Marry Now, Pay Later: Navigate wedding expenses | Fusion - WeRIndia

Planning a wedding can be a daunting task, with financial considerations often topping the list of concerns for soon-to-be-married couples.

In a bid to alleviate this stress, a growing trend known as Marry Now, Pay Later (MNPL) is gaining popularity. It offers financial solutions for couples in Kerala and beyond.

MNPL schemes, widely embraced in the West, allow prospective couples to secure funds from financial firms or wedding planners to cover their wedding expenses.

The borrowed amount is then repaid through equated monthly installments, enabling couples to have the grand wedding of their dreams without depleting their savings.

MNPL schemes offer competitive interest rates compared to traditional bank loans. The schemes become a viable option for those who can afford them, providing a more accessible and efficient financial solution for wedding expenses.

Financial platforms like Plan A Wedding and Shaadify are at the forefront of this trend, catering to the rising demand for MNPL schemes.

Eligibility criteria for these marriage loans include a minimum annual income of ₹2.4 lakhs for salaried employees and a favourable credit score.

The interest rates are calculated based on the CIBIL score, with higher scores resulting in lower interest rates.

Unlike conventional personal loans, which often involve a lengthy processing period, these marriage loans boast a quick turnaround time of three days and require limited documentation.

Bengaluru-based Shaadify, offering loans up to ₹25 lakhs, has reported a surge in inquiries from Kerala, reflecting the growing interest in MNPL schemes.

While MNPL schemes provide immediate financial relief, financial experts caution that they represent long-term debts.

The desire for instant gratification has given rise to such financial products, and couples must manage their finances responsibly to avoid future challenges.

As the MNPL trend continues to gain momentum, couples must strike a balance between fulfilling their wedding dreams and maintaining financial prudence. It will help ensure that the joy of the moment doesn’t lead to long-term financial burdens.

Image from Pxhere (Free for commercial use / CC0 Public Domain)

Image Reference: https://pxhere.com/en/photo/620369