Wedding Loans 101
There are only very few milestones in your life that require a huge cash outflow. One of them is your wedding. From the venue, outfits, catering, and even your honeymoon, the cost can easily run sky-high.
That said, most couples in Singapore don’t mind splurging to achieve the wedding of their dreams.
But if you don’t want to stretch your salary or savings further, getting a wedding loan in Singapore is the best thing to do. This is our in-depth guide on how you can fund your big day.
Here at OMY Singapore, you will discover the following:
What Is A Wedding Loan In Singapore?
A wedding loan helps you pay for your wedding with or without collateral. These types of loans are offered by banks and financial institutions to employed people of a certain age.
It’s worth noting that “wedding loans” is only a marketing term that is used to attract engaged couples and soon-to-be newlyweds. These loans are still considered personal loans.
Wedding Costs To Account For
In Singapore, weddings usually cost somewhere between $30,000 to S$50,000, although extravagant weddings can cost more.
A wedding loan in Singapore can help you pay for a myriad of costs associated with your wedding such as:
- Banquet
- Wedding photography and videography
- Pre-wedding photoshoot
- Wedding hair and make-up
- Gown and suit
- Wedding ring
- Car rental
- Honeymoon
Depending on your salary and your credit score, your wedding loan in Singapore can help you pay for all of these expenses or a portion of them.
More From OMY: How To Improve Your Credit Score In Singapore
Pros of Applying for a Wedding Loan in Singapore
Here are the advantages you can experience when you apply for a loan for marriage purposes.
You’ll Be Less Constrained By Your Budget
Most couples in Singapore have a rough idea or a budget for how much they want to spend on the wedding. Even if you’re a frugal couple, you’ll likely stick with your budget, even if it means making smaller compromises.
Whether it’s an extra $500 for a photoshoot or $1,000 for a few extra guests, you will be able to pay for all of these expenses seamlessly.
You May Benefit From Low-Interest Rates
We know that the high cost of your wedding isn’t your fault. It’s what you had to pay to make your wedding a fun and memorable one.
Because of this, wedding loan providers will offer you a decent interest rate. Therefore, you’ll be able to pay off your wedding loan without feeling the pinch.
These Loans Are Flexible
Applying for a wedding loan in Singapore is a surefire way for you to get the cash you need on time. Additionally, you can apply for these loans and pay them off on your own terms. This is integral especially if you prefer choosing a longer tenure.
You Can Avoid Borrowing Money From Friends And Family
If you’re uncomfortable with asking your family and friends to help you pay for your wedding, then you’re in luck. A wedding loan in Singapore is a perfect alternative for you.
Besides, you can’t always expect your family and friends to do favours for you all the time at the expense of their own financial well-being.
You Can Keep Your Savings And Emergency Fund
Your savings and emergency fund are essential for your future. These two are the cornerstones of your financial stability, and you can never know when you’ll need them. Applying for a wedding loan will allow you to keep your savings and use them when a rainy day comes.
More From OMY: Average Savings Of Singaporeans: How Much Money You Should Save According To Age
Wedding Loan In Singapore: Our Top Picks
Ready to know what the best wedding loans in Singapore are? We’ve compiled our top choices below.
| Wedding Loan in Singapore | Interest | Tenure | Maximum Loan Amount |
|---|---|---|---|
| Crawfort | Starts at 1.8% per annum (EIR unavailable) | Depends on loan terms |
|
| DBS Personal Loan | 3.88% per annum (EIR 7.66%) | 6 months to 5 years |
|
| UOB Personal Loan | 3.4% per annum (EIR 6.36%) | 1 to 5 years |
|
| Lending bee | Depends on loan terms | Depends on loan terms |
|
| Standard Chartered CashOne Personal Loan | 3.48% per annum (EIR 6.95%) | Up to 5 years |
|
Crawfort
If you need cash fast for your wedding, this moneylender is one of the best options for you. Crawfort’s personal loan doubles as a wedding loan in Singapore so you can make the wedding of your dreams come to life.
Applying for this loan is so easy, you can do it with MyInfo. In just 8 minutes, you can receive the result of your loan for marriage purpose application. From here, just go to any Crawfort outlet to do a face-to-face verification and get your money.
Keep in mind that the amount of money you can borrow from this wedding loan in Singapore heavily relies on your income. For foreigners and Singaporeans who earn less than S$10,000 per year, they can borrow up to S$500. For people whose annual income is S$10,000 to S$20,000, they can borrow up to S$3,000. Meanwhile, individuals with an annual income of over S$20,000 can borrow 6x of their monthly income. The nominal interest of this loan starts at 1.8% per annum.
Want to apply for this loan? Click here.
DBS Personal Loan
Looking for a wedding loan in Singapore that offers a low interest rate with great flexibility? The DBS Personal Loan is something you should consider. With this loan, you can borrow up to 10 times your monthly salary if your annual income is S$120,000 and above. Not only that, but you can get cash instantly in your account when you apply online.
This loan has a fixed interest rate of as low as 3.88% per annum + 1% processing fee (EIR 7.56% p.a.). This is also an amazing choice for those who need a longer loan tenure ranging from 6 months to 5 years.
When you apply for this personal loan online, you can get receive up to 2% cashback. Simply use promo code “POSBPL.” This promo is only valid for loans amounts S$10,000 and above. This promotion ends on 31 March 2023.
UOB Personal Loan
With the UOB Personal Loan, you don’t need to put your fancy wedding plans on hold. This is one of the best wedding loan in Singapore options if you need a financial boost. With its low interest starting at 3.4% per annum (EIR 6.36%), and a loan tenure of 12 to 60 months, you can have the flexibility you need. The processing fees will be waived if your selected tenor falls between 24 to 60 months.
Online applicants for this loan can enjoy so many benefits. For instance, online applications submitted between 8am to 9pm can get instant cash disbursement. UOB also has an ongoing promo where you can enjoy up to S$3,288 or a 2.5% cash rebate of your approved loan amount. This is valid until 31 March 2023.
To apply for this loan, you must be an existing UOB CashPLus/Credit card customer and have a minimum annual income of S$30,000. Applicants must also be 21-65 years old and must be Singapore citizens or PRs.
Check out this page to know more about this wedding loan in Singapore.
Lending Bee
If you don’t meet the minimum requirement of banks for their personal loan, head over to Lending Bee. This trusted money lender offers flexible loans with long tenures so you don’t have to worry about pinching your pennies to settle your monthly payments. Not only that, but this wedding loan in Singapore is perfect for individuals with a low credit score since there are no specific restrictions that concern it.
To apply for this wedding loan in Singapore, you must be at least 21 years old, and self-employed or employed. After you sign the loan contract, your cash will be disbursed instantly. As for your interest and loan tenure, it will be determined based on your situation. Check out this helpful personal loan calculator to get the numbers you need.
Standard Chartered CashOne Personal Loan
As one of the biggest banks in Singapore, it’s no surprise that Standard Chartered CashOne Personal Loan made it on our list of the best loan for marriage purpose. For this loan, you can get cashback on 2 months’ interest upon approval. Not only that, but new clients can also get an additional cashback worth S$100, bringing up your total cashback to up to S$3,100. This promo is valid until further notice.
This loan has a competitive interest rate of 3.48% p.a. (EIR 6.95%) and a maximum loan tenure of 5 years. In just 15 minutes, your cash can be disbursed to your existing bank account.
That said, this loan is only for individuals 21 to 65 years old, and those who meet the minimum income requirement of S$20,000 (for Singaporeans and PRs) and S$60,000 (for foreigners). No documents are required for existing SB credit cardholders.
Head over to this page to apply for this wedding loan in Singapore.
A Word From OMY
Your wedding should be one of the happiest moments of your life. You shouldn’t spend the months leading up to it worrying about money. With the best wedding loan in Singapore, you can manage your wedding expenses better.
That said, you shouldn’t drown in debt just to pay for your wedding. If needed, don’t hesitate to identify areas in your wedding where you can cut costs and be more practical. This may involve trimming your long guest list, buying RTW outfits, or switching to a different venue, among many others. Remember that you’ll enjoy the start of your married life better if you’re not worrying about a mountain of debt on your shoulders.
More From OMY: Best Personal Loan for Low Income Earners in Singapore
