The Indian wedding industry is the 2nd largest in the world, with more than 10 million weddings taking place across the nation every year. The entire sector is divided into many segments each with its own set of vendors; catering, organiser, honeymoon market, etc.
As a fact, the honeymoon market encompasses one of the largest shares of the wedding industry. It contributes to approximately 20% to 25% of India’s tourism market with each honeymoon trip costing an average of Rs. 3 Lakh plus for a week to 10 days trip.
Let’s take a look at some of the alternative ways to fund one’s honeymoon.
Create a Fund – You can save for your honeymoon by creating a separate honeymoon fund. Starting early for such a fund will help you save a substantial amount which you can utilise for the trip. Before starting to save, you may take a rough estimate of the expenses like travel tickets, hotel booking charges, expenses in the city or country you would like to go to, etc.
Avail a Credit – One of the most common methods to raise funds for a honeymoon trip is opting for a travel loan. Newlyweds nowadays refer to such funding options to plan their honeymoons. They are referring to external advances such as travel loans instead of their savings. These smart ways to fund a trip has gained significant popularity thanks to their large financing option and hassle-free repayment policies.
Several financial institutions offer these types of advances to eligible applicants. The large loan amount, instant approval and disbursal, and borrower-friendly policies make it one of the most preferred methods of financing a trip.
Besides, lenders like Bajaj Finserv also bring pre-approved offers that make the process of availing finance quick and easy. These offers are available on several financial products including unsecured loans like personal loans and business loans, secured loans like home loans, etc. You may check your pre-approved offer by filling in a few essential details like your name and contact number.
With such offers, you can gain access to instant finance. So, it can help fund your expenses during the honeymoon even if you fall short on saved fund.
While there are other ways to fund your honeymoon expenses, these two seem to be the most feasible options. Take a look at the reasons that make a personal loan suitable to meet expenses when on a honeymoon.
Reasons to Avail a Personal Loan For Honeymoon Expenses
Several reasons make availing a personal loan for travel and other expenses during your honeymoon suitable.
1. No End Use Restrictions
Lenders offering personal loans do not put any restriction on end-use. Therefore, it becomes suitable for you to use the availed funds for any monetary need. Utilise it conveniently as travel finance, as fund to book hotels, meet expenses like going to tourist locations or other transportation, etc.
From meeting bulk financing requirements to the smallest needs during the trip, you can use the loan amount availed for any purpose.
2. Gives Access to a Large Pool of Funds Without Collateral
Personal loans are unsecured loans. So, you do not need to go through the hassle of pledging any collateral to avail it. Also, lenders like Bajaj Finserv offer a high loan amount of up to Rs. 30 Lakh which you can use as a travel loan or a honeymoon loan and meet A to Z expenses of the trip. All you need to do is fulfil the personal loan eligibility criteria to avail the same.
3. Flexible Repayment Tenor With Easy EMIs
You can also repay the loan easily with features like flexible repayment tenor. Choose a loan tenor ranging between 12 and 60 months and repay it in easy EMIs. You can even opt for the Flexi Loan feature from Bajaj Finserv to enjoy interest-only EMIs and reduce the instalments by up to 45%.
Opt for a personal loan to keep your savings intact. Avail advances such as a travel loan and enjoy your honeymoon holiday without any financial woes.
