How To Get A Wedding Loan In Singapore
It’s a month to your grand wedding – your spouse to-be calls you and politely inquires about how you’re planning to take care of the budget.
You freeze, knowing very well that a good budget is needed to ensure everything is in place for the wedding – but you don’t have it ready.
There are two things you can do.
- Call off the wedding OR
- Figure out how to come up with money so that everything continues as planned
In Singapore, wedding loans have been making headlines for helping couples have their dream wedding celebrations.
Understandably, you might not be able to know how to get a wedding loan in Singapore, and it can be a daunting process to search for information online.
That’s where this guide comes in – to set you down the right path in minutes.
Let’s dive in.
What Is A Wedding Loan?
Personal loans are the go-to option to fulfil your personal needs. However, the amount is not tailored to fit demanding needs like financing a wedding celebration.
So instead of going for personal loans, Singaporean couples are now turning to wedding loans. These are special personal loan options designed for taking care of wedding expenses.
Wedding loans can range from small amounts to 10 times your monthly salary. Let’s say your monthly salary is $5,000. Your wedding loan then becomes a comfortable $50,000 or any amount less than that.
That’s good news, right?
However, before approaching a bank or any other licensed money lender, you need to figure out how much you need, but before that, you also need to understand which expenses this type of loan can cover.
And we’ve listed a few for you:
- Banquet hall reservation
- Payment for the services such as photography
- Hiring personnel such as a master of ceremonies, catering, and so on
- Purchase of clothing, including the bride’s dress, jewelry, and the couple’s ring
- Car rental
- Paying accommodations for guests of the event
- Other minor expenses
Exactly what you had in mind, right? This takes us to the next question.
How Wedding Loans Work
As you’d expect, wedding loans are like any other; you need to determine the amount you need and approach a financial institution before getting a loan.
This short-term loan requires you to repay with interest over time in installments as agreed with the lender. What distinguishes it is that you do not need collateral to receive the funds.
Once your loan is approved, the lender contacts you with the details, and the funds are deposited into your account. Some lenders approve this kind of loan in a matter of hours.
Benefits Of Getting A Wedding Loan In Singapore
If you’re planning a wedding celebration and want to make it as grand as possible but don’t have sufficient funds, getting a wedding loan can save the day for you.
This is due to how quickly financial institutions accept this loan type, the amount you can get, and several other advantages.
Let’s take a closer look at the benefits.
- There is a minimum package of documents required
- Relatively low-interest rates because it is a short-term loan
- Loan amount up to 10 times your monthly salary
- It gives you the independence of thought and expenditure
- No collaterals
- Comfortable loan terms
- Receiving money all at once within one day
So, it’s true wedding loans in Singapore have become increasingly beneficial. And you don’t have to sell your soul to secure one.
How To Apply For A Wedding Loan
You need to pass the qualification criteria to get a positive result for a wedding loan application in Singapore.
And to guide you in the process, we’ve listed some of the things you need to present to your financial institution when applying for a wedding loan.
- Be a Singapore Citizen, Permanent Resident, or Foreigner with a valid work permit
- Be at least 21 years old
- Be employed/self-employed
- Proof of identity (NRIC, passport)
- Proof of income (CPF/bank statements)
- Work Permit/S Pass/E Pass
- Proof of residence (Utility bills, phone bills, tenancy agreement, etc.)
- Recent payslips/bank statements
These requirements might vary from one financial institution to the other, so be sure to pre-visit your preferred lender and compare.
Let’s break down the application process:
- Determine the loan amount and when you need it (provide proof of wedding plans if possible and the budget set out by the organizing committee).
- Select your preferred financial institution or lender by comparing loan terms offered by different lenders.
- Submit the required documents (discussed above) to your preferred financial institution. Note that the process of submission can be physical or online, depending on the financial institution.
- Wait for the vetting process, and your loan amount will be disbursed into your account once approved.
It’s pretty easy. Your next step is to get down to where you can get these wedding loans.
Best Wedding Loan Options
Now that you understand what a wedding loan is, how it works, what it can be used for, its benefits, and the application process, let’s turn the pages into the best wedding loan options.
1. Horison Credit
If you need fast and convenient cash solutions for your wedding celebration, Horison Credit is a reputable financial institution you can depend on in Singapore.
They offer the best personal loans with competitive interest rates and repayment plans that won’t break your soul trying to service them.
2. Citi Quick Cash Loan
If you have a Citibank credit card, you can get a quick personal loan from Citibank by converting your credit limit into cash.
Alternatively, if your minimum income is $30,000, you can apply for the loan using the mobile app or website. The loan tenure is between one and five years, payable in monthly installments which makes it even more convenient for most couples.
3. Oversea-China Bank Corporation (OCBC) Limited EasiCredit
This money lender allows you to borrow up to four times your monthly income. So, if you need a loan and earn $5,000 per month, you can borrow up to $20,000 for your personal needs.
This loan has flexible repayment terms since you’re allowed to pay a monthly installment equal to 3% of the money loaned to you at your own pace.
The application process is efficient and convenient, as you can immediately get cash in less than five minutes after your loan is approved.
4. HSBC Personal Loan
HSBC offers personal loans starting at a minimum of $10,000 up to $200,000.
If your annual income is over $30,000, you can successfully apply for this loan, which comes with an annual interest rate of 3.2% and is repayable for a duration of up to seven years.
The lender has made it easier for Singaporeans to access the loan within 24 hours of applying through their nearest outlet or online platform.
5. Maybank Secured Overdraft
Unlike other lenders in the market, Maybank secured overdraft allows you to secure a loan based on the value of your assets rather than your income.
So this means there is no limitation on how much money you can get in a loan, provided your assets are valuable. Let’s say your assets are valued at $100,000; you can get a loan amount less than or equal to that.
However, they have interest rates that vary from time to time, so you may have to repay the loan with interest rates that fluctuate with time and prevailing economic conditions.
Secure A Wedding Loan In Singapore Now
Successfully tying the knot with your loved one can be an expensive affair.
Couples in Singapore are now considering wedding loans to finance their celebrations, with arrangements to repay them as soon as they finish celebrating.
If you need a wedding loan urgently, we recommend contacting Horison Credit.
We offer efficient, friendly, and convenient personal packages to allow you to settle your expenses hassle-free.