March 14, 2017
More than half of the respondents willing to consider taking a wedding loan, reveals Tata Capital survey
The survey points out interesting changes in perceptions towards financing one’s wedding with over 58 percent of respondents saying they would consider taking a wedding loan
Mumbai: Tata Capital, the financial services arm of the Tata group, recently released the results of its Wedding Loan survey – an online survey conducted with close to 2,500 respondents across India including both married, unmarried and to-be-married individuals. 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’.
According to the findings of the survey, over two-thirds of respondents prefer a simple or intimate wedding. The average spend for 74 percent of the respondents is less than 10 lakh. There was also a favorable disposition towards the emotional and experiential aspects of a wedding (the company of family and close friends, honeymoon destination etc.) with over 66 percent of respondents choosing it over tangible aspects like wedding couture, jewellery and make-up, etc. Surprisingly, around 27 percent of respondents admitted to overshooting their budgets!
The survey also threw up interesting insights into changing perceptions around financing wedding expenses. Over 58 percent of the respondents stated that they would consider taking a wedding loan for either part or their entire wedding expenses. 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 percent 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 and Housing Finance, Tata Capital, stated: “Weddings are one 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.”
Tata Capital has taken the lead in introducing a new category of loans specifically for weddings. These loans are generally of shorter duration and smaller ticket sizes, enabling couples to fulfill special needs around their weddings that may have otherwise fallen out of their budget.