Should You Take a Personal Loan for Your Wedding in India? Pros and Cons Explained

Indian weddings are cultural milestones rather than just ceremonies. From venue and catering to outfits and jewellery, to décor, entertainment, photography, and gifts, expenses can add up quickly.

Here’s what a typical wedding can cost in India:
 

• Modest Wedding (₹5–10 lakh): Local venues, limited guest list, simple décor, budget outfits.
• Mid-Range Wedding (₹15–25 lakh): Destination venues within India, designer wear, elaborate catering, professional entertainment.
• Premium Wedding (₹40 lakh+): Luxury venues, celebrity performers, international destinations, high-end décor.

When to consider a personal loan for wedding
 

For many, having a dream wedding is non-negotiable. If your savings do not add up to your budget, a personal loan can come to the rescue. Here’s how a personal loan for a wedding can help turn your dreams into reality:

1. Quick access to funds: Personal loan apps often come with instant disbursal within 24–48 hours. With FIRSTmoney, you can get funds for your wedding in just 30 minutes.
2. No collateral needed: Unlike gold loans, a wedding loan is unsecured. You don’t need to pledge any asset or collateral to get the funds.
3. Flexible usage: The loan doesn’t come with any restrictions. You can use the funds to cover any wedding-related expenses, including the venue, catering, outfits or even your honeymoon travel costs.
4. Structured repayment: A personal loan allows you to break your expenses in comfortable EMIs with a tenure up to 60 months. This way you don’t need to spend up front.

💡 For example: A ₹5 lakh loan from IDFC FIRST Bank at 9.99% for 36 months = ~₹16,131 EMI/month. You can use the personal loan EMI calculator to get an accurate estimate of your EMI.

When to avoid a personal loan for wedding
 

While a personal loan for wedding comes with its advantages, there are certain cases where you need to think twice before opting for it.

1. Long-Term Debt: If the EMI stretches beyond your monthly budget, you need to think twice before opting for a personal loan. You don’t want to turn a week-long celebration into a financial burden for the next 3 to 5 years.
2. High Interest Rates: You should go for a wedding loan only if the interest rates are affordable. For example, with FIRSTmoney you can get a wedding loan starting at low interest rate of just 9.99% p.a.

Are there any alternatives to taking a wedding loan
 

• Use a part-savings, part-loan approach: Use savings for essentials and borrow only for the gaps. Relying too much on a personal loan for wedding can lead to unnecessary debt burden.
• Consider family support: Contributions from parents or relatives can reduce your borrowing needs.
• Go for smart planning:
  • Research vendors and compare quotes before finalising.
  • Consider off-season dates or weekday functions to avail discounts.
  • Consider limiting guest lists for significant savings.
  • Opt for rental outfits and jewellery and go for local designers.
  • Bundle décor, photography, and event management in packages.

Decide what’s right for you
 

You should consider a wedding loan if:

• You want to preserve your emergency savings and investments.
• You have partial funds and need to bridge the gap.
• Your monthly disposable income comfortably supports the additional EMI.

On forums like Reddit, users share mixed views on taking a personal loan for a wedding:

• The skeptics suggest avoiding debt for one-time events.
• The pragmatists suggest going for a mix of savings + loan is reasonable if EMIs are manageable.
• The ones who are cautious advice not letting societal pressure push unnecessary borrowing.

Why consider a wedding loan from IDFC FIRST Bank
 

If you are going for a wedding loan, you should consider IDFC FIRST Bank’s FIRSTmoney Personal Loan for the following reasons:

• You get a wedding loan at competitive interest rates starting at 9.99% p.a.
• You can close your loan early with zero foreclosure charges
• You can get funds up to ₹10 lakhs through a 100% digitalprocess without any paperwork and in as little as 30 minutes.
• You can choose a flexible tenure, ranging from 9 to 60 months
• You can enjoy transparency & control in all aspects of your wedding loan

Final words

A personal loan for a wedding can be helpful if used wisely. Borrow responsibly, blend with savings, and choose a transparent lender. With IDFC FIRST Bank’s FIRSTmoney Personal Loan, you get affordability, flexibility, and digital convenience— so your dream wedding doesn’t turn into a financial burden.