Destination weddings are no more a distant dream these days what’s with banks and financial institutions offering personal loans in form of wedding loans at very low personal loan interest rates.
There was a time when one couldn’t even dream of opting for a destination wedding within the country, forget it being abroad, but the scenario is gradually changing, all thanks to easy wedding loans that are being given by banks and financial institutions these days.
Right from Goa to Paris, and from Jodhpur to Italy, you can now dream big and choose any destination without thinking about the expenses, as they could be well covered if you take a substantial amount of wedding loan.
A wedding loan is easy to obtain and needs no collateral. In fact, these days institutions such as Tata Capital are offering this kind of personal loans at competitive interest rates, which make them very affordable. It’s not a huge deal to pay them off over easy EMI over a period of five to six years.
The documentation process is also pretty simple; you just need your basic KYC documents such as identity proof, address proof etc. Anybody between the age of 21 to 58 years, and with a monthly income of Rs 20,000 can take a wedding loan. Personal loan interest rates vary from 12% to 20% but at certain institutes like Tata Capital, you will get it even cheaper, especially with a good credit score.
So, if you can arm yourself with a wedding loan, nobody can stop yourself from thinking big, and getting married in an exotic location. Talking about exotic locations, can there be a destination more refreshing and romantic than Italy?
When it comes to destination weddings, Italy is a top choice for a lot of people. Don’t tell us that when Ranveer Singh and Deepika Padukone got married in Italy, you didn’t feel jealous. An Italian wedding is like a dream come true, and with a wedding loan, you can make it possible.
Of course, you have to do the basic math by figuring out what would be your approximate expenditure for organizing a wedding, complete with family and guests, in Italy. You can create a select guest list including only the most important people in your life for this destination wedding. Later, back home, you can throw another reception for every other person you know. That way your destination wedding can be well covered by a wedding loan, and will even stay within budget.
Now, there are two most important things to consider when you are opting for a destination wedding, be it Italy or any other place. Here are they:
Selecting the destination: The cost of a wedding venue in Italy will differ from region to region. If you want to keep it low key and within a certain budget then you must look at the outskirts, beyond the hotspots. Obviously, the more popular destinations will be more expensive. You should strike a balance by trying to avail the best of both worlds that you can afford with your wedding loan. For instance, go for Praiano or Sorrento instead of Positano on the Amalfi Coast or Ravello, or opt for Umbria instead of Tuscany.
Choosing a venue: Look for a venue that will give you the whole thing under a single umbrella. A place where you and the guests can stay, perform the wedding rituals, and even hold the wedding reception and dinner or lunch. This will cut out the travel cost from the wedding day arrangements, and you can well use this fund saved from your wedding loan for other expenses. When selecting the venue, look out for things such as whether the hotel or resort is giving free pick-up and drop facilities from the airport, is there a train or a bus station nearby, because when you are in a different country, your guests might ideally want to go around sight-seeing. Most importantly, find out if the venue has in-house catering or an events kitchen. What are the costs involved to avail the same?
Major Cost Areas
· An exclusive one day option in Italy starts at Euro 2000, which is approximately Rs 1.7 Lakh. If you just want the venue for the day, then you can opt for this kind of an arrangement. There will be no accommodation in this venue. You can also opt for a country-style venue that will come alongside accommodation for a minimum of two to three days. The rate for this would be somewhere around 3500 euro or approximately Rs 2.98 lakh. If you are flying in a lot of guests, then you would need a larger venue, perhaps a villa hotel with accommodation for 90 guests. This will have a day rate 9000 euro or Rs 7.67 lakh. Since you can get a wedding loan of up to Rs 15 lakh, all of these would be well within your budget.
· Food wise, it is best to opt for
self-catering venues, especially when the two families are coming together for
the wedding and are staying in the same place. In a new country and completely
new settings, you don’t want to be running around arranging food for guests.
Self-catering venues usually have all apartments stocked with essentials so
that once guests arrive they can grab something quick to drink and eat.
Eventually, you could ask a pizza chef on the first evening to serve you, add
in a few beers and your welcome party is ready to be hosted. It will not cost you
more than Euros 20 (Rs 1700) per person. Food costs for the wedding day
reception will depend on the number of guests you invite for the wedding. On an
estimated basis, it could be anywhere between Euro 5000-10,000 or Rs. 4.26 lakh to Rs 8.52 lakh for about 40
to 50 guests.
· In addition to these, if you are getting married in Italy, you will need to sign a NullaOsta (civil document for foreign citizens) that would cost about Euro 50 (Rs 4265). You will also need to buy a legal stamp for Euro 15 (Rs 1279). For both civil and religious wedding ceremonies, you will need to shell out about Euro 250-800 (Rs 21,321 to Rs 68,230) as ceremony fee.
Getting married in a place like Italy is definitely a dream. A wedding loan from an institute like Tata Capital can not only plan the wedding of your choice but also make sure you do not need to cut costs.