Marriage is a once-in-a-lifetime concept because it is such a significant life event. Typically, all parents will set aside some funds for their children’s weddings, which may occur shortly. As we all know, parents invest their earnings for the benefit of their families and their children’s futures.
So, what exactly qualifies as saving? Imagine saving up all of your money for a big event, from invitations to arranging the wedding in a 5-star hotel with lavish decor, providing A-class cuisine, hiring professional photographers, and wearing designer clothes as wedding attire that would undoubtedly look lavish in the eyes of guests, and would undeniably be the talk of the town for some time.
While no one considers the long-term consequences of such extravagant spending for one day, such as paying off a loan (if one was obtained), making future investments, and so on?
Yes, I agree with the concept of a once-in-a-lifetime event, but spending your entire life’s hard-earned money on one day with zero returns is absurd. Enrolling in a ‘Marry Now Pay Later’ policy, on the other hand, will help you in a variety of ways, as you will only have to pay a minimal amount as an EMI on an installment basis, rather than investing all of your savings into one lump sum, and you will have the same amount of excitement on your wedding day.
What is Marry Now Pay Later (MNPL)?
A wedding can easily cost an arm and a leg, and an Indian destination wedding will almost certainly last a week. From invitations to Haldi, engagement, and wedding functions in a luxurious resort, to meeting all of the guests’ requests for their stay, cuisine type, and other demands, tons of money.
As a result, several Indian companies have come up with the concept of a ‘Marriage loan,’ which is similar to a ‘personal loan,’ but where the funds are solely used for marriage purposes. Like the policy name ‘Marry Now Pay Later’, where you will spend all the money on your wedding and pay off the sum in later days as EMIs.
What are the Benefits of Marry Now Pay Later (MNPL)?
- Availability of Maximum Tenure: MNPL provides nearly Rs 50,000 to Rs 40 lakhs as a marriage loan for a flexible tenure of about 12-60 months. Plus comes with instant pre-approved wedding loans, within one day of submission of the required documents relating to the policy.
- No Collateral Required: Another major benefit is that no collateral support is required to enroll in the MNPL policy. Just proof of income and the name of the company or organization you are working in, to get the policy sum.
- No Liquidation of the Asset: To pay for a wedding, some people choose to surrender their fixed deposit or liquidate their savings/assets early. However, in the case of MNPL, you can pay the due amount from your salary, without disturbing your investments or savings.
- Reasonable EMIs: One of the reasons I recommend MNPL is that they charge a reasonable interest rate on loans taken out. The interest rate ranges from 10.50 percent to 20.40 percent, with EMIs varying between institutions in some situations.
Marry Now Pay Later (MNPL) Schemes in India
- Hotel Royal Orchid chained Bajaj Financial services company: To make wedding planning easier, Royal Orchid Hotels has launched the Marry Now, Pay Later scheme. Weddings will be held at Royal Orchid Hotels’ leisure resorts in Bengaluru, Goa, Mussoorie, and Jaipur, with the venue, decorations, catering, lodging, music, and transportation all taken care of. Royal Orchid has partnered with Bajaj Finance to offer zero-down payment wedding financing, with the first EMI due 30 days after the booking.
- HDFC: HDFC Marriage Loan offers several EMI repayment choices and term lengths for their marriage loan. To help you organize the wedding, there’s also an uncomplicated online approach and speedy disbursal. You can borrow anywhere between Rs 50,000 and Rs 40 lakh with an HDFC Bank personal loan for weddings, which has a flexible 12-month to the 60-month repayment period.
- ICICI: With an ICICI Bank Marriage Loan, you can realize all of your wedding days desires. The interest rates on an ICICI Bank Personal Loan for a spectacular wedding start at 10.50 percent*p.a. Loans ranging from 50,000 to 25 lakhs are available to you. It only necessitates a small amount of paperwork and does not necessitate any kind of security or collateral. The ICICI Bank Marriage Loan has various repayment choices, allowing you to repay the amount over a period of 12 to 60 months.
- LazyPay: LazyPay relieves you of the stress of wedding planning. They provide personal loans up to one lac in a matter of minutes. All you have to do now is obtain the wedding loan funds and begin planning your dream celebration! Start your trip to a great life with a marriage personal loan.
- Fullerton India: Fullerton India offers a private loan for marriage with interest rates as low as 11.99 percent* per year. The precise interest rate you’ll be paid is determined by your financial profile, which includes your good credit score, the type of your job, and your previous contact with us. The interest rate offered is also influenced by the loan term and the amount chosen. There may additionally be a processing fee of up to 3% of the loan amount.
How Wedding Insurance is emerging as a Lucrative Business Model?
In recent years, Wedding insurance has been emerging as a successful business model. Let’s deep dive to understand what is it and why you should get one.
Registering in a ‘Marry Now Pay Later’ insurance will benefit you in several ways, including the fact that you will only have to pay a little amount as an EMI over time rather than investing all of your funds in one lump sum, and you will experience the same level of excitement on your wedding day.
- What are the requirements for a marriage loan? Only salaried employees are eligible for a marriage loan. The staff of select private companies and PSU employees are eligible for Personal Loans.
- What documents are needed to apply for a wedding loan? The following documents are required to apply for a Marriage Loan: most recent salary slips, photographs, KYC documents, and the last three months’ bank statements.