How to plan an intimate wedding in 2021

A celebration of two people coming together and proclaiming their love in front of their loved ones should be nothing short of spectacular. Even amidst a pandemic, the sanctity of the union should be solemnised and blessed. And the perfect day demands perfect planning. The starting point of the perfect plan is the budget. The budget sets the tone for everything – the number of functions, the location, the guest list, the trousseau, the jewellery, the decoration, the catering, etc. Once you’ve set the budget for the big day, you need to have a clear understanding of how the wedding will be funded. Will you and your partner be funding it? Will your parents be contributing? It possibly makes more sense to take on a personal loan to pay for the wedding. That way, you can get the funds instantly and don’t have to redeem any other investments. It even eliminates the cost of liquidating your savings.

There are many benefits to taking a personal loan for a wedding. The loans have no restrictions on what you can use the funds for, therefore going a long way to make your dream wedding a reality. It can even extend to cover your honeymoon expenses. In fact, personal loans taken for weddings are usually charged a substantially lower interest rate than on regular credit card EMIs. Personal loans can provide flexibility in terms of EMI and tenure options, varying from a few months to a few years. You can structure a repayment schedule that will work best for you, based on your income, your financial requirements and your cash flow. Use a personal loan EMI calculator to calculate this and plan your repayment schedule. If you have a good credit history, you can further benefit from better personal loan interest rates. With a good credit history, banks will offer competitive interest rates, enabling you to pay your loan off sooner than you’d otherwise anticipate.

A personal loan helps you fund the wedding you want without disrupting your investments from earning the intended returns. Once you’ve applied for the personal loan, by submitting the application form and necessary documents, the amount is disbursed. You can do your research on what fits in with the funds at your disposal. You prioritise all the things that you require at your wedding, ranging from what you absolutely must have to what you can do without. You then allocate your budget accordingly, ensuring that you get what is most important to you. A key thing to remember is that allocating percentages to each category of expense isn’t set in stone. You can change things around all the way up until the wedding date. However, the thumb rule is to keep the venue, food and beverages budget under 40%. These are usually the costliest part of a wedding, but it doesn’t need to take over your entire budget.

Planning a wedding can be a cumbersome affair. Taking on a personal loan eases a fair bit of the worry. You have time to pay off the loan, and your personal finance isn’t taking a hit as you plan the wedding. The personal loan also keeps your expenses in check. A lot of the time, people go down the slippery slope of going over budget. But when you are cognizant of the value of the funds at your disposal, you ensure that you don’t spend more than you can afford. A personal loan for your wedding empowers you to not just enjoy the big day but the entire process of planning it as well.

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