Marriage has been recognised as a significant life event. However, raising finances for the wedding can be a time-consuming process. In addition, on such occasions, there may also arise a need for funds at the last moment. A digital loan can assist you in resolving the issue. Since an instant digital loan has flexible payback terms, it enables you to manage a wedding without feeling the strain of a financial gap. It assists borrowers to avail quick loans in a few seconds to a few minutes with minimal documentation.
Aside from medical, home, and education loans, there has been an unanticipated demand for wedding and travel loans, particularly during the ongoing quarter. With a customer base of over 20 lakh unique user downloads, digital lending players like InstaMoney, CASHe and peer-to-peer lending platform LenDenClub have witnessed a spike in loans for the wedding.
For instance, LenDenClub witnessed a 35 per cent rise in the number of wedding loans taken this year compared to the last year during the wedding season.
At InstaMoney, they have witnessed that wedding loans have increased by approximately 40 per cent compared to last year in the wedding season. Their instant loan with flexible tenure makes it easy for the borrower to get convenient loans of up to Rs 25,000 in their bank accounts within 2 hours so that they can enjoy the occasion being stress-free.
At CASHe, compared with last year, they’ve seen a 35 per cent increase in demand for wedding-related loans starting in October. Further, Bangalore, Hyderabad, Delhi, Pune and Mumbai are the top cities where we have witnessed the most traffic for such loans.
“Young borrowers’ behavioural shifts towards the usage of digital modes of transactions and a rise in awareness about the availability of easy credit are also crucial factors leading to the rise of credit during the season. Further, Bangalore, Hyderabad, Delhi, Pune and Mumbai are the top cities where we have witnessed the most traffic for such loans. During this season, loans related to weddings and travel account for the maximum share of the pie, and we foresee the momentum to continue till the end of December,” said Yashoraj Tyagi, CTO & CBO, CASHe.