In India, people often use the Buy Now Pay Later (BNPL) facility to purchase items like refrigerators, mobile phones, and homes on loan when they don’t have the money. But now, a new scheme has been introduced where individuals can take out a loan for their wedding and pay it off in EMIs after getting married. The Fintech company, Sankash, has rolled out the Marry Now Pay Later (MNPL) scheme for the Indian market.
What is the Marry Now Pay Later Scheme?
Sankash, in partnership with Radisson Hotels, has introduced the Marry Now Pay Later scheme which provides loans to individuals who do not have the financial means to fund their wedding or want to have a grand ceremony but are facing a shortage of funds. Under this scheme, individuals can avail loans up to 25 lakh rupees, which can be repaid over a period of 12 months in EMIs. In the first six months, no interest is charged on the loan. However, a 1% interest rate per month is levied if the loan is not repaid within a year.
Hotels Offering the Marry Now Pay Later Facility
Currently, the Marry Now Pay Later facility is only available in Radisson Hotels. Sankash has facilitated this service in Radisson Hotels in Delhi, Gurgaon, Madhya Pradesh, and Rajasthan. The company aims to expand the scheme nationwide in the future to provide wedding loans to everyone.
How Does the Marry Now Pay Later Scheme Work?
When individuals use the Marry Now Pay Later scheme provided by Sankash, the company covers the wedding expenses upfront at Radisson Hotels, and the individuals are then required to repay the amount in EMIs to Sankash every month. The company’s founder has expressed the goal of providing a fund of 100 crore rupees through their company to facilitate loans for people’s weddings.
We hope this article has provided you with a comprehensive understanding of the Marry Now Pay Later scheme. Share it with your friends so they can also benefit from the information about this innovative scheme.
Conclusion
In conclusion, the Marry Now Pay Later Scheme introduced by SanKash in partnership with Radisson Hotels is an innovative financial service that provides loans for marriage expenses. This scheme allows individuals to take a loan of up to 25 lakhs and pay it back in monthly EMIs, with no interest for the first six months. However, if the loan is not repaid within a year, a 1% interest is charged each month. It is currently available only at Radisson Hotels in Delhi, Gurgaon, Madhya Pradesh, and Rajasthan, with plans to expand it nationwide in the future. With the aim of providing 100 crores in funds for marriage loans, the scheme has already been utilized by many in India. Whether this scheme will be beneficial or risky for people’s financial health remains to be seen. Also, please share details with others to spread awareness about this unique financial opportunity.
