Tata Capital's Wedding Loan Survey threw up interesting insights into the changing perceptions around financing wedding expenses. Over 58% of the respondents stated that they would consider taking a wedding loan for either part or their entire wedding expenses, said a PRNewswire report today.
More than half of the individuals are willing to consider taking a wedding loan, reveals a survey by Tata Capital.
Tata Capital’s Wedding Loan Survey threw up interesting insights into the changing perceptions around financing wedding expenses. Over 58% of the respondents stated that they would consider taking a wedding loan for either part or their entire wedding expenses, said a PRNewswire report today.
Tata Capital has taken the lead in introducing a new category of loans specifically for weddings. These loans are generally of a shorter duration and smaller ticket sizes, enabling couples to fulfil special needs around their weddings that may have otherwise fallen out of their budget. The Tata Capital wedding loan Survey is an exclusive study that taps into the Indian wedding market base to get a sense of the individual plans, preferences and budgets of brides and grooms (and their parents) while planning their dream wedding.
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The survey provides insights split by region, age, gender and marital status. Commissioned and executed by Tata Capital, the research is based on an online study accumulating responses from 2500+ Indians, across the nation.
The survey highlights key insights into how Indian couples plan their weddings with aspects of planning, budgeting and financing as well as how they perceive certain elements around their ‘special day’,
Lack of awareness of wedding loans as a product also came out as an issue, as for those that had not taken a wedding loan, 44% stated it was because they were not aware of the existence of such a loan.
Speaking on the results of the survey, Govind Sankaranarayanan, COO – Retail Business & Housing Finance, Tata Capital, said, “Weddings are one of the most special events in one’s life and are also a significant financial responsibility. The Tata Capital Wedding Loan Survey was conducted to understand consumer behaviour around weddings and finance in India, thus crafting a better wedding loan product. The survey has thrown up some interesting insights which not only help us understand changing trends in the market, but also create tailor-made products and solutions for our customers.”
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According to the findings of the survey, over two-thirds of respondents prefer a simple or intimate wedding. The average spend for 74% of the respondents is less than Rs 10 lakh. There was also a favourable disposition towards the emotional and experiential aspects of a wedding (the company of family and close friends, honeymoon destination etc.) with over 66% of respondents choosing it over tangible aspects like wedding couture, jewellery and make-up, etc. Surprisingly, around 27% of respondents admitted to overshooting their budgets, said the PRNewswire report.