Matrimony Launches New Platform To Offer Wedding Loans

Amid the ongoing wedding season, listed matrimonial company Matrimony.com has ventured into the fintech space with the launch of wedding loan facilitator platform, WeddingLoan.com. 

With the offering, the company will be providing loans in the range of INR 1 Lakh to INR 1 Cr, with monthly EMI tenures that can go as high as 30 years. Matrimony has partnered Tata Capital, IDFC First Bank, L&T Finance, TVS Credit, and Bhanix Finance and Investment Ltd to provide loans. 

“With WeddingLoan.com, we wish to extend our services to make the process of wedding planning, budgeting, and execution simpler. Our transparent advisory-led processes will ensure we protect consumer interests fully,” Matrimony CEO Murugavel Janakiraman said in a statement. 

The company has categorised wedding loans into three types – overdraft facility, personal loans and revolving credit line facility. According to its website, 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.

The facility goes live at a time when the wedding season for 2024 has just begun. The season, which will see weddings between November 12 to December 16, will see about 48 Lakh couples tie the knot, according to the Confederation of All India Traders (CAIT) estimates. 

CAIT estimates the wedding season to generate a business opportunity of INR 6 Lakh Cr, up over 41% from the previous year. 

For Matrimony.com, the launch of the fintech platform is an opportunity to shore up its revenue. The Chennai-based company’s consolidated operating revenue declined 5% year-on-year (YoY) and 4.2% quarter-on-quarter (QoQ) decline in its operating revenue to INR 115.5 Cr in the second quarter of the fiscal year 2024-25 (Q2 FY25).

However, profit after tax (PAT) grew 5.6% to INR 13.2 Cr from INR 12.6 Cr in Q2 FY24. On a QoQ basis, PAT declined 5.8% from INR 14 Cr.