In
recent years, the wedding industry in India has witnessed a remarkable
transformation with the emergence of a game-changing trend known as "Marry Now, Pay Later" schemes.
These innovative financial solutions have not only revolutionized the way
weddings are planned and executed but also provided a lifeline to countless
couples who dream of a grand celebration but face budgetary constraints. In
this comprehensive article, we delve into the intricacies of these schemes,
exploring their impact on the Indian wedding landscape and the reasons behind
their growing popularity.
Understanding Marry Now,
Pay Later Schemes
Marry
Now, Pay Later schemes are financial arrangements designed to enable couples to
celebrate their wedding without being burdened by immediate financial
obligations. These schemes typically involve collaborating with financial
institutions or specialized wedding service providers who extend credit to
cover wedding expenses.
The
couples can then repay the borrowed amount in instalments over a predetermined
period, allowing them to enjoy their special day without compromising on their
dreams or going through financial stress.
Benefits of Marry Now,
Pay Later Schemes
1. Fulfilling Wedding
Dreams
One
of the most significant advantages of Marry Now, Pay Later schemes is that they
empower couples to fulfil their wedding dreams, regardless of their current
financial situation. With the rising costs associated with weddings in India,
many couples find it challenging to organize an extravagant event within their
budget. However, these schemes offer a lifeline by providing access to funds
that can be repaid gradually, making dream weddings a reality.
2. Flexibility and
Convenience
Marry
Now, Pay Later schemes offer unparalleled flexibility and convenience, which
sets them apart from traditional financing options. Unlike loans or credit
cards that come with rigid repayment terms, these schemes often allow couples
to customize their repayment schedule based on their financial capabilities.
Moreover, the entire process, from application to approval, is streamlined and
hassle-free, ensuring a seamless experience for the couples.
3. Expanded Market for
Wedding Service Providers
The
introduction of Marry Now, Pay Later schemes has opened up new avenues of growth
for wedding service providers. These schemes have significantly increased the
potential customer base, as couples who were previously unable to afford lavish
weddings can now consider such options. Wedding planners, venues, decorators,
caterers, and various other vendors have witnessed a surge in demand due to the
accessibility provided by these schemes, contributing to the growth of the
overall wedding industry.
Factors Driving the
Popularity of Marry Now, Pay Later Schemes
1. Rising Disposable
Income and Aspirations
As
the Indian economy continues to grow, disposable incomes have seen a
substantial increase among the middle class. This upward trend has led to
higher aspirations and a desire to celebrate weddings on a grander scale. Marry
Now, Pay Later schemes have emerged as a perfect solution for couples looking
to fulfil their aspirations without compromising their financial stability.
2. Shift in Mindset and
Changing Social Norms
Traditional
beliefs and societal expectations surrounding weddings have evolved over time.
Couples are now more inclined towards personalized and unique celebrations
rather than conforming to conventional norms. This shift has paved the way for
Marry Now, Pay Later schemes, as they provide the financial means to explore creative
ideas, venues, and themes that align with the couple's vision.
3. Collaboration between
Financial Institutions and Wedding Industry
The
success of Marry Now, Pay Later schemes can be attributed to the collaborative
efforts between financial institutions and the wedding industry. Recognizing
the potential market, banks, non-banking financial companies (NBFCs), and
wedding service providers have joined forces to create tailored financial
products that cater specifically to the wedding segment. These partnerships
have not only enhanced the availability of funds but also streamlined the
application and approval processes, making them more attractive to couples.
Top Marry Now, Pay Later Options
/Apps available in India
Here are a few popular fintech apps in India that may
have wedding loan options:
1.
PaySense
PaySense
is a well-known fintech platform in India that provides personal loans for a
range of uses, including weddings. Users of their app can apply for a loan,
determine their eligibility, and choose the terms of repayment. PaySense
assesses loan requests in accordance with creditworthiness and offers loan
amounts as necessary.
2.
MoneyTap
Another
fintech app that offers personal loans to consumers is MoneyTap. Users can
apply for a personal line of credit using their app, and once authorised, they
can take money as needed. The software offers multiple alternatives for loan
repayment and permits borrowers to pay back the loan in EMIs.
3. KreditBee
KreditBee
is a digital lending platform in India that offers personal loans, including
wedding loans. Through their app, users can apply for a loan and get instant
approval based on their creditworthiness. The app provides different loan
options and repayment durations.
4. EarlySalary
EarlySalary
is a mobile app that offers personal loans and salary advances. While not
specifically wedding-focused, individuals can use their personal loans for
wedding-related expenses. The app provides instant loan approvals and allows
borrowers to repay the loan in EMIs.
5. SanKash
SanKash
is a financial platform that offers a "Travel-Now-Pay-Later" option
to help customers pay for travel-related expenses. With a new programme called
"Marry Now, Pay Later," they are now extending their assistance to
help people pay for their weddings as well. They created this programme in
collaboration with Radisson Gurugram, Udyog Vihar, allowing participants to
borrow up to INR 25 lakhs (based on eligibility) to cover wedding-related
costs.
They
can then pay back the loan in 12 equal monthly installments, with the first six
months' worth of payments bearing no interest. With this new strategy, SanKash
aims to take 0.1% of the wedding market. One of the top marry-now, pay-later
applications available in India right now is this one.
6. BajajFinserv
The
Bajaj group owns the financial institution known as Bajaj Finserv. Beginning in
April 2007, it. They were among the first to popularise the practise of Marry
Now Pay Later in India. With a Flexi Hybrid Personal Loan, they can assist
clients in covering the cost of their wedding. They can borrow anywhere from
INR 1 lakh to INR 35 lakh to pay for a wedding's full price. There won't be any
additional fees if they choose to repay portion of the loans early.
7. MPNL
A
website called MNPL (Marry Now Pay Later) aids people in financing their
nuptials. It determines if they qualify for an online loan. If qualified, they
may borrow up to 5 lakhs to cover wedding costs.
The Future of Marry Now,
Pay Later Schemes
Looking
ahead, Marry Now, Pay Later schemes are poised to play an increasingly
significant role in shaping the wedding industry landscape in India. As
technology continues to advance, we can expect more innovative financing
options and digital platforms to emerge, further simplifying the process and
expanding access to a wider audience.
Marry
Now, Pay Later schemes have ushered in a new era for the wedding industry in
India. By providing couples with the means to finance their dream weddings
while maintaining financial stability, these schemes have gained immense
popularity. The flexibility, convenience, and expanded market opportunities
they offer have transformed the landscape, making extravagant celebrations more
accessible to a broader audience. As the popularity of these schemes continues
to grow, the future holds exciting possibilities for both couples and the
wedding industry as a whole.