Personal loan for wedding? Why borrowing for the big day needs rethinking
'People often don't want to touch their long-term savings, so they take a loan instead. But this only makes sense if it's done responsibly, with a clear repayment plan. Otherwise, it can lead to serious post-wedding financial trouble,' he warns.He points out some major risks of using loans to pay for a wedding. You might end up stretching your budget beyond comfort, paying high interest rates, and getting stuck with EMIs that become hard to manage.'EMIs limit your ability to invest and reduce your freedom to spend on important goals like buying a home, starting a family, or planning for retirement,' Maurya adds. Missed payments can damage your credit score, and the resulting financial strain can delay other key life milestones.Manish Jasoria, Founder of FINTELS Financial Planning Advisory, agrees. 'Weddings are over in a day, but the debt can last for years,' he says. Personal loans in India usually carry interest rates between 10% to 24% per annum, Jasoria added. That's much lower than credit cards, but still higher than secured loans like those against gold or property.'If you miss payments, it can hurt your credit score and make future borrowing harder,' Jasoria explains. 'Financial strain can also lead to early tension in marriage, and delay long-term goals like owning a home or building a safety net.'INSTAGRAM PRESSURE MEETS EMI REALITYBoth experts agree that the younger generation, especially millennials and Gen Z, are more vulnerable to this trap. 'They want to fund their own weddings and create standout moments, but they also feel a huge pressure to look good online,' says Maurya.Jasoria calls this a worrying shift. 'Many young people don't fully understand the long-term cost of borrowing for non-essential spending. A wedding should not come at the cost of your future.'SMARTER ALTERNATIVES TO WEDDING LOANSWeddings may be magical, but the financial aftermath doesn't have to be daunting. With thoughtful planning, couples can avoid the debt spiral. 'Set a realistic budget, and stick to it,' says Jasoria. Smaller, meaningful ceremonies help keep the focus where it belongs, on the people, not the price tag.advertisementMaurya agrees, pointing out that couples should 'prioritise budgets by cutting guest lists or costs that aren't totally necessary.'Instead of borrowing, both recommend building up savings in advance. 'Start saving early, consider opening a wedding-focused SIP,' Jasoria suggests. Maurya adds that 'using personal savings, accepting contributions from family, or picking up a side hustle in the months before the wedding' are all great alternatives to loans.For modern-minded couples, crowdfunding is also gaining popularity. 'Let loved ones contribute to specific elements like photography or the honeymoon,' says Jasoria, while Maurya adds that cash registries are becoming smarter and more goal-focused.Choosing off-season dates can also lead to significant savings, as can negotiating staggered payment plans with vendors. 'Spend on what's important and don't shy away from negotiating,' Jasoria insists. Add a personal touch with DIY dcor or invites, and you've got a celebration that's rich in meaning, not just money.'The goal should be to have a meaningful, affordable wedding,' says Jasoria. 'You don't need to impress the world. Your financial future is far more important than one day of glamour.'advertisementDON'T LET SOCIAL PRESSURE DERAIL YOUR FUTUREIn a world full of Instagram-worthy weddings and Pinterest-fuelled dreams, it's easy to feel the urge to overspend. But experts urge couples to pause and reflect. 'Do not allow social pressures or social media trends to lead you into debt over a wedding,' warns Maurya. He emphasises that financial security and peace of mind far outweigh a single day of opulence. 'Pick economical activities and fight the urge to overspend,' he adds.Jasoria echoes this sentiment, reminding couples that, 'Don't let a one-day celebration compromise your 30-year financial future.' He advises couples to align on financial values early on and focus on what really matters. 'Instead of chasing status-symbol weddings, focus on building a meaningful, debt-free beginning with your partner,' he says. 'You can always celebrate in style when you can truly afford it.' While societal expectations can be overwhelming, he believes that long-term financial regret is much harder to live with.Because at the end of the day, the best weddings are not the ones that make the biggest splash online, they're the ones that leave you smiling not just on the day, but for years after.- Ends
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