By employing the separate spin evolution-quantum hydrodynamic model (SSE-QHD), the nonlinear growth rate of the parametric decay instability is studied via the Raman scattering process of three-wave coupling. SSE-QHD equations are solved for the pump wave (O-mode), sideband Shear Alfvén wave, and the electron plasma perturbations. It is observed that the spectrum of the electron plasma waves is modified due to newly generated spin dependent waves which contribute in the coupling process. The nonlinear growth rate as a result of three wave coupling is plotted for different sets of parameters and conditions. It is also observed that the growth rate is suppressed due to the spin effects. Shifting of diamagnetic behavior of plasma to paramagnetic behavior is noticed.