Wedding Loans | Marriage Loans

Are you dreaming of the perfect wedding in Singapore, but worried about the costs? You’re not alone. The average wedding cost in Singapore can range anywhere from $30,000 to over $50,000. It’s no wonder many couples consider taking out a loan to help finance their wedding expenses. Whether you need to cover expenses like the wedding banquet, venue, or other matrimonial services, understanding how loans for marriage expenses work will provide you with tools to finance your wedding effectively.

What Is a Wedding Loan?

A wedding loan is a type of personal loan that is specifically used to cover your wedding costs. It’s essentially a mix between a personal loan and an installment plan, allowing you to borrow a lump sum to pay for your dream wedding upfront and then repay it over time with fixed monthly payments. Wedding loans in Singapore are typically unsecured personal loans, meaning they don’t require any collateral.

How Wedding Loan Work?

When you apply for a wedding loan, the lender will determine the loan amount, interest rate, and repayment terms based on factors like your income, credit worthiness, and debt-to-income ratio. If approved, you’ll receive the wedding financing funds in a lump sum, which you can use to cover your wedding and bridal expenses. You’ll then repay the loan over a set loan tenure, typically between one to five years, with fixed monthly installments that include both principal and interest. 

Costs That Wedding Loan Can Cover

Loan for wedding costs can help pay for virtually any aspect of your big day. Some common expenses that wedding loans can cover include:

List of Wedding Expenses

Average Cost Range

Wedding banquet and venue rentalS$19,000 to S$66,000 depending on the number of guests and the venue
Bridal package (gown, suit, hair and makeup)S$500–S$5,000
Photography and videographyS$1,500 – S$3,500
Wedding rings and jewelryS$500–S$3,000
Decorations and Wedding flowersS$1000- S$2000
Marriage solemnization ceremonyS$200 – S$1000
Wedding car rentalS$200 – S$900
Wedding DowryS$1000 – S$8888
HoneymoonS$5,000 – S$8,000

By taking a wedding loan, you can secure the funds needed to book your dream wedding venue, hire your preferred vendors, and create the wedding of your dreams without depleting your savings or relying on credit cards with much higher interest rates.

Will a Wedding Loan Help With Budgeting?

Absolutely! When you take out a loan for your wedding, you’ll know exactly how much money you have to work with from the start. This can help you create a realistic budget and allocate funds appropriately. Plus, with fixed monthly payments, you can better plan and manage your cash flow leading up to and after the wedding. A wedding loan ensures you can plan the entire wedding smoothly, with less financial stress.

Benefits of a Wedding Loan with Finance Hero

At Finance Hero, we understand the importance of your special day. That’s why we compare wedding loan options designed to help you achieve the wedding of your dreams. Here are some key benefits of getting a wedding loan with us:

  1. High loan amounts: Borrow up to 6x your monthly salary, with a maximum loan amount of $100,000.
  2. Competitive rates: Enjoy some of the lowest personal loan  interest rates in Singapore by comparing the many lenders listed on our loan directory
  3. Flexible repayment: Choose a loan tenure of one to five years, with the option to make early repayments without penalties.
  4. Quick and easy application: Our streamlined online loan comparison process lets you apply from the comfort of your home in just minutes.
  5. Fast approval and disbursement: Receive approval within 24 hours and get your funds as soon as the next business day.

How Much Marriage Loan Can I Borrow for My Wedding?

The amount you can borrow for your wedding in Singapore depends on several factors, including your income, credit report rating, and existing debt obligations. Generally, wedding loans in Singapore allow you to borrow up to 6 times your monthly salary, capped at $100,000. However, it’s crucial only to borrow what you can afford to repay comfortably. Your are advised to use a wedding loan calculator to estimate your monthly payments and ensure they fit within your budget before applying for marriage financing.

Applying for Wedding Loans in Singapore as a Couple

If you and your partner are both Singapore Citizens or PRs, you can consider applying for a wedding loan together as joint borrowers. This can potentially increase your eligibility and help you secure a higher loan quantum, as the lender will consider your combined income and credit profile. However, it’s essential to understand that as co-borrowers, you’ll be equally responsible for repaying the loan. Make sure you’re both comfortable with the loan amount and repayment terms before signing the loan agreement. Cooperation between partners throughout the loan application can also foster better financial management post-wedding.

Requirements To Get a Loan for a Wedding

To be eligible for a wedding loan with most licensed moneylenders in Singapore, you’ll generally need to meet the following criteria:

  • At least 21 years old
  • Singapore Citizen or Permanent Resident (some lenders may also accept foreigners residing in Singapore on a valid work pass)
  • Earn a minimum monthly income of $1,500 (for Singapore Citizens and PRs) or $2,000 (for foreigners)
  • Have a full-time job or regular source of income
  • No outstanding unsecured debt exceeding 12 times your monthly income

Documents needed when applying for a wedding loan

  • NRIC or passport
  • Proof of income (payslips, CPF statements, or income tax notice of assessment)
  • Proof of residence (utility bills or tenancy agreement)
  • Employment details (company name, job title, and length of service)

If you’re a foreigner applying for a loan, you may also need to provide a copy of your work permit or employment pass.

Compare to find the Wedding Loans with the lowest interest currently

Getting a wedding loan can be a smart way to finance your wedding and bring your dream celebration to life. By understanding how wedding loans work, what they can cover, and the benefits of a wedding loan with a leading loan comparison platform like Finance Hero, you can make an informed decision about whether taking out a loan for marriage purpose is right for you. 

If you’re ready to make your dream wedding come true, submit your details for a wedding loan comparison through Finance Hero today. Our network of loan officers are here to guide you through the process and help you secure the lowest interest rate personal loan for wedding that meets your needs.