Embarking on a new journey with your significant other is definitely an occasion to celebrate. It’s probably going to be one of the most important days of your life. Hence, it is unsurprising that you would wish for everything to go smoothly.
That said, weddings in Singapore can be extremely costly. Not everyone can cover wedding costs with help from family members or savings. Credit cards have high-interest rates and increase the risk of overspending. To help you cope with the increasing wedding costs, we have specially tailored wedding loans just for you.
Wedding loans offer an alternative solution to financing your nuptials. At Credit Master, we ensure that our wedding loans are kept affordable with comfortable repayment plans.
A wedding loan enables you to enjoy the benefits of an unsecured personal loan that typically carries lower rates when compared to credit cards. With a fixed monthly payment schedule, it becomes much easier to make a budget after the wedding.
Table of Contents
Qualifying For A Wedding Loan
In order to qualify for a wedding loan with Credit Master, you will have to be:
A citizen or permanent resident of Singapore, or for foreigners, have a passport and employment pass.
Above 21 years of age, and is not an undischarged bankrupt, nor facing any bankruptcy proceeding.
Permanently employed, have a valid work permit (for foreigners) or if you are self-employed, have clear records of your cash flow to prove ability to repay the loan amount.
Financing Your Wedding With A Wedding Loan
If you are engaged and excited about your upcoming nuptials but are worried about wedding expenses, you might be considering various financing options. A wedding loan enables you to use funds to cover your wedding costs.
A wedding loan is a viable option when you can afford to pay off the debt within a reasonable period. No one wants to begin a new marriage while stuck in debt for several years to come.
Wedding loans are personal loans that are used to pay for the event.
Wedding Loan Benefits
Flexible Repayment Tenures: At Credit Master, we underestand that wedding preperations can be extremely taxing on oneself. Thus, we offer flexible repayment plans so that you are able to plan and enjoy your wedding, and make comfortable repayments at the same time.
Loan Amounts: Another wedding loan benefit is that you are likely to have some flexibility when it comes to selecting the amount of money that you wish to borrow when you apply for the loan. By a rule of thumb, you are able to borrow up to 6x your monthly income.
Making a dream wedding a reality: As a couple, you’ll no longer have to put off wedding ceremonies due to financial constraints. With a wedding loan, you can afford to have a memorable occasion.
Independence: Taking out a loan enables you and your spouse to decide what you want without relying on others to fund your wedding and impose their preferences.
Peace of Mind: Being able to access all the money you need for your wedding enables you to set up a budget and focus on your big day.
Estimated Cost Of A Western Wedding
In Singapore, the cost of a western wedding can range from $50,000 to $100,000. Several wedding expenses are usually considered for this type of wedding event, including the following:
Dowry: In most communities, dowry is an essential aspect of the ceremony, and this is typically paid in advance to get blessings of the bride’s family and be respectful towards the culture.
Wedding Rings: The cost of wedding bands is usually between $2,000 and $5,000. The rings serve as a symbol of love and commitment.
Banquet: A wedding in Singapore would be incomplete without a feast, and this can cost upwards of $30,000.
Bridal Package: The package consists of elements such as the bride’s wedding gown, hairstyling, makeup, photoshoot, and the groom’ suit. They can set you back a minimum of $3,500.
Solemnizing the Wedding: Solemnization costs between $3,000 and $5,000 and this caters for the venue and reception.
Professional photography and videotaping: This is essential for all weddings. A professional photographer or videographer is hired to capture this special moment and occasion, and service costs between $2,000 and $4,000.
Estimated Cost Of A Chinese Wedding
Chinese weddings are well-known for being elaborate affairs where everything possible is done to make them a success. They have been like that since time immemorial, and the wedding ceremony comes after other highly structured procedures and customs where while family and the community honour their traditions.
A Chinese wedding usually costs $20,000. However, you can pay more according to the level of opulence and elegance that Chinese ceremonies feature.
In Singapore, a Chinese wedding focuses on tradition, and various expenses are necessary for making sure that you comply with the requirements. These include:
Guo Da Li: This vital aspect of a Chinese wedding involves the groom’s family presenting gifts. The gifts represent the desire for prosperity and fertility. The baskets for betrothal vary among different dialects. These baskets are readily available at wedding shops around the city. They typically contain red packets worth $2,000 for parents, cakes and biscuits at $600 gold at $3,700, which costs a total of $6,300 that the groom typically pays.
Red Packets: During the wedding, red packets are also given to other people such as young relatives and helpers. It is an additional cost of as much as $2,000.
Wedding Rings: These cost between $2,000 and $5,000.
Photographer and Videographer: A professional is responsible for capturing the celebration and charges range from $2,000 to $4,000.
Banquet: This takes up most of the expenses as family and friends of the bride and groom join at a location like a hotel for an elaborate lunch or dinner. The bride and groom, friends, maid of honour and parents give speeches. Cake cutting and a celebratory toast to honour the couple are among the highlights of the occasion. The banquet costs between $30,000 and $50,000. However, some of the money is recoverable from the red packets that are given by the guests.
A Chinese wedding requires you to adhere to ancient customs and traditions that will cost you a substantial amount of money but receiving the family’s blessing is worth it when you begin your life as a married couple.
Estimated Cost Of A Malay Wedding
It is essential to be aware of how significant a wedding is when you are preparing for a Malay wedding. Although every community considers weddings to be meaningful events, a Malay wedding has deep entrenchment in the customs and traditions of the Malay community. This sacred ceremony needs celebration with all the pomp and pageantry it deserves.
Malay weddings are not just for the family but are intricate ceremonies that involve the entire community during celebrations.
Weddings generally require a lot of effort, but a Malay wedding takes the occasion to another level. These elaborate events involve everyone rather than emphasizing on the nuptials. The aim is to pass the couple through a cultural and spiritual journey. Stages include Merisik where a particular relative spies on the prospective bride, the wedding ceremony and homecoming.
Considering all that goes into planning this type of wedding, there is no doubt that it is going to be a costly affair. Fortunately, there are financing options, such as wedding loans that can help you fund your dream wedding.
Some of the costs involved in the preparation and purchases for a Malay wedding include:
Gifts for Merisik: These gifts are presented to the family of the bride during the first stages of the proposal. They include jewellery, food, bag and a Duit Hantaran present at the cost of between $8,000 and $15,000.
Dowry: Dowry is paid during the engagement and before solemnizing the wedding.
Marriage Course: This is a compulsory requirement for Malay weddings in Singapore. Certificates are issued, and the teacher is given a token.
Marriage Registration: After meeting the Muslim Marriage Registry, a certificate of registration is provided.
Betrothal Gifts: Each side of the family gives gifts at the ceremony solemnization, and these gifts range from electronics to traditional attire.
Sirih Dara: This is a vital gift that signifies the bride’s virginity. Mahar is a gift in the form of money to symbolize how valuable the union is.
A Malay wedding also includes expenses such as entertainment and food.
Estimated Cost Of An Indian Wedding
An Indian wedding has its own set of traditions. This ceremony gives families the chance to celebrate together. The average cost of this type of event in Singapore ranges from $30,000 to $50,000. Requirements include:
Pre-party: A few days before the wedding a party takes place. It consists of a lot of music and dancing. Family members participate in singing and dancing in a joyous celebration of the upcoming wedding. The family of the bride welcomes the groom’s family through traditional songs.
Bangles: Indian culture requires the bride to receive bracelets from her groom. The bride also gets a beautiful application of henna on her hands. The darkness of the henna showcases the love that the groom has for his bride.
Engagement: The engagement formally takes place before the wedding. It involves the couple confirming the planned marriage to the priest. As a groom, you are required to show that you are capable of being a great provider for your future wife, and this is proven through lavish gifts for the bride’s family. The groom also provides the gold that will be used to create a pendant for the marriage.
Wedding Day: Highlights of the day include the father releasing his daughter and the groom assuring the bride’s family that he is committed to the crucial virtues of marriage.
Fire Ceremony: The couple goes around a fire multiple times as they throw rice to show their love for each other. At this point, the couple also shares their vows. The bride wears beautiful rings on her toes, and the ceremony culminates in a sumptuous feast.
Red Powder: The bride’s hair is covered with some red powder to symbolize that she is a married woman.
Photo Session: There is a photo session for the couple and their friends and family. Following the photo session, the couple leaves to begin their new married life.
Money-Saving Tips For Weddings In Singapore
If you have a particular vision of the type of wedding you want, you may be hesitant to compromise on some costs. However, you should only stick to traditions that are significant and meaningful to avoid spending unnecessarily.
1. Reducing The Number Of Guests
If you are unsure about taking out a loan to pay for their wedding, consider scaling back slightly to reduce costs. It is achievable in different ways, including lowering the headcount or number of guests.
People are a significant determinant when it comes to wedding expenses due to the cost of beverages, food, and locations. Although you may be envisioning a huge wedding, you will probably not be able to connect with every individual when you have hundreds of guests. Reducing the number of guests is one of the ways to cut costs and spend more quality time with your loved ones.
2. Impose A Credit Limit On Your Credit Card
If you want to apply for a credit card or already have one, the credit limit will determine the number of wedding expenses that can be covered. But if you require a smaller amount, you can consider using a credit card that offers benefits such as cash backs.
3. DIY Your Wedding Decor
Other ways to save money include saving money for the wedding, being creative with décor and requesting for discounts.
Applying For A Wedding Loan With Credit Master
A wedding loan can be an invaluable solution to paying for all or some wedding expenses. However, you should always compare your options and identify the right one for you. Also, keep in mind that you have the option of cutting costs and creating a smaller budget for the wedding.
Apply for a low interest wedding loan with Credit Master today. Alternatively, you may also chat with us to find out more about what our wedding loan entails.
At CreditMaster, we believe in building long-term relationships with our clients. Our team of experienced professionals is always ready to provide personalised financial advice and assistance to ensure that our clients make informed decisions. We understand that each client's situation is unique, and we strive to tailor our services to meet their specific needs.
Discover more with CreditMaster
How Much Housing Loan Can I Take?
Are you planning to purchase a new home but do not have funds ready? If so, consider taking a loan from
HDB or a bank. These lenders offer loan amount...
What Are Licensed Money Lenders And How Much Can I Loan?
Unforeseen circumstances may knock at your door at any time and you will find yourself in a financial
rut. In such...
24-hour Money Lender Guide: Legal Personal Loans From Licensed Money Lenders In Singapore