Are you planning to tie the knot soon?
Weddings are one of the most important events of our lives but they can be the costliest affairs too. The average cost of a wedding in Singapore can range from $30,000 to $50,000, almost equivalent to a downpayment for an HDB flat in Singapore!
A cost breakdown of a wedding can look something like this (note that this list is not exhaustive):
|Wedding Banquet||$1,200 to $1,400 per table with a minimum of 10 tables or a minimum booking sum of $15,000 to $20,000 in a restaurant|
|Photography & Videography||$2,500 to $4,000 for a whole day event or $150 to $300 an hour for freelance photographers|
|Wedding Rings||Anywhere from $1,200 onwards|
|Wedding Gown & Make-over||A bridal package is around $4,000|
|Honeymoon||Anywhere from $3,000 onwards for two pax|
|Miscellaneous||Anywhere from $1,000 onwards for gifts for helpers, families, and dressing up groomsmen and bridesmaids|
With such hefty expenses, it is no wonder that some couples take up a wedding loan in Singapore to help ease their cash flow.
Chinese, Indian and Malay wedding loans in Singapore are like personal loans for weddings in Singapore.
You’ll get a lump sum from the lender to pay off all your wedding expenses in one go, and you can spread out the costs on your end by repaying the lender in monthly installments.
Some couples end up depleting their savings for the wedding when they have to fork out a lump sum, which is not recommended especially if you are also planning to buy a new home.
You can either take a bank loan for weddings in Singapore or opt to take a wedding loan from a licensed money lender. While bank loans usually have stringent criteria for borrowers with long processing time, applying for a wedding loan with a licensed moneylender is more straightforward.
Simply put, a wedding loan in Singapore will help you pursue your dream wedding without the burden of immediate payment.
Applying for a wedding loan with licensed money lenders is easy – you just need to meet these requirements:
- You must be at least 21 years old
- You must be employed full-time or self-employed
- You must be a Singaporean or Permanent Resident or foreigner residing in SIngapore
- Employment pass for foreigners
- Latest 3 months’ company payslip for employees or proof of income for self-employed (eg. bank statements)
- Latest CPF Statement with minimum 3-month contribution record
- Latest Income Tax Assessment record
The entire process takes only three steps and it can even be done in less than half a day. Here’s how to apply in 3 steps:
- Submit your details to the licensed money lender’s website and provide all the supporting documents and information required for loan processing.
- The money lender’s consultant will contact you shortly to request a face-to-face meeting at their office for verification and to sign the loan contract upon confirmation of loan. Make sure you read the terms of the contract carefully before you sign, such as the interest rate, repayment period, etc.
- Upon loan approval and after signing the loan contract, the funds will be disbursed instantly to your bank account and you can use them to pay off your wedding expenses whenever required.
Taking a wedding loan can be a timely solution that not only offers you a chance to achieve your ideal wedding but also provides financial relief. However, as a word of caution, such a loan should only be a short-term solution.
As with any loan, you must be mindful of repaying your wedding loan in Singapore on time to avoid stacking up late interest (up to 4% of the unpaid amount that is due) and late fees (up to $60 for each month of late repayment) that can eventually amount to a larger debt.
Make sure to start your wedding plan with proper budgeting to ensure you can afford all the expenses before applying for a wedding loan. Remember, taking a loan is to help you with your cash flow, and it is not financially prudent to use the loan for wedding expenses that you otherwise would not be able to afford.
If you are ready to apply for a wedding loan, applying for one with us is easy and fast. Our consultants are always available to help you with the application process too. Apply for a wedding loan online now!