Matrimony service provider Matrimony.com has launched WeddingLoan.com

WeddingLoan.com is a fintech platform devoted to marriage loans that was introduced by matrimony service provider Matrimony.com.

In order to offer customized solutions, the platform partners with financial institutions such as IDFC, Tata Capital, and L&T Finance to create a dedicated category for wedding loans.

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“Availing a loan for marriage is not an unheard-of scenario, but there are certain issues like confusing terms, high interest rates, hidden charges and unfavourable repayment terms. WeddingLoan.com will be a solution for all these issues, as the customer interest will be our foremost priority," Mayank Jha, Business Head for Wedding Loan at Matrimony.com, said.

In India, weddings are major social and cultural occasions that are celebrated with lavish festivities that can last for many days. The exorbitant costs of Indian weddings—which are regarded as among of the highest in the world—reflect this significance.

"Loan agents, who are paid based on commissions, often sell loans that benefit them more than the customer and this adds to the problem. WeddingLoan.com is working to change the existing system by putting the borrower’s needs ahead of other metrics. Our platform aims to facilitate loans that genuinely help customers meet their unexpected needs,” Jha added.

Weddings are significant economic events as well as personal milestones, frequently requiring large expenditures on a range of goods and services. 

The Indian wedding season, which runs from November 12 to December 16, is anticipated to bring in close to Rs 6 lakh crore, with an estimated 48 lakh marriages taking place during that time.

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