Weddings are a big deal in India and millennials are making the best use of loan options available to make the most of it for their D-Day. In 2019, millennials or people aged between 22 to 35 years accounted for 84 per cent of wedding loan applications, with loan amounts ranging between Rs 2 lakh and Rs 30 lakh, according to a survey.
IndiaLends, an online personal loans provider, that culled the data out from the company’s current base of 75 lakhs customers, maintains that wedding loan applications reported a 30 per cent growth in 2019 than the previous year.
Gaurav Chopra, CEO of IndiaLends, said, “When it comes to weddings, considered to be a big-ticket expenditure, millennials are willing to shoulder all the wedding-related expenditure on their own, prompting them to approach lenders for necessary funds to meet their goals.”
Harday Gupta, 27, has borrowed a personal loan of Rs 3 lakh for his sister’s wedding, and is currently paying close to 20 per cent of his salary as monthly EMIs. According to IndiaLends, borrowers apply for loans at least three to four months in advance to pay for wedding expenses.
Meanwhile, metros saw an increase of 46 per cent in wedding loan applications in 2019 as compared to 2018 with top cities like Delhi-NCR, Mumbai and Bengaluru recording the highest number of applications, while tier 2 cities saw a growth of 18 per cent with cities like Lucknow, Vizag and Indore witnessing the highest rise, the report noted.