Funding A Fairy Tale Wedding

Weddings are a big deal in India! It is all the more reason to leave no stones unturned if it is your sister’s wedding! Harday Gupta, 27, is a public relations professional who has taken two separate loans to cover his sister’s wedding expenses. One is an interest-free loan of Rs1.5 lakh from his office as salary advance, and a personal loan of Rs3 lakh from a private bank payable at an interest rate of 14.5 per cent per annum. His sister has also taken personal loans of around Rs3 lakh each from two separate banks for her D-Day. While the loan Gupta took from his office helped in covering the engagement ceremony, is payable in 15 months’ time, the bank’s loan was spent during the wedding is payable in two years. He is currently paying close to 20 per cent of his salary as monthly EMIs to repay these two loans. Gupta already had a salary account with the bank,...