New Delhi: The buy now, pay later option has made it simple for Indians to purchase big-ticket items like phones, apartments, and other big-ticket items. Everyone is aware of the large-scale Indian wedding tradition and the enormous financial commitment it entails for things like hotel accommodations, catering, decorations, and expensive items like jewellery, apparel, automobiles, two-wheelers, and electronics.
The new alternative for couples and families who don’t want to spend all of their savings on wedding costs is “Marry Now Pay Later,”. With this facility, paying for a wedding has also become more flexible. (Also Read: Rupee To Replace Dollar? Indian Money Nearer To Become International Currency — Check List Of Countries Agreed To Trade In INR)
SanKash, a travel finance platform that currently offers Travel-Now-Pay-Later to its clients and is now trying to grab the country’s expanding wedding market, has introduced the MNPL scheme, a first in the wedding industry. (Also Read: This LIC Scheme Ending On March 31: Check Return Calculator, Other Details)
“With an estimated $4 trillion market in India, weddings are the fourth-largest industry. This year, around 35 lakh couples will tie the knot. MNPL gives users the freedom to have cash on hand while simultaneously promoting savings, “in an interview with Business Today, SanKash co-founder Abhilasha Negi Dahiya remarked.
Furthermore, MNPL is a more appealing form of financing than bank loans due to the zero interest rates for the first six months of the loan. But, if you choose a one-year term, you will be charged 1 percent per month.
“After a week of the agreement, we received an amazing reaction, including 100+ requests from the NCR for hotel services including cuisine, venue, decorating, and trousseau, totaling Rs 8 crore. Up to Rs 25 lakhs can be borrowed by a consumer for a maximum of 12 months “said Dahiya.
When asked how the company determines if borrowers are eligible, Dahiya explained that SanKash considers the intention and capacity of the consumer to repay where customers are assessed by third-party data like ID and address evidence, bank records, paycheck slips, and ITR (income tax return).