Managing wedding expenses is one of the biggest, if not the biggest, worries of future couples. To ease their concerns, financial firms and wedding planners are promising them funds to finance their big day.
Dubbed Marry Now, Pay Later (MNPL), the schemes are popular in the West and are gaining traction in Kerala. Essentially, a prospective couple can avail a loan from the firms or planners to cover the expenses and pay it as EMIs (equated monthly instalments).
This way, the younger generation can stick to their plan of having a grand wedding without blowing up the savings.
"Came to know of MNPL schemes when I approached a Pune-based wedding planner. My bank was charging 18% on personal loan, while the wedding planner offered Rs.5 lakhs at 12% interest. Though the returning window is shorter, the schemes are a blessing for those who can afford them", says Neethu Gireesh, an IT professional based at Kochi.
Salaried employees earning a minimum of Rs.2.4 lakhs per annum and having a good CIBIL score can avail the loans. If it is 750 or above, the rate of interest will be low. If it is 650, the rate will be higher.
And unlike personal loans which take at least 1-2 weeks to get through, marriage loan can be availed in three days with limited documentation.
Courtesy. Aishwarya Prabhakaran in the NIE
Tailpiece.
Got up around 6, the chores and was ready by a half past 9. Meanwhile, Lekha had gone to the Guruvayur temple to have a darshan of the good Lord.
The maid had come for work. Bed linen were changed and washing machinex was carried out of the soiled clothes.
Off to Thrissur to complete the pending work at 1 and returned by 4.
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