Marriage is a special occasion in the life of every individual. It is a moment of joy and celebration for the families and friends of the couple. India is a country where marriage is given a lot of importance, and the traditions and customs associated with it are very elaborate. Wedding ceremonies are arranged in a grand manner, with a lot of expenditure involved.
However, in recent times, with the emergence of the new 'marry now, pay later' scheme, the marriage industry in India has been undergoing a lot of change. In India, this idea has made it simpler for couples to get married without worrying about the related financial obligations.
What is the ‘marry now pay later’ scheme?
The 'marry now, pay later' concept is a financing option that allows couples to get married without having to worry about the financial constraints associated with it. This scheme is being offered by various institutions, and it allows couples to pay for their wedding expenses in easy installments over a period of time.
This scheme is gaining popularity in India, as it has made it easier for couples to get married without having to worry about the financial burden associated with it. They may now take advantage of this option and spread out the cost of their wedding in manageable installments. This has made it easier for couples to get married without having to worry about the financial burden associated with it.
What are the benefits of ‘marry now pay later’?
The MNPL scheme has been changing the marriage industry in several ways. Some of the primary benefits are-
1. Making weddings more affordable: This concept has made it easier for couples to manage their wedding expenses. They can now avail of this option, and pay for their wedding expenses in easy installments over a period of time. This has made it easier for couples to manage their finances, and plan their wedding expenses accordingly
2. Making weddings more accessible: The MNPL schemes have made it easier for couples to avail of wedding financing. Institutions offering this scheme do not require any collateral from the couples, and the interest rates charged are usually lower than other financing options. This has made it easier for couples to avail of this option, without having to worry about arranging for collateral.
3. Flexible repayment options: Couples can avail of flexible repayment options, depending on their financial situation. They can choose to pay in installments over a period of time, or pay the entire amount in one go. This makes it easier for couples to manage their finances, and plan their wedding expenses accordingly.
4. Lower rate of interest: The interest rates charged by these instituations are usually lower than other financing options. This makes it more affordable for couples to avail of this option.
Commenting on the same, Akash Dahiya, Co-Founder of SanKash said, “Marry now pay later aims to reduce the financial burden and assist millions of Indians in having a stress-free experience on one of the most memorable days of their lives. It allows the flexibility to maintain liquid cash while helping the customers to maintain their savings.”
“Consumers can avail of credit facilities for 6 months at no cost option or 12 months at 1 percent interest per month which is comparatively lower than bank rates. Companies usually look 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) post which loan is dispersed,” he added.
The MNPL scheme is revolutionizing the marriage industry in India by making weddings more affordable and accessible. The low-interest rates charged by institutions offering this concept has made it even more attractive.
However, taking on debt for a wedding can put a strain on the newlyweds' finances, potentially causing stress and strain in the early days of marriage. Ultimately, while marry now pay later schemes may offer a quick fix for those looking to have a dream wedding, it is important to weigh the costs and benefits carefully before taking on such a significant financial commitment.
