Dreams Come True With The Perfect Wedding Loan in Singapore
Low interest rates, fast approval, flexible loan tenure
Plan your big day easily with a wedding loan in Singapore.
What Is a Wedding Loan in Singapore?
A wedding is a once-in-a-lifetime event that celebrates the union of two people, and they wouldn’t want the actual event to be any less than perfect. Thankfully, a loan for wedding expenses can help them do just that.
Wedding loans, or marriage loans, are low-interest cash loans designed to cover wedding-related expenses like wedding banquets, bridal packages, wedding dowry and more. A wedding loan is probably the best solution to finance a wedding without disrupting personal finances!
How Does a Wedding Loan in Singapore Work?
Wedding costs in Singapore can easily amount to tens of thousands. To put things into perspective, if you are planning to get married in 1 year’s time, you will need to set aside at least $2,300 a month — a fairly challenging feat for many. Fortunately, a wedding loan can provide you with the necessary funds required to see you through your dream wedding, from start to end.
A wedding loan in Singapore is an unsecured loan, which means no collateral backing is needed. The loan amount is also readily available and will be disbursed in a lump sum after loan contract signing, which is all yours to use for any wedding expense you deem fit. There are no restrictions on what you can use the money from your marriage loan in Singapore for.
The Perks of a Wedding Loan in Singapore
Don’t deplete your savings or emergency fund
Using your personal funds for a wedding can be risky when an unexpected situation arises. This is where a wedding loan in Singapore shines by financing the upcoming big day easily with a huge sum upfront.
Relatively low interest rates
What makes loans for weddings affordable are their low interest rates compared to other credit facilities, say payday loans. With a marriage loan, it helps you in saving costs and funding all the much-needed wedding expenses.
Flexible repayment options
Marriage loans in Singapore are completely customisable according to your specific needs. Regardless of your budget, your trusted money lender will offer flexible repayment plans to ensure that debt settlement is made simple and doesn’t impact your day-to-day expenses.
Receive a lump sum immediately
Wedding loans in Singapore offer quick approval and fund disbursement. Unlike budgeting and saving, loans for wedding are specially designed to help pay off all sorts of wedding expenses without all the hassle and waiting.
What Can a Wedding Loan in Singapore Be Used For?
A wedding loan or marriage loan in Singapore can be used for a variety of marriage expenses. Here’s what a loan for a wedding can typically cover (note: this is not a complete list):
- Engagement rings
- Wedding photography and videography
- Wedding banquets and receptions
- Wedding dowry
- Bridal or bachelorette party
- Dream honeymoon
- Vendors and contractors
- Destination weddings
- Additional expenses
- Car rental
Eligibility Requirements and Vital Documents
Basic Eligibility Criteria
- Singaporeans, Singapore Permanent Resident (SPR) or Foreigner
- Minimally 21 – 65 years old
Documents To Prepare
- Proof of identity (NRIC, passport, Employment Pass for foreign applicants)
- Proof of income (e.g. bank statements/CPF statements for the last 3 to 12 months or payslips for the last 3 months and latest income tax statement)
Wedding Loans in Singapore — Frequently Asked Questions (FAQ)
Does a wedding loan help with my budgeting?
Yes, having a fixed amount of money from your wedding loan to work with may motivate you to allocate funds more fittingly across different expense categories. This prevents you from overspending.
How much does a wedding cost in Singapore?
Whether you plan to keep it simple or host a lavish event to celebrate the union with your soulmate, a wedding in Singapore can cost anywhere from S$30,000 to S$50,000. Not a small sum by any means; it is all the more reason to take out a marriage loan for that dream wedding you’ve been dreaming of.
Here’s a rough breakdown of common wedding costs in Singapore (note that this list is non-exhaustive):
Wedding banquet — S$15,000 to S$36,000:
The cost of your wedding banquet largely depends on your venue and the scale of the wedding. This usually takes up the bulk of your entire wedding budget and it is often an area that requires financing from a wedding loan or marriage loan.
Bridal package — S$2,000 to S$6,000
This convenient package comprises everything from hair and makeup services and bride and groom’s wedding attires to pre-nuptial photoshoots and car decorations. Some packages even include bridesmaid and groomsmen outfits.
Engagement ring and wedding bands — S$3,000 to S$15,000
The cost of engagement rings and wedding bands varies with preferences. Rings that are encrusted with diamonds are significantly pricier. The size, clarity, and cut of the diamonds can impact the ring prices too.
Dowry — S$500 to S$5,000
Many wedding traditions include a dowry or pricey gifts to the bride’s family. In Chinese and Malay practices, a dowry may consist of cash, jewellery, and cakes costing S$5,000 or more.
Marriage solemnisation — S$1,000 to S$5,000
It costs S$42 for Singapore Citizens and Permanent Residents and S$380 for foreigners to register at the Registry of Marriage. However, many couples like to spice up the solemnisation ceremony at grand venues with a fancy reception which can significantly increase the total wedding cost.
Wedding photography and videography — S$2,500 to S$5,000
Most people wouldn’t think twice about hiring professional photographers and videographers to capture the beautiful moments on their wedding day. The costs to hire such a service can vary with the duration and manpower required. Wedding loans or marriage loans in Singapore can be useful to defray such expenses.
Flowers — S$500 to S$2,500
Bridal bouquets, bridesmaids’ bouquets, boutonnieres and corsages for groomsmen and family, floral decorations and floral arches usually cost more than what most couples anticipated. A floral arch for wedding receptions can cost between S$500 and S$2,500.
Makeup & attire for bridal party and moms — S$500 to S$1,000
This includes outfits, makeup, and hairstyling for the bridesmaids, groomsmen and close family members. The larger the bridal party, the higher the cost.
Wedding car rental — S$300 to S$600
The rental cost varies with the car model, duration of use, and whether it will be self-driven or chauffeur-driven. Some couples may choose a fancy brand of vehicle for an extra dose of excitement.
Honeymoon — S$5,000 to S$8,000
It is common for couples to start their lifelong journey with an expensive honeymoon. With travel becoming increasingly costly, wedding loans or marriage loans can offer much peace of mind.
Why should I get Soon Seng Credit’s wedding loan?
Soon Seng Credit is an efficient licensed lender with an experienced team of loan officers fully equipped to provide customisable wedding loan packages and repayment schedules tailored to borrowers’ financial capabilities.
What are the interest rates and administrative fees for a wedding loan?
Soon Seng Credit offers monthly interest rates of 2.5% to 4% for wedding loans in Singapore. Our processing fee is 5% to 10% of your approved principal loan sum. All interest rates and fees are affordable and within the Ministry of Law’s regulated limits.
Is there a minimum income requirement to get a loan for weddings?
There is no minimum income requirement for applying for a wedding loan in Singapore. However, you’ll need to support the loan application for your wedding with proof of income (e.g. payslip, CPF statement or bank statement).
Is it easy to apply for a wedding or marriage loan with Soon Seng Credit?
Yes, you can apply for wedding loans online through Soon Seng Credit. Our online applications are available round-the-clock.
Can I get my wedding loan on the same day of application?
Yes, it is possible to receive your wedding loan sum on the same day. Soon Seng Credit provides fast approval and instant cash retrieval for loans for weddings.
