Worried about wedding expenses? You can now opt for 'Marry Now, Pay Later' on zero interest rate
By Lokmat English Desk | Published: March 20, 2023 12:50 PM2023-03-20T12:50:42+5:302023-03-20T12:50:42+5:30
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New age fintech companies are providing 'Marry Now Pay Later' as the new option to couples and families who do not wish to use all of their savings for wedding expenses.
Everyone knows about the big fat Indian wedding culture and the massive spend it requires on hotel venues, catering, decorations, big ticket purchases like jewellery , clothing, cars, two wheelers, electronics and much more .
So much so that many people resort to taking loans for marriages in India. Just like a lot of purchases have become easy for Indians due to the buy now, pay later offering - with the marry now pay later (MNPL) option paying for a wedding, expenses could become as flexible.
The MNPL scheme has been launched by travel fintech platform SanKash that already has been offering Travel-Now-Pay-Later to its clients and is now looking to capture the country’s growing wedding market.
"The wedding market is the fourth biggest industry in India and is roughly about $4 trillion. There are about 35 lakh couples who will get married this year. MNPL allows the flexibility to maintain liquid cash and also helps with savings," said Abhilasha Negi Dahiya, Co-Founder, SanKash in conversation with Business Today.
"The wedding market is the fourth biggest industry in India and is roughly about $4 trillion. There are about 35 lakh couples who will get married this year. MNPL allows the flexibility to maintain liquid cash and also helps with savings," said Abhilasha Negi Dahiya, Co-Founder, SanKash in conversation with Business Today.
Moreover, the interest rates being zero for the six months tenure, making MNPL a more attractive financing option compared to bank loans. However, if you opt for a tenure of one year then one per cent per month will be charged.
"We have received an overwhelming response with 100+ queries worth Rs 8 crore from NCR for services offered by hotel which include food, venue, decoration, and trousseau within a week of the partnership. The maximum fund a customer can avail is up to Rs 25 lakhs for a maximum of 12 months," Dahiya said.
When asked about how the firm decides on the eligibility of the borrowers, Dahiya said that SanKash looks at the intent and capability of the customer to repay where customers are assessed through third-party data which includes ID and address proof, bank statements, salary slips, and ITR (income tax return).
