Singapore is known for its picturesque wedding destinations, from small intimate venues for small weddings to large lavish venues for large gatherings.
You also could get the best wedding planners, bridal boutiques, videographers, photographers, and anything else you need to bring your dream to life. On this Island, there is something special for whichever type of wedding you want to have.
But, if you are anywhere in the process of planning your wedding, you already know how quickly the wedding budget can spiral upwards.
Fortunately, there are credit facilities that can help you easily cover your wedding expenses, and you can repay the money later on.
Although traditional financiers like banks can offer personal loans that you can use, licensed money lenders in Singapore offer a special package in the form of a wedding loan with unique terms and conditions and a quick approval process that should spring you right into the planning.
So in this article, we provide a detailed guide on how to get a wedding loan in Singapore that includes how wedding loans work, how to apply for the wedding loan, and the expenses you can cover with the money
What Is A Wedding Loan?
A wedding loan is an unsecured personal loan specifically meant to cover the costs of getting married.
By seeking a loan for a wedding, a couple can pay for all their wedding-related costs, from booking the wedding venue, paying for the reception, hiring a limousine, paying for the wedding party’s outfits, and even the honeymoon.
The loan especially comes in handy when you need to make significant payments at once instead of waiting for your salary or other income to come in. Also, it keeps you from draining your pockets completely, and you retain some liquidity that proves useful when you and your spousestart a new life.
So now, let’s tell you, in detail, how wedding loans in Singapore work.
How Wedding Loans Work
Wedding loans in Singapore are a unique line of credit because they do not need collateral backing, and the money is readily available.
But to loan wedding money, the lenders require that you be employed, earn a minimum income, and be of a particular age. You also need to provide copies of your IRAS Notice of Assessment, NRIC, CPF statement, billing address, and copies of your pay slips for the last few months.
Most lenders have made provisions for you to apply for the loan online from their websites or mobile apps. But, if you will, you may also go to the physical location and make your request known.
Regarding repaying the marriage loan in Singapore, know that this is a short-term loan that requires you to start paying back the loan shortly after disbursement.
Ensure that you keep up with the monthly instalments and pay the money back within the set tenure to avoid additional costs in the form of fines, charges, and a higher interest rate.
Costs That Wedding Loans Can Cover
The amount a lender can loan you ranges from a small amount up to 10 times your salary. With this loan, you should have more than enough to cover your marriage expenses sufficiently. Below is a list of some of the fundamental wedding costs that a marriage loan in Singapore help to cover:
- Pre-wedding photoshoot
- Bridal or bachelorette party
- Wedding invites
- Hiring qualified wedding personnel like a wedding planner
- Wedding car rental
- Wedding dowry
- Wedding reception venue and banquet
- Purchase of wedding outfits, including the gown, suit, and footwear
- Hair and makeup
- Buying wedding bands and other jewellery
- Paying for non-resident guests’ accommodation
- Wedding videography
- Wedding photography
- Other minor expenses
Estimate the costs of all the above essential wedding items according to your taste and preferences to come up with the figure you want to ask of your lender.
Note that the red packets you receive at your wedding could be used to initiate repayment of your loan.
But since it’s not guaranteed to receive any amount, set aside some money so that you can start making your loan repayments promptly.
Benefits Of Getting A Wedding Loan In Singapore
Obtaining a loan for a wedding is worth it because a wedding is a one-time special event that deserves your full attention.
However, with the cost of financing a wedding being so high, there are only two ways to raise the money.
You could either borrow from your friends and family or seek a wedding loan from a money lender. Approaching a money lender is the better option because you can obtain the money in a lump sum that you need to help you cover all the significant expenses.
Here are other benefits of getting a wedding loan:
- It’s an unsecured loan that does not risk your property
- You receive all the money you need at once
- Loan terms are comfortable
- Interest rates are relatively low
- Only a few documents are required for approval
How To Apply For A Wedding Loan
A critical factor when learning about how to get a wedding loan is knowing what is required of you.
The primary requirements you should have as a wedding loan applicant are that you should have a stable job and a good salary. If you receive additional income from other sources, make sure to include it in your documents because it makes your application more favourable in the eyes of the lenders.
Nevertheless, there may be instances when your salary information is not satisfactory.
The money lenders may want to dig further into your credit history, checking any other loans you may be holding with other lenders and whether you have been able to keep up with the monthly payments.
This, in particular, would hugely impact their decision of whether or not to loan wedding money to you. Therefore, if you’re hoping for a large sum, it’s best to ensure that all your debts are paid off and that supporting documents are available for proof.
Here’s a list of items to check yourself against before applying for wedding loans in Singapore:
- You are a Singaporean or permanent resident
- You are a foreigner with a valid Singapore Employment Pass
- You are 21 years and above
- You have a full-time job
- Provide a copy of your passport or NRIC
- Attach a recent Singapore phone bill or utility bill
- Copies of at least three last months’ payslips or your income tax statement, or 15 months’ CPF account statement
Weddings loans are also available to foreigners organising their weddings in Singapore. They are obliged to provide the following:
- An original passport and Singapore Employment Pass
- Bank statements proving their income
- Appointment letter from the current employer
- Last three months’ payment slips
- Original tenancy agreement, cell phone bill, or PUB bill
Best Wedding Loan Options
Having seen how easy it is to apply for a wedding loan, we have singled out the best wedding loan options* in Singapore. See them below:
Lending Bee offers a quick application and approval process, so you can access the money quickly.
Our loans are generous, with long flexible tenures and some of the lowest interest rates in Singapore. We have lenient loan terms and you may still qualify for the loan with a poor credit score, or existing loans with other money lenders.
Apply for a Lending Bee wedding loan and the money will deposit into your account immediately you accept and sign a loan contract at any of our branches.
DBS Cashline is a good choice because it offers easy and quick access to cash.
This line of credit is open to Singaporeans and Permanent Residents with a minimum income of $20,000 annually. Persons with an annual salary of $120,000 and above may get up to 10 times their monthly salaries.
You apply for the DBS Cashline through the DBS digibank app, and when the money is disbursed, you can withdraw it from any POSB/DBS ATMs across Singapore, do an online transfer, or even issue cheques.
The repayment of this loan for wedding expenses is flexible, and you can do it in the following days, weeks, or months.
UOB Personal Loan Or UOB Cashplus
A UOB Cashplus is another line of credit offering convenient cash access.
The minimum income requirement to apply for the loan is $30,000 annually, and you can get up an amount from $1000 up to four times your monthly salary or six times for persons earning $120,000 annually. This loan has an annual interest rate of 20.9%.
A UOB personal loan is also an attractive loan option. Its interest rate can go as low as 4.25% annually, and if you are a UOB Cashplus member, you can go for either a fixed or a flexible repayment program. You also get the privilege of receiving same-day approval for the loan.
Citi Quick Cash Loan
If you already hold a Citibank credit card, you can convert your credit card credit limit into cash for your wedding expenses using Citi Quick Cash.
Singaporeans and permanent residents can apply for the loan if they meet a minimum income requirement of $30,000, and $42,000 for foreigners. Apply for the loan through the Citi Quick Cash mobile app or website. The loan tenure ranges from one to five years, payable monthly.
OCBC Limited EasiCreditOr Cash-On-Instalments
The Oversea-China Bank Corporation (OCBC) offers its members the option of turning their credit card limits into a cash loan that they can repay in one to five years.
But to apply, Singaporeans and permanent residents must have a minimum annual income of $20,000, and $45,000 for foreigners.
With the OCBC Limited EasiCredit loan, members can conveniently apply for credit through the mobile app or internet banking. The money is available in their accounts, and they can withdraw it from the ATMs and even write cheques.
The amount you can get through the EasiCredit starts from two times up to six times your monthly salary, depending on your income. The annual interest rate varies depending on your borrowed amount, from 20.9% to 29.8%.
*Information correct at time of publication
The Best And Most Accessible Weddings Loans In Singapore
In your quest to find out how to get a wedding loan in Singapore, consider seeking it from Lending Bee.
Lending Bee outshines all the banks and licensed money lenders in Singapore when it comes to issuing wedding loans with its low-interest rates, lenient lending terms, long repayment schedules, and generous loan amounts.
Apply for a wedding loan here, and we will get back to you within the hour.
About Ashley Sim
Calling herself a “professional multi-tasker”, Ashley worked as a relationship manager in a bank for five years. She left her job just before the pandemic happened and became a freelance writer for about a year. Now, she’s making the most of her love for writing and knowledge of the banking and financial industry in her role as a content marketing lead. She hopes to help people make better financial decisions through her content and campaigns.