Matrimony.com, the Chennai-based matrimony service provider, has launched WeddingLoan.com, a fintech platform dedicated to wedding loans.
WeddingLoan.com goes beyond selling loans by offering tools and advisory services to help customers make informed decisions regarding wedding budgeting, loan options, interest rates, and repayment terms.
WeddingLoan.com establishes a dedicated category for wedding loans, addressing a key market gap. The platform has partnered with leading financial institutions such as IDFC, Tata Capital, L&T Finance, and others, to deliver a comprehensive suite of loan solutions tailored to customer needs.
The company has categorised wedding loans into three types – overdraft facilities, personal loans and revolving credit line facilities. The overdraft facility will allow one to borrow money as needed without committing to a fixed loan structure, with interest rates in the range of 9% to 15%. The other two categories will operate as they traditionally do.
WeddingLoan.com promises a comprehensive suite of services, including unbiased advice on loan options, tools and guides for understanding the full cost of a loan, and transparent repayment schedules. The platform is also committed to ethical practices, with no mis-selling and no reliance on commission-based loan agents. Instead, trained advisors will work with customers to identify the most suitable loan products, prioritising borrowers’ needs over sales targets.
The platform also provides tools and guides to help users understand the total cost of a loan, including interest, along with a clear breakdown of repayment schedules.
Murugavel Janakiraman, CEO, Matrimony.com, said, “Matrimony has been a gateway for happy marriages for over two decades now. We are the trusted partners for millions who wish to find the right match. With WeddingLoan.com, we aim to simplify the process of wedding planning, budgeting, and execution. Our transparent advisory-led processes will ensure we protect consumer interests fully.”
Mayank Jha, Business Head for Wedding Loan at Matrimony.com, said, “Availing a loan for marriage is not an unheard-of scenario, but there are certain issues like confusing terms, high interest rates, hidden charges and unfavourable repayment terms. WeddingLoan.com will be a solution for all these issues, as the customer interest will be our foremost priority. Loan agents, who are paid based on commissions, often sell loans that benefit them more than the customer and this adds to the problem. WeddingLoan.com is working to change the existing system by putting the borrower’s needs ahead of other metrics. Our platform aims to facilitate loans that genuinely help customers meet their unexpected needs.”
