Matrimony.com Introduces a Financial Platform to Provide Financing for Weddings

Nitin Konde, Varun Bhardwaj

Nov 19, 2024 — 2 min read

Matrimony.com Launches Financial Platform for Wedding Financing

On 15 November, Matrimony.com, a matchmaking service provider, announced the launch of weddingloans.com, a financial technology platform with the goal of assisting with marriage-related expenses.

To provide a full lending solution, the company has worked with top financial institutions like Larsen and Toubro Finance, Tata Capital, and IDFC. According to an official statement released by Matrimony.com, this platform will do more than just provide wedding loans; it will assist clients in making the best choice possible, paying particular attention to their financial security.

Catching on the Opportunity

Since wedding costs have increased over the past ten years and extravagant weddings have become more popular due to social media, many couples are choosing to take out personal loans for their union, according to the WeddingLoans website.

For more than 20 years, marriage has served as a springboard for fulfilling unions. For millions of people looking for the right match, Matrimony is their go-to partner. According to CEO Murugavel Janakiraman, the company wants to expand its offerings with WeddingLoan.com in order to simplify the planning, budgeting, and execution of weddings.

According to the statement, these wedding loans are unsecured personal loans designed to give a couple a one-time payment and then require them to make regular installments to pay back the loan. According to Janakiraman, Matrimony.com would completely safeguard the interests of its customers thanks to its open advisory-led procedures.

Current Wedding Loan Scenario in India

A major change is occurring in the wedding industry: millennials want to finance their own special day instead of burdening their parents. Although this is a considerate gesture, it is most practical when the couple has saved money beforehand; otherwise, they will have to take out a loan. Couples are increasingly using personal loans designed especially for wedding finance to address rising expenses.

Personalisation, unique experiences, and destination or themed weddings—all of which are fueled by the demand for approval and "likes" on social media platforms like Instagram—are the main factors driving the trend towards wedding loans.

About 26% of brides and grooms who intend to pay for their own weddings think about taking out personal loans, citing the IndiaLends Wedding Spends Report 2.0. 68% of individuals who are thinking about taking out a loan intend to borrow between INR 1 lakh and INR 5 lakh. In October and November of 2023, 1,200 millennials participated in the survey.

Banks, non-banking financial companies (NBFCs), and fintech lenders all approach wedding loans as personal loans with comparable qualifying requirements. According to Gaurav Chopra, founder and CEO of fintech lender IndiaLends, customers normally require a decent credit score—ideally above 730—to qualify because it shows responsible credit behaviour. Recent bank statements and evidence of a consistent income are also required by lenders. A solid repayment history is also essential, with no late or missed payments for the previous one to three years.