Planning a wedding in Singapore can be exciting yet daunting – especially when it comes to managing the big bills. With the average cost of a wedding in the Lion City ranging from $30,000 to $50,000, many couples find themselves seeking more funding to bring their dream wedding to life.
The process of securing a wedding loan isn’t rocket science but it does require some legwork. It’s a bit of work, sure, but the potential to fund your dream wedding makes it worth the effort. Splurging on a fairytale-worthy venue is finally possible with this financial product.
What Is A Wedding Loan in Singapore?
So you’re head over heels in love and ready to tie the knot? Unfortunately, your bank account isn’t quite on the same page. That’s where a wedding loan comes in handy.
Simply put, this is a loan that’s specifically designed to help couples cover the costs of their big day. These loans give you enough money to pay for everything related to the wedding – even the expensive bridal shoes! The best part? You can usually spread the repayment over one to seven years so it’s a way to have your wedding cake and eat it too.
A wedding loan is not just for the ceremony itself. It can cover a whole bunch of expenses related to your nuptials. Want to jet off on a romantic honeymoon to Bali? You got it. Need to buy those sparkly rings? Go ahead. You can even use it to pay for that overpriced photographer your mother-in-law insists on hiring. The possibilities are endless.
Discover also how wedding loans work.
How a Personal Loan Can Help You Pay Your Wedding Expenses in Singapore
Bridging the Budget Gap
Even if you’ve been saving away cash since your first date, you might find yourself a bit short when it comes to covering all the expenses. A personal loan can bridge that pesky gap between your savings and your dream wedding budget. It’s like having a rich uncle minus the awkward family dinners.
Flexibility to Choose Your Vendors
With a personal loan in your pocket, you’re not limited to the cheapest options on the market. A personal loan gives you the flexibility to choose the vendors you really want and not just the ones you can afford right now.
Spreading Out the Cost
Instead of emptying your savings account in one go, you can pay off your loan in manageable monthly installments. It’s like buying your wedding on a really fancy installment plan.
Covering Unexpected Expenses
Weddings have a funny way of throwing financial curveballs at you. Maybe your guest list suddenly grew by 20 people? This loan can act as a financial buffer.
Funding Your Honeymoon
Who says a wedding loan is just for the wedding? Many couples use part of their loan to fund their honeymoon too. You could be sipping cocktails on a beach in Bali or exploring the streets of Paris before you know it.
Keeping Your Savings Intact
Instead of draining your hard-earned savings, why not use a personal loan and keep your nest egg intact? This way, you’ll still have a financial safety net for your new life together. Plus if you play your cards right and snag a loan with a low interest rate, you might even come out ahead in the long run.
Costs That Wedding Loans Can Cover
Wedding Banquet
The centerpiece of any Singaporean wedding is the banquet, and boy, can it burn a hole in your pocket! Depending on how fancy you wanna go, you’re looking at anywhere from $5,800 to a whopping $47,300. That’s a lotta chicken rice!
Honeymoon Highs
A good honeymoon can set you back $5,000 to $8,000, but it’s worth every penny. So if you’re eyeing a luxurious Maldives getaway, a wedding loan can help you start your married life on a high note.
Wedding Photography and Videography
Pictures last a lifetime so you don’t want to skimp on this one. Professional photography and videography services usually cost between $2,000 and $4,000. It might seem steep but trust us, you’ll thank yourself later when you’re flipping through those gorgeous albums or watching your wedding video for the millionth time.
Bridal Package
Looking like a million bucks on your big day doesn’t come cheap. A typical bridal package including the wedding gown, suit, and sometimes hair and makeup, can range from $500 to $6,000.
Engagement and Wedding Rings
No wedding is complete without the rings, right? These symbols of eternal love can cost anywhere from $500 to $5,000, depending on how much sparkle you’re after.
Little Things
We’re talking about stuff like wedding favours, decorations, and those last-minute emergencies that always seem to pop up. Set aside about $1,000 to $2,000 for these
How To Apply For A Wedding Loan
Check Your Eligibility
First things first, make sure you’re eligible for a wedding loan. Most lenders in Singapore require you to be:
- At least 21 years old
- A Singapore citizen
- A permanent resident
- Foreigner with a valid Employment Pass
- Earning a minimum monthly salary
If you tick all these boxes, you’re good to go. If not, don’t fret. You might still have options.
Gather Your Documents
You’ll need to prepare a bunch of documents as well. A pro tip is to start collecting these docs early. There’s nothing worse than scrambling for paperwork at the last minute.
- NRIC or passport
- Proof of income (last 3 months’ payslips)
- CPF contribution history statement
- Income tax statements
- Recent utility bills
Shop Around
Don’t just go for the first loan you see. The cheapest option isn’t always the best. Consider the whole package before making your decision. Take your time and compare different options. Look at:
- Interest rates
- Loan tenure
- Processing fees
- Early repayment penalties
Submit Your Application
Once you’ve picked your lender, then bite the bullet and submit your application. Most banks these days let you do this online, so you can apply in your PJs if you want.
After you’ve submitted your application, all that’s left to do is wait. The bank or licensed moneylender will review your application and get back to you usually within a few working days.
Weddings Loans Are Finally Within Reach
Getting a wedding loan in Singapore requires some careful consideration and planning. There’s a lot to think about but don’t let that scare you off – with the right approach, a wedding loan can be the key to unlocking the celebration of your dreams without emptying your savings account.
Remember that while these loans can be a godsend, they’re still a financial commitment so find the best deal for your situation. This is where platforms like LenderSG can come in handy to help you sift through various options and connect you with lenders that best fit your needs. At the end of the day, your wedding should be a joyous occasion, not a source of financial stress.