Wedding Fintech Platform help their customer in managing their wedding expenses
Rahul Sachdeva
Large Corporate Account Manager | Financial Analysis AI | Cost Optimization | Data-driven Insights AI | Credit and Market Risk Modeling | Credit & Market Risk analyst
If you are an Indian or live in India, you probably noticed that so many people specially parents save money in their whole life for their children’s marriage. If we see the Indian wedding market is estimated at $50 billion (around ?33,000 crore), the world's second-largest, after the $70 billion US market. And it is growing at an estimated 20 per cent a year according to theHindubusinessline. We noticed that India celebrates about 10 million weddings per year.
However, according to invested.in an average Indian wedding cost between 20 lakhs to 2 crores. India is estimated to spend 1/5 of the total wealth saved in his lifetime at the wedding. Below, I show a table in which I indicated a average cost of Indian wedding.
Thus, in order to facilitate the #marriage expense, there is a #startup in #india named called #MarryNowPayLater. This start-up is founded in 2022 by Shank K Vasudev in a tech city name called #Banglore, Marry Now pay later is a new venture that breakdown wedding expenses into easy #EMIs. Quite literally, people will get a chance to live their special day with grandeur and make payments later.
Marry Now Pay Later has been launched as a wedding #fintech platform, the model of which is laid on seamless access to credit.
Vasudev’s start-up allows customers to apply for the Marry Now Pay Later feature and pay for wedding expenses like that of the venue, caterers, photography and videography, planner, decorator, and other essentials.
Simply put, the platform converts wedding expenses into easy EMIs. The EMIs tenures are 3,6,9,12,15,18, and 24 months.
You would think getting credit approval and funds in your account would be a long, tedious process, but the reason this start-up is taking the wedding industry by storm is the smooth and effective customer service it delivers.
?The entire process has been streamlined into 4 steps:
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1. Quickly check your eligibility online.
2.?After a soft approval, hear from the team within 10 minutes.
3. Upload bank statements, original Adhar Card and PAN card details. In another 5 minutes, know the maximum amount can be disbursed to you.
4. Your Marry now Pay Later is then funded. Begin spending on your wedding.
What’s even more interesting is that there are zero pre-closure charges. People who are 23 years of age or older can apply.
Marry Now Pay Later currently serves more than 5,000 pin codes across the country.
The wedding fintech platform has already eased out wedding expenses for numerous customers in big cities.
A relatively new venture, Marry now Pay Later is on its way to finding a firm foothold in the wedding realm of India.
Software Engineer, Data Analyst
2 年so useful information
Founder & CEO at Planawedding.in | Redefining weddings with a tech-first platform and CRM tool connecting couples, planners, and vendors.
2 年Thanks Rahul Sachdeva for the coverage of www.marrynowpaylater.in