In a country known for its extravagant weddings, 'Marry Now, Pay Later' emerges as a financial innovation transforming dream weddings into realities.
Have you come across the idea of ‘Buy Now, Pay Later?’ You probably have. It's a way for folks to buy things and spread out the payments over time, typically without interest. But, in India, where various financing options and credit systems exist, something quite peculiar has surfaced lately. Enter ‘Marry Now, Pay Later.’ You read it correct! The wedding landscape in India has undergone a fascinating shift with the advent of this groundbreaking trend. Let's dive deeper into the intriguing concept of ‘Marry Now, Pay Later’ schemes.
‘Marry Now, Pay Later’ schemes are crafted to liberate couples from immediate financial strain while celebrating their wedding. Usually orchestrated through partnerships with financial entities or specialized wedding service providers, these arrangements offer credit to cover all the wedding costs. By spreading repayments across set intervals, couples can relish their special day without sacrificing their dreams or enduring financial pressure.
(Credit: Startup Talky)
Indian weddings, whether local or destination-based, are renowned for their grandeur and seemingly endless expenses. While some can afford these lavish celebrations independently, many individuals seek wedding loans to orchestrate an unforgettable day. Experts highlight the exorbitant nature of the wedding industry, often surpassing the means of the average person, leading to a rising demand for such schemes. Credit emerges as a vital tool, empowering families to transform their dream weddings into reality, given the multitude of weddings happening across the country. A wedding loan offers swift approval and adaptable repayment conditions, alleviating concerns about financial gaps and enabling seamless wedding planning.
Approval for these loans happens swiftly, often within mere seconds to minutes, requiring minimal documentation. Meanwhile, the Confederation of All India Traders (CAIT) projects that the Indian wedding season this year, will generate a staggering business of worth Rs.4.25 lakh crore in just 23 days. Highlighting the anticipation within the trading community, the CAIT Secretary General shared on November 21 that the upcoming wedding season, spanning from November 23 to December 15, promises immense joy. An estimated 38 lakh weddings are expected during this period in India.
Notably, there's been a significant surge in requests for wedding loans since October. This surge aligns with the evolving preferences of young borrowers towards digital transactions and their growing awareness of accessible credit options. Metro cities such as Bangalore, Hyderabad, Delhi, Pune, and Mumbai stand out with the highest demand for these loans.
Dreaming of your perfect wedding this season but feeling the weight of expenses? Consider trying ‘Marry Now, Pay Later’ to turn your dream celebration into a reality without immediate financial strain.
