Matrimony service provider has launched WeddingLoan.com, a fintech platform dedicated to marriage loans.
The platform offers a specialised category for wedding loans, collaborating with financial institutions like IDFC, Tata Capital, and L&T Finance to provide tailored solutions.
“Availing a loan for marriage is not an unheard-of scenario, but there are certain issues like confusing terms, high interest rates, hidden charges and unfavourable repayment terms. WeddingLoan.com will be a solution for all these issues, as the customer interest will be our foremost priority,” Mayank Jha, Business Head for Wedding Loan at Matrimony.com, said.
“Loan agents, who are paid based on commissions, often sell loans that benefit them more than the customer and this adds to the problem. WeddingLoan.com is working to change the existing system by putting the borrower’s needs ahead of other metrics. Our platform aims to facilitate loans that genuinely help customers meet their unexpected needs,” Jha added.
Weddings in India are significant social and cultural events, marked by grand celebrations that often span several days. This importance is reflected in the heavy expenses associated with Indian weddings, which are considered to be some of the highest in the world. Weddings are not just personal milestones but major economic events, often involving substantial financial outlays on a variety of services and products.
The Indian wedding season, running from November 12 to December 16, is projected to generate nearly Rs 6 lakh crore in business, with around 48 lakh weddings expected to take place. This marks a significant increase from last year’s season, which saw Rs 4.25 lakh crore in business from 35 lakh weddings, according to a Financial Times report citing Confederation of All India Traders (CAIT).
According to CAIT data mentioned in the report, the upcoming wedding season shows varied spending patterns across different segments. Of the roughly 48 lakh expected weddings, the majority fall in the lower to mid-range budgets: about 30 lakh weddings are spread across the Rs 3-10 lakh range, while 10 lakh weddings are budgeted at Rs 15 lakh each. In the premium segment, 7 lakh weddings are estimated at Rs 25 lakh each, and 1 lakh weddings will likely cost Rs 50 lakh to Rs 1 crore or more per celebration.
