Destination Weddings on a Budget: Maximize Loans for Dream Weddings

With more couples choosing exotic locations to get married, the trend of destination weddings has been on an all-time high. Whether you want a royal wedding in Udaipur or choose to go international and opt for a beach wedding in Maldives, money should never come in the way of your plans this wedding season.

And a personal loan is one of the easiest ways to bring your dream wedding to life. With the different kinds of options available in the market, funding any of your financial requirements has become a matter of just a few taps!

Why Choose a Destination Wedding on a Budget?

The reasons why you should choose a destination Indian wedding are beyond the fact that it’s trendy. It’s a great opportunity for you to make your special day even more memorable with your loved ones. And while it may seem that destination weddings are expensive, a personal loan is the perfect financial solution for it.

A) Benefits of a Destination Wedding

Choosing a destination marriage can be a one-time experience that can make your big day even more special. You can have an intimate wedding with your loved ones and spend quality time with them. And that’s not all, if planned well, a destination wedding cost can be lesser than a wedding at home.

B) Budget Constraints and the need for Financial Solutions

1. Minimizing Costs

While the cost of traveling and accommodation can increase your budget, it completely depends on the location you choose. For example, choosing a domestic location can actually help you reduce your overall expenses than planning a wedding home. Tweaking the number of guests, choosing affordable vendors, or switching themes of your wedding can help you minimize your wedding costs.

2. Maximizing the Experience

Planning a destination wedding is a special experience you can share with your loved ones. And choosing a personal loan can make sure you don’t make any compromises.

Your Destination Wedding Checklist

But before you finalize your borrowing option and lender, it’s important to understand the total cost associated with your wedding. Making a checklist of your major expenses can help you get an estimate of that amount.

Here’s a list of some important things you will need to finalize before taking a loan:

1.Venue

One of the most important factors that make up most of your destination wedding cost is the venue. Planning a destination Indian wedding will cost you less than an international wedding.

2. Number of Guests

The higher the number of people you invite to your wedding, the higher will be your cost. This is why it’s important to make a list of people you plan on inviting before taking a wedding loan.

3. Travel and Accommodation

You have to take into account the cost of the train/flight tickets, hotel accommodation, etc. depending on the venue you choose and the number of people you invite. If you’re planning an international wedding, you will also have to consider the cost of visa, taxes, and insurance.

4. Wedding Decorators and other Vendors

You have to decide the theme of your wedding before you add the cost of wedding decorations to your budget. Other than paying the wedding decorators you may also have expenses of other vendors like DJs, wedding planners, photographers, etc.

5. Wedding Shopping

Everyone would want to make a statement at their wedding. This is why an important thing to add to your checklist is the cost of things like your wedding outfit, jewelry, accessories, etc.

6. Food and Entertainment

No wedding is complete without good food and entertainment. You can use a personal loan to pick the best caterers and DJs to make your wedding memorable.

Types of Personal Loans for Destination Weddings

Now that you have your wedding checklist and budget ready, you can choose your lender based on it.

And while there are different kinds of borrowing options available in the market, these are a few you can consider:

A. Traditional Bank Loans

One of the most convenient and secure options available in the market is taking a personal loan from a bank. You can simply visit the nearest branch of your bank and check if they have any personal loan offer for you.

B. Online Lenders

If you want to skip the lengthy loan application process and save yourself from the never-ending bank visits, then an online loan is perfect for you.

With Zype, you can get approved for a super-fast loan within minutes. Complete an easy application in 5 minutes without any document uploads and get an approval within 60 seconds.

C. Wedding Loans

There are many lenders in the market who specifically offer collateral-free destination wedding loans ranging between 50,000 to 40 lakhs that can cover your expenses.

D. Credit Cards

You can even apply for a credit card to meet any of your wedding-related expenses. But make sure you keep your credit utilization less than 30% to maintain a good credit score.

Planning Your Dream Destination Wedding

You can save yourself from any kind of last-minute wedding expenses and have the destination wedding of your dreams by following these simple steps:

A) Choosing your Location

Whether you’re keeping your wedding within the country or international, deciding the location will give you a rough estimate of the budget required for the expenses.

B) Creating a Budget

The next step after finalizing the location, number of guests and theme of the wedding is creating a budget. It’s important to do this before you apply for a loan so you can choose the right lender.

C) Making a Detailed Wedding Itinerary

There’s a possibility that you may miss out on a few expenses of your wedding that can affect your budget. You can avoid this by making a detailed wedding itinerary. This way, you will know exactly how much you’re spending on your wedding.

Applying for a Personal Loan for your Dream Wedding

While the process of applying for a personal loan can look different for different lenders, there are some common steps you will have to follow:

1) Gathering the Necessary Documents

To apply for a destination wedding loan, you will need to provide the required information and documents to your lender based on which you will get a loan offer. While different lenders have different requirements, some common documents that you should keep handy are your PAN card, Aadhaar card, bank statement, address proof, etc.

On Zype, you can apply for a personal loan up to ₹5 lakhs without any document upload or paperwork!

2) Application Process

After you have gathered the necessary documents you will need, you can start your application process. Apart from the required documents, you will also have to provide your personal information depending on the lender.

With Zype you can complete your application process in just 5 minutes by providing your basic details like name, phone number and PAN.

3) Loan Approval and Disbursement

Once you’ve finished your application, the lender will assess your profile to determine your eligibility and approve the loan amount accordingly. After you have accepted the loan offer and the terms, you will receive the money directly in your registered bank account.

Risks of Taking a Personal Loan for Wedding

Being aware of the risks associated with taking a personal loan for a wedding can make sure you don’t go through any kind of financial burden.

1) High Interest on Personal Loans

Before you take a personal loan, make sure you compare offers across different lenders. Doing this will help you avoid paying high interest rates and choose an affordable loan.

Looking for the lowest marriage loan interest rate? With Zype you can get personal loans for weddings starting at just 1.5% per month!

2) Debt Accumulation

A risk associated with taking a personal loan is falling into a debt trap. This is why it’s important to create a proper budget before applying for a loan so you’re able to repay all your EMIs on time.

3) Protecting your Credit Score

Whenever you miss your repayment, it’s directly reported to the credit bureau that has a negative impact on your credit score. An easy way of avoiding this is by setting payment reminders or setting your payments on auto-debit.

Must Read: Plan Your Perfect Honeymoon Destination: Top 10 Romantic Getaways in India

Personal Loans as a Solution for a Picture-Perfect Wedding

Now is the perfect time to start all the preparations because the wedding season is just round the corner! Taking a personal loan to meet your expenses will ensure you don’t compromise on your big day and make it a memorable event of your life.

Zype offers personal loans for weddings up to ₹5 lakhs starting at just 1.5% interest rate. You can complete your application in less than 5 minutes without any document upload or paperwork. Get the app from the PlayStore/AppStore and get approved in just 60 seconds!

Frequently Asked Question

 A destination wedding is when the couple gets married away from their hometown. Destination weddings have become more popular because many people believe having an intimate wedding away from home is a great opportunity to bond with your loved ones and make your special day even more memorable.

How do I determine the right Budget for my Destination Wedding?

You can determine the total destination wedding cost by creating a checklist of expenses. Given below are factors that would be a part of your wedding expenses:

a)     Venue

b)     Travel and accommodation

c)     Wedding decorations and other vendors

d)     Wedding shopping

e)      Food and entertainment

What Factors should I keep in mind when selecting a Location for my Destination Wedding?

Before you select a location for your destination wedding, make sure you keep in mind factors like your budget, convenience, proximity for your loved ones, weather, etc.

How can Personal Loans be utilized to Cover Wedding Expenses?

One of the best parts about taking a personal loan is that there is no restriction on the end usage of the loan. You can borrow money from a lender and use it to cover any of your wedding related expenses like travel, accommodation, paying vendors, wedding shopping, etc.

What types of Personal Loans are available for Funding a Destination Wedding?

The different types of personal loans available for funding a destination wedding are:

a)     Bank Loans

b)     Online personal Loans

c)      Wedding/Marriage Loans

Are there Specific Lenders known for offering good Deals on Wedding Loans?

With Zype, you can get a personal loan up to ₹5 lakhs starting at just 1.5% interest rate! Zype is a genuine lender that adheres to all the regulatory requirements of the RBI.