Delhi, Mumbai to Bangalore: These Indian metros record highest demand in loans for the big fat Indian wedding
- The demand for wedding loans has increased as weddings in India are expensive and unaffordable for many people
Weddings are a lavish affair in India- be it a local or a destination wedding, The list of expenses is unending. Well, some are able to conveniently pay for the extravaganza on their own, while others have to opt for a wedding loan to make their D-Day special and memorable. Experts believe that the wedding industry is so expensive that normal people can't afford it. Hence, the demand for wedding loans has increased.
December is the wedding season and now Marry Now, Pay Later has become a trending term in the personal loan sector. To fund wedding expenses, banks and non-banking financial companies offer loans.
Your loan sanction also depends upon how good your credit score is. It should be 750 points or more than that. In case of a lower than 750 credit score, you might not be able to get the loan amount that you are expecting.
“As lakhs of weddings unfold across the nation, credit emerges as a pivotal ally, empowering families to weave their dream celebrations into reality. A wedding loan, with its instantaneous approval and flexible repayment terms, empowers one to orchestrate a wedding without grappling with financial gaps. It facilitates quick loan approvals within seconds to minutes, requiring minimal documentation," said Yashoraj Tyagi, CEO of CASHe.
The Confederation of All India Traders (CAIT) estimates a business worth ₹4.25 lakh crore in just 23 days of this year's Indian wedding season.
“Wedding season first spell from 23 November to 15 December is all set to bring cheers to trading community. @CAITIndia expects a biz of about ₹ 4.25 lakh crore wedding trade this year. About 35 lakh weddings are estimated to be solemnised during this period in #Bharat,” CAIT Secretary General Praveen Khandelwal posted on X on October 17.
There has been a substantial increase in the demand for wedding loans since October. “ At CASHe, we've observed a substantial 20% increase in the demand for wedding-related loans since October compared to the previous year. This uptick is influenced by the evolving behavior of young borrowers towards digital transactions and heightened awareness of the accessibility of easy credit. Notably, Bangalore, Hyderabad, Delhi, Pune, and Mumbai have recorded the highest demand for such loans,” said Yashoraj Tyagi.
Given the importance of the event, financial planners advise creating a corpus in advance for wedding expenses as well.
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First Published:28 Nov 2023, 02:29 PM IST
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