WEDDING LOAN
What is a wedding loan?
As its name may suggest, a wedding loan is a personal loan taken to fund one’s own dream wedding or someone else’s wedding, for example, your child’s wedding. Funds from the wedding loan can be used to pay for wedding-related expenses such as wedding bands, wedding gowns and suits, photography and videography services, makeup and hair styling services, banquet or catering services, flowers, wedding favours, decorations, wedding car rental, wedding dowry and more.
Estimated Cost Of A Wedding
Depending on how minimalist or lavish you want your wedding to be as well as the number of people you are inviting to celebrate your big day, a wedding in Singapore can cost anywhere from $30,000 to $50,000 — not a small sum by any means.
Wedding Cost Breakdown
Depending on how minimalist or lavish you want your wedding to be as well as the number of people you are inviting to celebrate your big day, a wedding in Singapore can cost anywhere from $30,000 to $50,000 — not a small sum by any means.
- Wedding banquet ($15,000 to $36,000) — The cost of your wedding banquet is largely dependent on your choice of venue and scale of wedding. This usually takes up the bulk of your entire wedding cost.
- Bridal package for wedding gown and suit ($2,000 to $6,000) — This convenient package is very popular amongst couples looking to rent their wedding apparels. Some packages may even include makeup or a pre-wedding photoshoot.
- Engagement / wedding rings ($3,000 to $15,000) — The cost of engagement ring and wedding bands can vary widely depending on factors like the jeweller you’re buying from, the material used (e.g. gold, white gold, platinum), width of the bands, whether or not they are encrusted with diamonds and more. Mined natural diamonds are also much pricier than lab-grown diamonds.
- Dowry ($500 to $5,000) — For Chinese weddings, the Guo Da Li usually comprises a mix of cash, jewellery (i.e. si dian jin) and other items like seeds, traditional biscuits, canned pig trotters etc.
- Marriage solemnization ($1,000 to $5,000) — It costs less than $100 to be legally married if you’re Singaporean. However, the cost can shoot up if you choose to hold your solemnization at grander venues with fancy reception and floral decorations.
- Wedding videography and photography ($2,500 to $5,000) — Most people wouldn’t think twice to hire professional videographers and photographers to capture all the beautiful memories made on their wedding day.
- Flowers ($500 to $2,000) — This includes bridal bouquet, bridesmaids bouquet, boutonnieres & corsages for groomsmen and family, floral decorations, floral arch, car decorations and more.
- Makeup & attire for your bridal party and moms ($500 to $1,000) — This includes their outfits, makeup, and hairstyling.
- Wedding car rental ($300 to $600) — The cost varies depending on the car model you choose as well as the number of hours you’re renting.
- Honeymoon ($5,000 to $8,000) — This varies depending on where you’re looking to visit. The further and more exotic destinations come with heftier price tags. Also, remember to take into consideration your flight tickets!
Eligibility & Fees
Wedding loans from local money lenders are available to those above 21 who are either a Singaporean, PR or foreigner with a valid employment pass or work permit who’s holding a full-time job. A minimum monthly income of $2,500 is necessary in most cases. Loan tenures usually range from 1 to 3 years.
Required Documents
For Singaporeans / PRs:
- Proof of identity (NRIC, passport)
- Proof of income (CPF / bank statements)
For Foreigners:
- Work Permit / S Pass / E Pass
- Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
- Payslips / bank statements
Does a wedding loan help with budgeting?
Yes, having a fixed amount of money to work with forces you to allocate the funds aptly across the different expenses so you don’t overspend unknowingly in the process of planning your dream wedding.
