More Bengalureans applied for loans to pay for weddings in 2019-20 than they did the year before. Digital lending platform India-Lends recorded a jump of 44 per cent compared to the number of applications submitted in 2018-19.
Overall, there was a 30 per cent increase in the country. Millennials accounted for 84 per cent of wedding loan applications, according to a report by the firm. The findings have been shared ahead of ‘World Marriage Day’ on February.
IndiaLends has noted that people apply for loans three to four months in advance to cover wedding-related spends on jewellery, catering and venue. Loan amounts range from Rs 2 lakh to Rs 30 lakh.
The metros collectively reported an increase of 46 per cent in the number of applications last year. The National Capital Region, or NCR, topped the list. Tier 2 cities saw growth of 18%; Lucknow, Vizag and Indore registered the highest increase.
Millennials ready to pitch in
“Traditionally, in a common Indian household, parents save for children’s education, marriage and even vacations. Of late, millennials, who account for roughly half of India’s adult population, have been changing this trend,” said IndiaLends founder and CEO Gaurav Chopra. “This self-made and selfaware generation believes in managing its own finances and doesn’t want to burden family or friends to fulfil their dreams and desires.”
The younger lot doesn’t shy away from paying its share. “Even when it comes to weddings, considered to be a big-ticket expenditure, millennials don’t want to compromise and are willing to shoulder all related expenditure. This prompts them to approach lenders for funds to meet their goals,” Chopra said.