Matchmaking Company Matrimony.com Announces New Platform WeddingLoan.com, Will Offer Wedding Loans

Manvendra HadaNovember 17, 2024

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Three points you will get to know in this article:

With WeddingLoan.com, Matrimony will provide loans in the range of INR 1 lakh to INR 1 crore, with monthly EMI tenures of up to 30 years.
The company has worked with Tata Capital, IDFC First Bank, L&T Finance, TVS Credit, and Bhanix Finance and Investment Ltd to provide loans.
Matrimony reported a PAT of INR 13.2 Cr in Q2 FY25 on an operating revenue of INR 115.5 Cr.

Matrimony.com Forays Into Fintech Sector, Launches WeddingLoan.com

Amid the ongoing wedding season, listed matrimony business Matrimony.com has entered the finance industry with the launch of WeddingLoan.com, a wedding loan facilitator website.

With the offering, the company would provide loans ranging from INR 1 lakh to INR 1 crore, with monthly EMI tenures of up to 30 years. Matrimony has worked with Tata Capital, IDFC First Bank, L&T Finance, TVS Credit, and Bhanix Finance and Investment Ltd to offer loans.

“With WeddingLoan.com, we hope to expand our offerings to make wedding planning, budgeting, and execution easier. Our transparent advisory-led processes will ensure that customer interests are adequately protected,” Matrimony CEO Murugavel Janakiraman said in a statement.

What Will WeddingLoan.com Offer?

The corporation has divided wedding loans into three categories: overdraft facilities, personal loans, and revolving credit line facilities.

According to its website, the overdraft facility allows you to borrow money as needed without committing to a fixed loan structure, and the interest rates range from 9% to 15%.

The remaining two categories will continue to operate as usual.

Matrimony.com Profit, Revenue

For Matrimony.com, the debut of the finance platform represents a potential to increase revenue. The Chennai-based company’s consolidated operating revenue fell 5% year on year (YoY) and 4.2% quarter on quarter (QoQ) to INR 115.5 Cr in the second quarter of fiscal year 2024-25.

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

Timing of WeddingLoan.com’s Launch For Matrimony

The website becomes active just as the wedding season for 2024 begins. According to projections from the Confederation of All India Traders (CAIT), over 48 lakh couples would marry between November 12 and December 16.

CAIT forecasts that the wedding season will provide a business potential of INR 6 lakh crore, up more than 41% from the previous year.