Wedding Loan Singapore

Wedding Loan Singapore: The Ultimate No-Frills Budget Guide

Any Singapore couple wouldn’t pass the chance to plan and spend their wedding in Singapore. They have all the reason to do so because their family and friends are in the country. However, Singapore couples will have to contend with the most expensive hometown wedding because it costs about S $30,000 to S $50,000 on average for a modest wedding.

You can see much more glamorous weddings reach up to S $100,000 and beyond.

Still, not all is lost for Singaporean couples planning an in-country wedding. You’ll learn the best way to budget for your wedding in this short, detailed guide on wedding loans.

What is a Wedding Loan?

A wedding loan in Singapore is a financial tool that provides or supplements your existing wedding loan budget as a buffer for all possible expenses. However, Singapore financial institutions do not offer a wedding loan in Singapore package with customized interest rates. Instead, they come in the form of personal loans and lines of credit.


Where Can I Apply For a Wedding Loan?

  1. Bank Personal Loans

Singapore couples with a strong combined credit score can apply for a bank personal loan for their dream wedding.

Bank personal loans have always been Singapore’s go-to financial product for weddings. Most banks will provide you up to six months of the borrower’s salary with a 3.5% average interest rate (and 6-11% EIR). Therefore, couples that borrow money individually can get a high maximum loan amount. However, they risk higher debt in case the couple cannot address individual personal loan repayments.

Here are some of the best bank personal loans with a suitable loan amount for weddings.

Interest Rate (and EIR) Total Loan Amount Loan Tenor
Citibank Quick Cash 3.45% (6.5%) 6 Months Of Your Salary 1-5 Years
HSBC Personal Loan 3.4% (6.5%) 6 Months Of Your Salary 1-5 Years
UOB Personal Loan 3.4% (6.4%) 6 Months Of Your Salary 1-5 Years
OCBC ExtraCash Loan 5.43% (11.47%) 6 Months Of Your Salary 1-5 Years
DBS Personal Loan 3.88% (7.9%) 6 Months Of Your Salary 1-5 Years


  1. Bank Personal Line of Credit

Credit cards and lines of credit with high enough credit limits can provide couples enough to spend for their wedding day.

However, we advise against extensively using credit cards and lines of credit because of their high interest rates and usually small credit limits. Therefore, couples must only use credit cards and lines of credit as a buffer for their expenses and not for their entire wedding budget.

  1. A Licensed Money Lender Personal Loan

Singapore’s licensed money lender personal loans offer the same amount as bank personal loans. However, they don’t require high credit scores but have a short 6 to 12 month loan term.

Here are the features of Singapore’s licensed money lender personal loans:

  • Loan Amount: Up to 6 months of your monthly salary
  • Interest Rate: 1-4%
  • Processing Fee: 1-10%
  • Loan Tenor: 12 months
  • No Minimum Credit Score Requirement

Wedding Loan Tips: How Much Does It Cost To Marry in Singapore?

Couples will have to spend about S $30,000-S $50,000 for a small Singapore wedding. However, wise Singapore budgeters can drive that cost down to about S $25,000. The table below can help you learn more about the actual marriage costs you’ll encounter in Singapore.

Wedding Costs Lower Range Median Upper Range
Bridal Package S $3,000 S $4,500 S $6,000
Wedding Bands S $2,000 S $4,000 S $6,000
Dowry S $500 S $2,750 S $5,000
Solemnisation S $1,000 S $3,000 S $5,000
Wedding Banquet S $18,000 (S $1,200 x 15 tables) S $29,000 S $40,200 (S $1,340 x 30 tables)
Wedding photography S $2,500 S $3,250 S $4,000
Miscellaneous costs S $1,000 S $1,500 S $2,000
Honeymoon S $5,000 S $6,500 S $8,000
Subsidy from Red Packets (60% of Banquet) -S $10,800 -S $17,400 -S $24,100
Total S $22,200 S $37,100 S $52,800


Wedding Loans: Aspects That Affect Your Final Budget

Here are the biggest contributors to your wedding costs.

  1. Bridal Packages

Most bridal packages include everything from makeup to your hairdos, lashes, false eyelash application, and more. Bridal package offers depend on the number of people at your wedding party. As a result, excellent bridal packages can save you much time and money.

  1. Wedding Bands and Rings

Couples in Singapore can choose between wedding bands or wedding rings on their big day. These use high-quality, long-lasting gold, silver, or alloys topped with diamonds and precious stones. Unfortunately, these glamorous features make them one of the most expensive aspects of weddings.

  1. Dowry

These are fees that brides bring to the groom’s parents. This Singaporean tradition is still in practice for many traditional in-country weddings. Fortunately, it’s one of the smallest costs you’ll pay for your wedding if you practice it.

  1. Solemnization

Solemnization is the unifying act in a wedding. Civil law requires a small fee for solemnization that allows married couples to register as a singular entity. Plus, solemnization costs depend on your wedding case complexity — weddings involving a previously annulled partner might drive up solemnization costs.

  1. Professional Photography and Videography

Same-day edits and overall wedding photo and video coverages will take up a huge chunk of your wedding day. Many couples highly prioritize the excellent preservation of their wedding. Thus, they invest greatly in this section.

  1. Miscellaneous and Emergency Expenses

Sometimes, brides might need a replacement bridal gown, or couples might feel like changing their wedding decorations. Therefore, wedding budgets with an emergency buffer are essential, and personal loans with the lowest interest rates might help.

Couples must prioritize their wedding budget as a singular entity. In doing so, they can effectively save enough cash by doubling their efforts. If budgets don’t reach optimal levels, a wedding personal loan is still a viable option that can act as an emergency buffer.

How to Find The Best Wedding Loan

Not sure which personal loan from banks or licensed moneylenders works for you? These steps will help you find the best wedding loans and strategies to pay them back.

  1. Finalize The Loan Type You’ll Use and Total Amount

With so many loan options, borrowers can easily get confused in finding the perfect financing. Finalizing your loan type and total wedding loan amount makes it easy to pick out the best loans compatible with you and your spouse’s current income.

To do this, couples in Singapore should finalize their wedding plans, suppliers, venue, and other details. Couples will find finalizations a huge feat, but they will always pay off greatly.

  1. Use a High-Quality Loan Comparison Service

Instant Loan and other high-quality loan comparison services can provide you the best quotes from the best banks and licensed moneylenders. Even those without wedding budgets can borrow cash through a loan comparison service’s excellent roster.

  1. The Best Interest Rate

Get at least three quotes for your wedding or personal loan. Use those quotes as your baseline for comparison purposes to give you a clear idea about the current bank interest rates available.

  1. Flexible Repayment Plans

Ask banks or licensed moneylenders if you can negotiate your payment schedule or amounts. Many will accept a lesser amount than what you borrowed if you can show that it is difficult to repay. Moneylenders that the Registry of Moneylenders licensed is law-bound to follow this practice.

Moneylenders might agree if you have a good relationship with them. Get opinions from several banks and moneylenders before asking for flexible repayment plans or amount reductions before borrowing.

Evaluate Your Prospective Wedding Loan in Depth

Make sure you can pay back borrowed wedding cash without any hassles. Here are three areas to carefully evaluate your wedding loan in depth.

  1. Fees and Charges

Because there are no established Singapore wedding loans, you’ll need to use personal loans. Bank personal loans, on average, charge 5-10% of your loan principal for processing or administration fees. Licensed moneylenders ask for the same fees and charges, too.

Your late payment fees depend on the bank or licensed moneylender’s contract stipulations, so make sure to review them regularly.

  1. Interest Rates

As we’ve mentioned earlier, you should go for lower interest rates because you can save so much money with an excellent quote. We highly recommend improving your credit scores to get the lowest interest rate possible from Singaporean banks and licensed moneylenders (though licensed moneylenders don’t require a high score).

  1. Repayment Amount, Method, and Schedule

Learn and weigh your repayment amount and schedule options with your chosen lender. Licensed moneylenders have greatly flexible repayment amounts and methods, but they have shorter loan terms. On the other hand, banks require that you have high credit scores to have negotiating room for repayment amounts and schedules.

Wedding Loan Eligibility and Requirements

Here are common wedding loan eligibility and requirements you’ll need to comply with

  1. Eligibility

  • Borrowers must be above 18 years old
  • Fully employed
  • Foreigners working in Singapore with a pass can borrow wedding loans.
  1. Requirements

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

The Quickest Loan Quote Inquiry + Application From Instant Loan

Here are three steps you’ll follow by using Instant Loan’s quick wedding loan application service:

  1. Go to our website and fill out the simple and easy application form
  2. Get up to three quotes within a short time
  3. Compare your quotes and see the best one on offer
  4. Visit the moneylender of your choice

To Sum Everything Up

  • Wedding loans are convenient for supplementing your celebratory expenses.
  • Both banks and licensed moneylenders offer wedding loans in the form of personal loans.
  • It’s wise to save up and use wedding loans as supplements rather than have it cover all your wedding costs.

Instant Loan‘s advanced quotation algorithms can help you find the best personal loans for weddings and other financing in the quickest time possible. Visit our website today and get the best quotes!

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