing for a Destination Wedding: Wise or Reckless?

Now, let’s discuss whether a wedding loan is a prudent or an imprudent choice in all three cases. Let us weigh the pros and cons:

The Bottom Line

A destination wedding loan can be a smart financial decision, but if done well. Always choose an RBI-registrar NBFC's Personal Loan App, Instant Loan App, or Quick Loan App to turn your dream destination wedding into a reality.

Use Hero FinCorp's personal loan App to get an instant check on your eligibility in minutes and receive funds in no time.

Take a personal loan or check your eligibility using our personal loan eligibility calculator instantly.

Note: Always adhere to responsible borrowing and financial planning in wedding preparations.

Frequently Asked Questions

1. Can a wedding loan be taken without collateral?

Yes, wedding personal loans are usually unsecured, and no collateral is needed.

2. How fast can money be disbursed using a loan app?

With a good Instant Loan App, money can be approved and disbursed within hours, based on your profile, document submission, and credit rating.

3. What is the average length of a wedding loan?

Tenures vary between 12 to 60 months, depending on the lender and loan amount. The shorter the tenure, the higher the EMI amount and vice versa.

Disclaimer: The information provided in this blog post is intended for informational purposes only. The content is based on research and opinions available at the time of writing. While we strive to ensure accuracy, we do not claim to be exhaustive or definitive. Readers are advised to independently verify any details mentioned here, such as specifications, features, and availability, before making any decisions. Hero FinCorp does not take responsibility for any discrepancies, inaccuracies, or changes that may occur after the publication of this blog. The choice to rely on the information presented Here is at the reader's discretion, and we recommend consulting official sources and experts for the most up-to-date and accurate information about the featured products.