3 ‘Marry Now Pay Later’ options for Indian couples
By Leandra Monteiro
According to the Confederation of All India Traders (CAIT), the Indian wedding market is worth $3.78 trillion and is predicted to expand by 20 to 25 percent yearly and almost 35 lakh couples will get married in the first half of 2023.
Now everyone knows about the big fat Indian wedding culture and the huge costs it carries. The requirements list and the multiple days of festivities for Indian weddings is almost never ending, and budgets quite often are tight. However, their desire for instant gratification has given rise to the phenomenon of ‘Marry Now Pay Later’.
Furthermore, Indian couples no longer want to blow up their FDs and savings to pay for a wedding. They much rather pay the due amount from their salaries without touching their long-term investments. Catering to this demand, several Indian companies have come up with the concept of a ‘Marriage loan,’ where one will spend all the borrowed money on their wedding and pay off the sum in EMIs over the course of the pre-decided tenure.
Here are 3 such Marry Now Pay Later options available to Indians to fulfil their dream weddings:
Founded in April 2007, Bajaj Finserv is the financial arm of the Bajaj group. It was one of the first companies to popularise the Marry Now Pay Later concept in India.
The company enables people to cover all their wedding-related expenses with its Flexi Hybrid Personal Loan. It manages all small or big expenses with loans ranging from INR 1 lakh to INR 35 lakh. Also, it enables consumers to repay a part of their loan in advance, at no extra cost.
MNPL is a wedding FinTech platform assisting customers in managing their wedding expenses with ease. The platform first checks customers instant eligibility online before it decides on the approval limit. The platform approves up to a maximum of ₹ 5 Lakhs based on the eligibility.
SanKash, a travel FinTech, partnered with Radisson Gurugram, Udyog Vihar to launch a Marry Now Pay Later scheme. With the Marry Now Pay Later SanKash aims to capture 0.1% of the market share. Depending on the eligibility SanKash approves loans of a value up to INR 25 lakhs. The EMIs can be spread over 12 months with 6 months no-cost EMI option.
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