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Business News/ News / India/  Wedding Loans, EMIs, will be the driving force for Indian wedding industry?
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Wedding Loans, EMIs, will be the driving force for Indian wedding industry?

Marry Now, Pay Later (MNPL) options have caught the eye of the recent generations who like to keep their weddings lavish but intimate, and most importantly fund the whole affair themselves- without taking any monetary help from their parents.

Radisson HotelPremium
Radisson Hotel

Weddings more than marriages have become a costly affair for the families of today. Withdrawing all the money from the lifelong savings account or completely baring the Provident Fund account to organise an elaborate wedding for their children had been the go to method all these years. 

However, just like your phone, big ticket purchase or your renting options, Weddings have now been made an EMI option. Marry Now Pay Later-reads an advertisement by Radisson hotel in national capital Delhi. 

Marry Now, Pay Later (MNPL) options have caught the eye of the recent generations who like to keep their weddings lavish but intimate, and most importantly fund the whole affair themselves- without taking any monetary help from their parents. 

The latest ease of payment MNPL scheme for couples and families looking to get married is available at Radisson hotels in partnership with travel fintech platform SanKash that is looking to capture the country’s growing wedding market.

Wedding Market in India

A previous report by Mint had stated that one in every four weddings worldwide happens in India and with Indians raising their spends on weddings, companies are very bullish on this market.

According to reports, 2022 saw the largest number of pent-up wedding demand that ever happened in the industry. This comes after the Covid induced pandemic hit a pause button for the festivities. 

“We say the big fat Indian wedding is still here, but it’s fat in different ways now. People are spending the same amount but in smaller, more experiential ways, elevating that guest experience with more personalization and customization." Timothy Chi, global chief executive of The Knot Worldwide, had said in an earlier interview with Mint

Further it was also understood that places like Jaipur, Udaipur and Goa aren’t just seeing wedding demand from their own cities but also are feeder markets for other cities where people are looking to plan destination weddings.

Wedding loans 

A quick browse through the internet will also acquaint one with the concept of ‘Wedding loans’ being offered by quick loan services like Lazypay. Instant personal loans with minimal documentation upto 1 Lac is now just a few clicks on your phone away. 

The wedding industry was slated to grow at least 200% in 2022, keeping in mind the barrage of weddings that took place after a gap of three years. Big fat weddings are returning, with the overall market likely to see a growth of 200%, said Vikaas Gutgutia, founder and managing director of Ferns N Petals Pvt. Ltd

Marry Now Pay Later- But how?

The marry Now Pay Later website's first description reads, “Convert your wedding expenses into easy EMI's for 3,6,9,12,15,18 & 24 months tenure". 

"If a customer opts for the marry now, pay later offering at a Radisson hotel, SanKash comes in and evaluates the customer. The moment the customer is approved, which happens digitally in four to six hours, we make the payment to Radisson on behalf of the customer. And the customer starts paying EMI (equated monthly instalment) to SanKash's NBFC (non-banking financial company) partners over the period of the tenure they have selected which is six months at no interest or 12 months with 1 percent interest per month," Akash Dahiya, co-founder and CEO, SanKash, told Moneycontrol.

The customer can avail a loan of upto 25 lakhs.

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Published: 16 Mar 2023, 03:16 PM IST
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