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:
- Pay service providers
- Reserve a banquet hall
- Purchase rings and essential accessories
- Buy the bride’s dress and other apparel
- Hire entertainers
- Take care of guests’ expenses, such as accommodation
- Rent vehicles
- Pay for honeymoon
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:
- Videography expenses
- Photography costs
- Wedding car rental charges
- Wedding banquet costs
- Wedding rings and other accessories
- Bride’s and groom’s outfits
- Pre-wedding photoshoot
- Dowry payment
- Pay for make-up services
- Sort out accommodation for guests
- Pay for entertainment
- Cater to event-related costs like organisation.
- Marriage solemnisation
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:
- You can easily qualify for these loans – the eligibility criteria are favourable.
- The loans are unsecured – you don’t need collateral.
- Loan terms are friendly and tailor-made to suit your needs.
- The interest rates are relatively low.
- You will get funds in 24 hours in a lump sum and have your dream wedding.
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:
- You must be a Singaporean.
- You must be employed and have an income.
- Meet age limit requirements – must be at least 21 years old.
- Have no or manageable debts.
- Have a good credit history.
If you are a foreigner and want a wedding loan, you must have the following:
- Have a valid passport
- Provide an original Singapore Employment Pass
- Have a valid tenancy agreement or cell phone or PUB bills
- Provide bank statements for income validation
- Have an employment letter with your salary slips for the last three months.
Have The Necessary Documents
Once you are sure you meet the minimum requirements,
- You must have a passport or NRIC
- Have a valid Singapore Employment Pass
- You must provide IRAS NoA
- Provide a recent utility bill
- Have proof of employment (at least the last three months’ payslips), an income tax statement (if self-employed), or a 15-months CPF statement
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:
- Complete a loan application – you can do this online or at a physical office.
- Provide the required documents and wait for confirmation.
- Wait for a lender to approve your request and receive funds.
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:
- Fixed interest rates of 2.88% per annum
- You can easily access funds with a linked account.
- Flexible loan repayments
- A 1% processing fee
- Loans are up to four times your monthly salary or up to 10 times your annual income.
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:
- You get lower interest rates (3.2 annually) – you will only incur interest on what you spend.
- Credit limits cannot exceed $200,000.
- The loan tenures are longer, up to seven years.
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:
- Loan limits are up to four times your monthly salary but capped at $120,000.
- Monthly interest rates are set at 3.4%
- Loan tenures are one-five years.
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.
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.
- Annual interest rates are capped at 3.5%
- Get flexible repayment schedules
- Get loans four times your salary
- Get fast loans efficiently
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:
- You can withdraw funds to your credit card, savings account, credit line, or another bank account.
- Interest rates are subject to the outstanding loan.
- Loan tenures are shorter, from three months to seven years.
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.
- Work on your credit rating: Creditors always keep a record of your financial activities and provide this data to lenders. Your creditworthiness significantly determines loan amounts and interest rates. Late payment tendencies reduce your chances of getting a wedding loan. You can work on this by repaying your outstanding loans within their tenure to build your credit.
- Work on your finances: financial stability increases your chances of a wedding loan Singapore lender approving your application. A good income, a lower DTI, and stable employment can signify financial stability.
- Check loan affordability when thinking about how to get wedding loans. After all, you don’t want to be in debt that you will struggle to repay.
- Consider interest rates: how much will it cost to repay a wedding loan fully? Pay attention to monthly interest and annual percentage rates, as they determine how much you will pay to settle the loan. While at it, remember additional charges because they sum up what you will pay at the end of the loan tenure.
- Choose a lender with less strict eligibility checks. Before getting a wedding loan, you should always shop around and compare loan offers, interest rates, loan amounts, tenures, and terms of service. The idea is to find a lender with flexible and favourable loans.
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.