Marry now, pay later latest trend witnessed as loans for weddings surge. Read more here

By: Pune Pulse

November 29, 2023

Pune : Indian weddings are known for their opulence, whether they are held locally or at a destination. The expenses associated with these weddings seem to be never-ending.

While some individuals are fortunate enough to cover the extravagant costs themselves, others find themselves needing to take out a wedding loan in order to create a truly unforgettable and special day. Experts assert that the wedding industry is so exorbitant that it is beyond the means of ordinary people, leading to a surge in the demand for wedding loans.

During the month of December, weddings are popular and the phrase “Marry Now, Pay Later” is currently trending in the personal loan industry. Financial institutions, including banks and non-banking companies, provide loans to cover wedding expenses. Your eligibility for a loan also relies on your credit score, which should be at least 750 points. If your credit score is lower than 750, you may not receive the loan amount you were hoping for.

As per the information provided, credit plays a crucial role in enabling families to turn their dream weddings into reality as lakhs of weddings take place across the country. With a wedding loan, one can easily plan a wedding without worrying about financial gaps, thanks to its quick approval and flexible repayment terms.

The loan can be approved within seconds to minutes, with minimal documentation required. Meanwhile, the Confederation of All India Traders (CAIT) estimates that the Indian wedding season this year will generate a business worth ₹4.25 lakh crore in just 23 days.

On November 21, CAIT Secretary General Praveen Khandelwal shared that the upcoming wedding season, which spans from November 23 to December 15, is anticipated to bring joy to the trading community. @CAITIndia predicts that the wedding trade will generate a business of approximately ₹4.75 lakh crore this year. It is estimated that around 38 lakh weddings will take place during this period in #Bharat.

As per the information received, there has been a significant rise in the request for wedding loans since October. At CASHe, a noteworthy 20% surge in the demand for loans related to weddings since October, in comparison to the previous year. This increase can be attributed to the changing preferences of young borrowers towards digital transactions and their increased awareness of the availability of convenient credit options. It is worth mentioning that Bangalore, Hyderabad, Delhi, Pune, and Mumbai have registered the highest demand for these types of loans.

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