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Planning to Finance Your Wedding? These Seven Fund-raising Options can Help You Quickly Save up Big Cash

April 21, 2023

Table of Contents

    Table of Contents

      Around 39.8% of millennial couples pay for their weddings. Here are easy ways to raise a large amount of funds quickly!

      Matches are made in heaven. But marriage funds, sadly, aren't - you have to arrange that on the earth. Indian weddings, especially, are multi-day affairs and cost 8-10 lakhs on average, with the sky being the limit!

      When it comes to the question, 'who will bear this wedding cost?' Most couples still look at their parents expectantly. It is because traditionally, parents save to pay for their children's wedding as soon as they are born.

      In an interview with Economic Times, Aniruddha Bose, Director & Business Head FinEdge Advisory, mentioned, "Overall, the desire to save for one's marriage remains relatively low.

      Only one in 50 individuals consider saving for their significant goal due to the financial weakness of the family. It is influenced by the age-old custom of parents funding their children's weddings, which is still unabated.

      Changing Attitude toward Wedding Expense

      Times are changing. According to a survey done by WeddingWire India, with around 39.8% of millennial couples paying for their weddings, they are taking control of the financial aspects of their big day.

      They are open to partially covering the cost of their marriage, not wanting to put unnecessary pressure on their parents.

      Weddings require extensive planning and preparation. Indian weddings are expensive.

      Hence, couples must start planning and investing money well in advance. Some experts say it's ideal to start saving and investing in appropriate avenues five months in advance.

      But if you are running short on time and money, here are seven ways you can fund-raise quickly.

      Invest in aggressive Mutual Funds

      We are all aware that mutual funds (MFs) are an excellent way to invest in the stock market, especially for those who prefer to avert its volatility.

      MFs allow investors to grow their money safely with attractive ROI (12-16%) in a limited period. 

      Suppose you have less than five years to get married; opt for aggressive investment options such as hybrid or mid-cap mutual funds. For instance, if you invest ₹15,000 for the next four years at an interest of 17% with a 10% step up every year, you can accumulate ₹11,77,815. Imagine that!

      You can reduce your tax liability if you invest in ELSS mutual funds. That's even more savings!

      Withdraw Money from Provident Fund

      Another way to arrange a large sum of money for your wedding is to withdraw a portion of your provident fund.

      Many millennials and individuals hesitate to tap into it since this money belongs to your retirement fund. However, there are many stipulations that you should be aware of:

      • 50% of the employee share with interest is allowed to withdraw for self, son's, and daughter's marriage.
      • You can withdraw money from PF up to 3 times.
      • Employees can withdraw money only after contributing for at least seven years.
      • You do not have to return the withdrawn money.

      Wedding Loan

      You would be surprised to see how many individuals take credit to fund their weddings.

      According to a survey by The Knot, ​​61% of the respondents would use credit cards to help cover the costs, while 21% wouldn't mind taking a personal loan.

      Wedding loans fall under the personal loan category, which is an unsecured loan. As a result, the interest rate you're required to pay is quite steep.

      It lies between 10.50% and 20.40%, with a tenure of up to 72 months. You should opt for this only when you exhaust all other options.

      You want to start your new life with something other than liabilities and debts!

      Peer-to-peer Lending Platform

      Peer-to-peer lending is still in its nascent stage in India.

      These P2P lending platforms collect money from others interested in lending money to earn a higher return.

      It's an alternative financing method, perfect for those who don't match the eligibility criteria of banks and other financial institutions or have less than favorable credit scores.

      • The average interest rate of P2P lending is between 6%-15%.
      • The average tenure is 36 months.
      • Requires minimal documentation.

      Loan against Property

      Mortgaging a residential or commercial property as security to avail loan is a common way to arrange money for wedding needs. Being a secured loan, the interest rate is quite economical, and you can avail of a sizable loan amount.

      Provided all your documents are in order and you match the required eligibility criteria, the loan amount gets disbursed within 72 hours. If you fail to pay back, the lender can sell the pledged property to recover the cost.


      Looking for an alternative way to fund your wedding without taking out a loan or paying any money from your pocket? Then crowdfunding is a great way.

      Many individuals from financially underprivileged families opt for this alternative to raise money.

      In recent years, crowdfunding platforms have mushroomed in India. It includes leading names like Milaap, Ketto, Kickstarter, Patreon, etc.

      You need a compelling page with a target amount you want to raise and share the link with your family, friends, acquaintances, co-workers, etc. You would be surprised how much money you can accumulate with crowdfunding.

      Borrow from relatives

      Have you tried all the above methods to raise money for your wedding, but are you still falling short? Maybe it's time to take help from close relatives.

      Remember, since it's not a traditional loan and is interest-free, you may still have to return it after marriage. Hence, you should give them an idea of when you'd reimburse the money to avoid misunderstanding.


      While all these options can assist you in paying for your wedding, the best way you can do to maximize your saved money is by ensuring your income supports your wedding plans. You should have a secondary source of income to supplement your primary one. 

      It can be a freelance business, passive income like renting out your house, or actively investing in the financial markets. The important thing you should remember here is that nothing can substitute planning and saving if you want to finance your wedding.