If you’re planning for your dream wedding, you can be certain that the expenses can run sky-high.
Few milestones in life require such a large sum of money at one time as a wedding. From the reception to the honeymoon, many Singaporean couples don’t mind spending big to achieve their dream wedding.
The reality, however, is that a mega wedding can stretch your finances, especially while other major costs, such as home renovations and flat down payments, are at play. This is where wedding loans can come in handy. Also referred to as personal loans, wedding loans can help when you need to spend large.
In this article, you’ll learn how to get a wedding loan in Singapore and everything you need to know about them. Read on.
What Is A Wedding Loan?
Marriage loans or wedding loans are loans that you take out to fund your wedding or someone else’s wedding, such as your child or sibling. These funds should handle everything you need, from catering services to wedding apparel and decorations.
Taking a personal loan for your wedding could be a smart choice; however, your financial health will be affected if you do it without proper planning and spend your money aimlessly.
Always spend wisely and ensure you compare the various options for every expense before deciding on the wedding loan to go with.
Also, ensure you calculate your repayment ability in time and prepare a realistic repayment plan for your marriage or wedding loan. Ultimately, you’ll want lasting memories from your big day to be all about the happy moments and not financial problems.
How Wedding Loans Work
What sets aside wedding loans in Singapore apart from other loans is that they unlock a ready credit line without the need for collateral backing.
To successfully apply for such a loan, lenders require borrowers to be employed, earn a minimum income, and be of a certain age.
- Above 21 years
- You must be a permanent resident, Singaporean, or Foreigner with a valid Singapore Employment Pass
- Full-time employed personnel
Usually, these are short-term loans you must pay in instalments over a set period. The documents required during the application usually include a copy of your IRAS Notice of Assessment, NRIC, CPF statement, documents showing your billing address, and your last few months’ pay slips.
These applications can be made online for most lenders, some allowing you to apply even via mobile applications. You can apply online or visit one of their locations for financial institutions.
- Passport or NRIC number
- Recent three computerised monthly payslips or 15 months CPF statement or Income Tax Statement for salaried people
- For self-employed people,the last two years’ Income Tax Statements are needed
- Valid employment pass
- Original passport
- Recent three months’ payslip
- Tenancy Agreement for the rental premise, PUB bill or handphone bill
- Bank Statement: For proof of your company crediting your salary
- Appointment letter from the company
- Original passport
Wedding loans can range from small amounts to up to ten times your monthly salary, so they should be more than sufficient to cover the wedding costs. Below are the costs that wedding loans can cover.
Costs That Wedding Loans Can Cover
Weddings can be expensive, especially if you’re planning a Malay or traditional Chinese wedding.
You may opt for a simple ceremony on your wedding day, but there will always be items and things to spend on. Some of the costs that a marriage loan in Singapore can cover include the following:
- Hens party and bridal showers
- Engagement party venue, invites, food and drinks
- Wedding invites and thank you gifts for guests
- Bridesmaid dresses
- Wedding dress and accessories
- Wedding venue
- Photography and videography
- Reception location, catering and decor
- Catering or transport to and from the wedding venue
- Wedding rings
- Wedding banquet
- Wedding hair, make-up, gown and suit
- Wedding car rental
Benefits Of Getting A Wedding Loan In Singapore
Fortunately, many wedding loan lenders in Singapore have some of the most competitive rates. You can easily access affordable wedding loans for your big day without too much struggle.
Even though you can raise the money by going for a wedding loan or asking family and friends to help, a marriage loan can be a great idea.
Below are some benefits of taking out a wedding loan in Singapore for your wedding:
It Eases The Burden
Wedding costs in Singapore can burden many Singaporean couples looking for the ideal wedding. In addition, requesting help from family and friends implies the possibility of bowing down to their demands.
However, borrowing a wedding loan leaves you no obligations to follow anyone’s wishes. Instead, you’ll have complete control over what you want for your big day.
It Gives You Your Dream Wedding
A marriage loan in Singapore can take care of every wedding cost. This allows you to actualize your dream wedding without compromising. For instance, you can purchase a wedding gown you saw on social media or book a five-star wedding reception venue for your special guests.
It Saves You Money
With a marriage loan, you’ll have a pre-set budget outlining how much you’ll be spending on every item. This gives you better control over the money you’ll get,so you won’t borrow what you can’t afford.
You Get The Funds At Once
After the lender approves your wedding loan application, it releases the entire amount. This implies that you can make the planning process easier and faster. You can pay your vendors on time, make reservations, and much more for the big day.
Relying on your family and friends may not see you getting the entire amount at once. You may be forced to put some purchases on hold, increasing the risk of losing amazing deals with vendors.
How To Apply For A Wedding Loan
Compared to banks or other credit unions that take days or weeks to approve marriage loans in Singapore, U Credit offers a simple method of processing your loan application.
As a renowned money lending firm, we speedily process your loan application confirmation.
All you have to do is provide the required documents and meet the eligibility criteria outlined above. Afterwards, a marriage loan assistant will offer you the best repayment plan for your special situation.
Best Wedding Loan Options
Many lenders provide wedding loans in Singapore, some offering very competitive rates. However, it’s important to shop for legitimate lenders and get the best interest rates and terms.
U Credit prides itself as one of Singapore’s best and most renowned wedding loan lenders. Other great wedding loan options* include the following:
HSBC Personal Loan
If you meet the eligibility criteria and have the required documents mentioned above, you can get a wedding loan with one of the lowest interest rates on the market, 3.2%.
HSBC can give you a credit limit of up to $200,000, where you’ll only pay the interest on your spending. The loan also provides one of the longest tenures of up to seven years, allowing you to spread the repayment over a longer period.
However, you must have an annual income of $40,000 as a foreigner residing in Singapore or $30,000 for citizens or permanent residents.
DBS Cashline or Personal Loan
With an annual income of $120,000 and above, DBS Cashline provides you with a quick wedding loan of up to ten times your monthly salary.
This credit line requires a minimum annual income of $20,000 and is for citizens or private residents.
You can easily access your loan via their digibank app and use it for online transactions, cash withdrawals, and paying bills.You can make flexible repayment in days, weeks, or months at an interest rate ranging between 20.5% to 29.8% pa.
DBS’ Loan provides annual rates from 2.88% with a 1% processing fee with a loan tenure ranging from one to five years. The Cashline gives you up to four times the monthly salary or ten times with an annual income of $120,000 and above.
UOB CashPlus or Personal Loan
Like the DBS’Cashline, this lender provides convenient access to your loan. Besides, it has a CashPlus Visa card that you can use to withdraw funds, make purchases, or make online payments.
For citizens and PRs, it offers up to four times the monthly salary or six times, capped at $120,000 if the annual income is $120,000 and above. The annual interest rate is 20.9%, with a minimum annual income requirement of $30,000. UOB has an annual interest of 3.4%, currently providing up to a $600 cash rebate if applying for a loan of at least $30,000. However, you must be a citizen or a PR with a minimum annual income of $30,000 with loan tenures of one to five years.
*Information correct at time of publishing
It’s Easy To Know How To Get A Wedding Loan In Singapore
Getting everything set perfectly for your dream wedding doesn’t have to be a financial strain with a U Credit wedding loan.
The wedding loan can give you a financial boost allowing you some breathing room as you clear your payments.
Our main aim is to make your marriage loan application process simpler, quicker, and more transparent.