Rs 15L wedding vs Rs 45L loan: Bengaluru CA Meenal Goel warns of ‘5 years of financial pressure’ with Rs 1 lakh EMI

Wedding are an extravagant affair, especially in India. From lavish wedding halls or lawns, to exquisite decor, exotic flowers, lavish spread, music and ofcourse the jewellery and wedding dress. Together, the expense becomes exorbitant. While the wedding festivities last for a couple of days, the finances burn a hole in the pocket. Many families give in to societal pressure and celebrate the wedding with utmost enthusiasm, which can make it difficult ot separate tradition and affordability. A 27-year-old man took to Reddit to vent about how his family wanted a Rs 50 lakh wedding and was being asked to consider a massive personal loan. Bengaluru CA has now reacted to the post and weighed in on the financial burden it can cause.

Reddit user faces Rs 45 lakh loan dilemma

A 27-year-old man, after a long struggle convinced his parents for the love marriage but wanted the wedding to take place on their terms and be a grand event. According to the user, the overall expense was estimated at around Rs 50 lakh, including a car costing under Rs 10 lakh. The major concern, however, was how the wedding would be funded.

His family suggested that he take a Rs 45 lakh personal loan if his father could not sell some family land. However, the land was already tied up with bank loans, while his father reportedly had around Rs 50 lakh in existing bank debt. The father believed the debt could eventually be cleared by selling the land, but there was no confirmed sale yet. Meanwhile, the fiancée's family was willing to host a simpler wedding at their place for around Rs 15 lakh.

Bengaluru CA Meenal Goel calculates the debt burden

Reacting to the situation, Bengaluru CA Meenal Goel highlighted what taking on the proposed loan could mean after the wedding. “Imagine starting your married life with a Rs 45 lakh personal loan,” she wrote, calling it not merely a wedding expense but “five years of financial pressure for one day of celebration.” Goel pointed to the Rs 15 lakh alternative and questioned why Rs 45 lakh was being considered simply because the wedding “should” be grand.

“This is where social pressure starts masquerading as financial planning,” she said.

Rs 45 lakh loan could mean Rs 1 lakh EMI

Goel further broke down the numbers, stating that at 12% for five years, a Rs 45 lakh personal loan would mean an EMI of roughly Rs 1 lakh every month for 60 months. That would amount to around Rs 60 lakh in total repayments on a Rs 45 lakh loan, according to her calculation. She also pointed out that the EMI would come alongside rent, investments, emergencies, a possible home loan and future family expenses.“This is exactly why personal finance isn't just about earning more,” Goel wrote, adding that debt should ideally fund something that “builds wealth, generates income or solves a genuine need.”