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How To Get A Wedding Loan In Singapore

How To Get A Wedding Loan In Singapore  

A beautiful wedding is one of life’s most memorable events. However, the lack of finances could be why you don’t make the most of this milestone.

Did you know that wedding loans can be helpful? Find out how to get a wedding loan and witness a dream come true.

What Is A Wedding Loan?

A wedding loan is a personal loan meant to facilitate costs covering a marriage ceremony.

Think of the expenses you need to cater to ensure you have a successful ceremony, including:

How Wedding Loans Work

Wedding loans are unique from other personal loans because you can get credit without providing collateral.

You qualify for these loans if you are an employed Singaporean and must be at least 21 years.

Lenders assess different criteria before approving a loan for wedding expenses, but loan amounts can be up to 10 times your monthly income.

Like other personal loans, interest rates, loan tenures, and repayment plans come to play.

Costs That Wedding Loans Can Cover

A loan wedding from Singapore lenders is suitable for various expenses, such as:

In addition to these costs, you can set aside a miscellaneous budget with a wedding loan to cover any unbudgeted needs.

Benefits Of Getting A Wedding Loan In Singapore

Getting a loan for wedding celebrations can be a good idea because you can make the most of a lifetime experience.

If you are doubtful about wedding loans in Singapore, here are reasons you should consider this funding option from licensed money lenders:

How To Apply For A Wedding Loan

Are you planning a wedding and looking for funds to supplement your budget?

Here is how to get a wedding loan within a few hours:

Meet Primary Requirements

A licensed money lender will check the following details:

If you are a foreigner and want a wedding loan, you must have the following:

Have The Necessary Documents

Once you are sure you meet the minimum requirements,

Find A Lender

Factors like income, creditworthiness, and loan amounts determine your choice of lender.

Typically, you can opt for banks or licensed money lenders.

Here is how to get a wedding loan once you find a lender:

Best Wedding Loan Options

Wedding loans in Singapore can help offset event-related expenses. Here are some lenders* to consider:

DBS Personal Loan

If you are looking for higher wedding loan amounts, you can borrow from DBS personal loan – you will get up to 10 times your annual income.

Your annual income must be at least $120,000 to qualify. Look out for the following when taking DBS credit:

HSBC Personal Loan

An HSBC personal loan is one of the best wedding loans if you are looking for favourable interest rates.

Singaporeans must earn a minimum of $30,000, whereas PRs need at least $40,000 to qualify for HSBC wedding loans.

Note the following:

United Overseas Bank (UOB) Personal Loans

This wedding loan option is ideal if you have a UOB cash plus membership.

Your annual income must be at least $30,000 to get these loans.

With UOB personal loans:

Citi Quick Cash Loan

To qualify for a Citi quick cash loan, you must have a Citibank credit card.

You can convert your credit card limit to get cash for your wedding.

The minimum annual income requirements for Singaporeans and PRs are $30,000 and $42,000, respectively. A Citi quick cash loan has a tenure of one to five years.

OCBC Cash-On-Installments

This marriage loan Singapore option allows you to use your credit card limit to get a loan for your celebration.

Singaporeans and PRs must have an income of $20,000 or more, while foreigners need a minimum of $45,000 annually to apply.

Bank Of China Smartloan

If you are looking for a wedding loan that you can repay over an extended period, a bank of china Smartloan is ideal.

You can repay the loan on a reducing balance payment scheme, allowing you to save on interest.

The main downside of the bank of China Smartloan is the high interest rates that start at 6.62%.

Note the following when taking these loans:

Maybank CreditAble Term Loan

You can get a Maybank creditable term loan overdraft with loans twice your monthly income.

The minimum income requirement is $30,000 annually.

Loan tenures are one to five years at a 3.88% interest rate.

*Information correct at time of publication

Licensed Money Lenders

These are perfect if you want customised wedding loans, especially if you do not qualify for bank loans.

The best way to find a reputable lender is to check the Ministry of Law for a list of licensed money lenders.

Eligibility requirements and loan amounts vary depending on creditworthiness, income, and debt-to-income ratio.

However, you must contend with attracting high interest rates – find out if you can afford to repay before applying.

CreditMaster is a perfect example of a licensed money lender providing instant wedding loans to Singaporeans.

Tips For Getting Weddings Loans

Wedding loans are easy to get, but not everyone qualifies for them. Here are a few things you can work on to increase your eligibility.

Know How To Get A Wedding Loan

A wedding can be expensive, yet one of the best ways to create lasting moments with the person you love.

The decision to take a loan for a wedding can be the only way to make your once-in-a-lifetime dream come true.

If you are wondering how to get a wedding loan, it’s time to contact our experts at CreditMaster.

We have a team of financial advisers to help you make the right decision – get in touch for insights or apply for a loan today.

Contact us today for any financial assistance you might need. We promise to exceed your expectations.