New Delhi: Indians now have an easy way to buy big-ticket items like phones, apartments, and other big-ticket items thanks to the buy now, pay later option. Everyone is aware of the large-scale Indian wedding tradition and the significant financial commitment it requires for accommodations in hotels, catering, decorations, and expensive items like jewelry, apparel, automobiles, two-wheelers, and electronics.
“Marry Now Pay Later” is the new option for families and couples who don’t want to spend all of their savings on their wedding. With this facility, wedding expenses can now be paid for more easily.
SanKash, a travel finance platform that currently offers Travel-Now-Pay-Later to its clients and is now attempting to capture the country’s expanding wedding market, has introduced the MNPL scheme, which is a first in the wedding industry.
“Weddings are the fourth-largest industry in India, with an estimated $4 trillion market. About 35 million couples will wed this year. “MNPL gives users the freedom to have cash on hand while simultaneously promoting savings,” SanKash co-founder Abhilasha Negi Dahiya remarked in an interview with Business Today.
Due to its zero interest rate for the first six months, MNPL is a more appealing form of financing than bank loans. However, you will be billed 1% per month if you select a one-year term.
“After a week of the agreement, we received an amazing response, including more than 100 requests for hotel services, totaling Rs 8 crore, including catering, venue, decorating, and trousseau. A customer can borrow up to Rs 25 lakhs for a maximum of one year, “Dahiya stated.
At the point when asked how the organization decides whether borrowers are qualified, Dahiya made sense of that SanKash considers the goal and limit of the buyer to reimburse where clients are surveyed by outsider information like ID and address proof, bank records, check slips, and ITR (income tax return).
