New Gen Opts For Digital Wedding Loan Applications Over Banks: Report

For availing or accessing loans, the new gen of salaried and tech-savvy professionals prefers digital lending platforms to the traditional banking channels  Quick and easy access even to those with zero credit history Digital lending platforms offer specialised wedding loans based on easy EMIs that are within the reach of salaried Millennials  These leisure conscious millennials plan and design their entire wedding ceremony from the word go as per their choice, preference and financial capacity  Even their priorities are different from those of their parents.

To pay for wedding expenses such as jewellery

For wedding arrangements such as venue, catering, and stay arrangements for guests

Loans range between Rs 2 lakh and Rs 30 lakh

Comparing 2019-20 data with the previous year, a 30% growth seen in personal loans for wedding purposes 

These millennials are independent from early in their careers and responsible for their financial well-being This generation (22 to 35 years) are not dependent on their parents and fund their own expenses

Metros: 46% in wedding loan applications in 2019 against 2018

Top cities like NCR, Mumbai and Bengaluru recorded highest number of applications

Tier 2 cities saw a growth of 18% with cities like Lucknow, Vizag, and Indore witnessing highest rise 

42% of all wedding loan applications came from women, reflecting that they are more financially independent, liberating parents from bearing wedding expenses