Table of Contents
The recent generations, who prefer to keep their weddings spectacular but intimate, have taken an interest in Marry Now, Pay Later (MNPL) possibilities. Most importantly, these generations choose to finance the entire event themselves, devoting no money from their parents to the event.
For families nowadays, getting married has become more expensive than getting married. The preferred strategy over the years has been to entirely drain the Provident Fund account or withdraw the entire balance from the lifelong savings account in order to plan a lavish wedding for their children.
However, weddings are now eligible for EMI payments, just like your phone, a major purchase, or your rental alternatives. An advertising for the Radisson hotel in the national capital Delhi states, “Marry Now Pay Later.”
Recent generations, who prefer to keep their weddings extravagant but intimate, have taken an interest in Marry Now, Pay Later (MNPL) choices. Most importantly, these generations choose to finance the entire event on their own, without receiving financial assistance from their parents.
The newest payment convenience in collaboration with the travel fintech company SanKash, Radisson hotels are offering the MNPL programme for couples and families wishing to wed in an effort to tap into the nation’s expanding wedding industry.
Recent generations who prefer to keep their weddings extravagant but intimate, and most importantly, fund the entire affair themselves- without seeking any financial aid from their parents- have taken an interest in back Marry Now, Pay Later (MNPL) possibilities.
The newest payment convenience in collaboration with the travel fintech company SanKash, Radisson hotels are offering the MNPL programme for couples and families wishing to wed in an effort to tap into the nation’s expanding wedding industry.
Indian wedding industry
According to a previous Mint research, one in every four weddings worldwide takes place in India, and given that Indians are spending more on weddings, businesses are quite optimistic about this market.
According to statistics, the sector had the highest level of unmet wedding demand ever in 2022. This occurs after the celebrations were put on hold by the pandemic caused by Covid.
“We claim that the large, fat Indian wedding is still prevalent, but it is now fat in new ways. The same amount is being spent, but people are opting for smaller, more immersive experiences, which elevates the guest experience through greater personalization and customization. In a previous interview with Mint, Timothy Chi, the worldwide chief executive of The Knot Worldwide, had remarked.
Additionally, it was acknowledged that locations like Jaipur, Udaipur, and Goa serve as feeder markets for other cities where people are wanting to arrange vacation weddings, as well as experiencing a demand for weddings from within their own cities.
Wedding financing
One can learn more about “Wedding loans” and how they work by doing a short search on the internet. Services like Lazypay offer these kind of loans. Your phone is now just a few clicks away from instant personal loans with minimal documentation up to $1 Lac.
Given the flood of marriages that occurred after a three-year break, the wedding business was predicted to rise by at least 200% in 2022. According to Vikaas Gutgutia, founder and managing director of Ferns N Petals Pvt. Ltd., big, lavish weddings are making a comeback, with the market as a whole expected to rise by 200%.
A wedding loan could be an alternative for couples who don’t have access to less expensive financial solutions. But it’s critical to first comprehend both the advantages and disadvantages if you believe that this would be the best course of action for you.
advantages of wedding loans
• Compared to credit cards, these loans often have cheaper interest rates.
• Repayment conditions for wedding loans are long-term financing friendly (usually between two and seven years).
• It is convenient to have quick access to money
· Tt is in fact flexible that the couple can determine how to use the funds.
Drawbacks to wedding loans
• If they are not accepted at a favourable rate, couples may be trapped with a high interest rate for a year or longer, depending on their financial position.
• You will begin your marriage in debt;
• There may be additional fees associated with the loan that borrowers may not anticipate or take into account.
