Organizing a wedding in Spain costs on average about 21,600 euros, according to Statista estimates. This amount can be difficult to take on at once for many couples, who choose to apply for a wedding loan.
In that case, the first thing the couple should do is estimate the expenses involved in organizing the marriage, in order to calculate the amount of the loan they need to request to finance the wedding.
What are the main expenses of a wedding
The cost of organizing a wedding depends on the type of celebration: if it is intimate or, on the contrary, has many guests; if it is celebrated throughout the day or only in the afternoon; whether there will be live music or not; if it takes place in a single point or on the contrary it is necessary to move from one place to another, etc. But, generally speaking, these are the most common expenses:
- The largest item corresponds to the banquet, which is around 100 euros on the average per cover.
- The honeymoon trip is usually around 4,500 euros.
- The wedding dress also represents a significant outlay, around 1,500 euros if it is new, and the groom’s suit, just under 1,000 euros, as well as accessories.
- Other items that must be accounted for when organizing a wedding are photography and video services, which can amount to 2,000 euros.
Also, in the budget of a wedding, you have to take into account the invitations, alliances, flower arrangements, music, details for the guests, and the transport to the place of the ceremony or the banquet, as well as an amount for the unforeseen that may arise.
How to apply for the wedding loan
Once the amount of the bond has been calculated, and after discounting the part that can be assumed by resorting to savings, it is time to approach the bank and request a wedding loan. As for any other personal loan, the entity sets a maximum amount of money that it will lend under this modality, at an established interest rate. Within that limit, the couple may request the amount they need, and return it in installments, paying the agreed interest and commissions. You might be interested in Commercial Loan Truerate Services.
Like any other consumer loan, applicants will have to prove their financial solvency, either with a payroll (income statements and VAT payments if they are self-employed) or with other income. It is important that they request a budget, proforma or standardized invoice for all the services they contract related to the wedding since the bank will require this documentation when formalizing the loan.
Before taking the step of applying for wedding financing, you can calculate your loan with our personal loan simulator. You will find out what the monthly installment would be to pay within the expected repayment period, as well as if the loan meets the conditions to be pre-authorized.