Understanding Wedding Loans in Singapore: A Comprehensive Guide

By Dawn Chew Understanding Wedding Loans in Singapore: A Comprehensive Guide | Published 18 Mar 2024 4 minutes


At a glance

So you’re getting married, but you’re unsure whether your savings can cover the expenses. Good news. Many financial institutes in Singapore offer what’s called a “wedding loan”. From DBS Cashline, UOB Personal Loan or Cashplus, Citi Quick Cash loan, or OCBC Limited EasiCredit, you can borrow money quickly to pay for key expenses such as a photographer, wedding venue or even a planner. If you are over 21, you can apply for a loan online or in person. Other eligibility criteria include your income, citizenship and creditworthiness.


The beautiful garden city state of Singapore has many places that prospective couples can explore. From cozy, intimate spaces to grandiose settings for larger celebrations, you’re spoilt for choice. Not only that, but the island boasts an array of top-notch wedding services. Expert planners, exquisite bridal boutiques, skilled videographers, and talented photographers; with all kinds of services are ready to help you realize your dream wedding.

However, those amid wedding planning are well aware of how rapidly expenses can escalate. Thankfully, Singapore offers several financial solutions to manage these costs effectively, allowing repayment over time.

While banks provide personal loans that can be used for weddings, Singapore’s licensed money lenders offer tailored wedding loan packages. These come with unique terms and conditions and a swift approval process to jumpstart your wedding preparations.

Wedding Loan Definition

A wedding loan is an unsecured personal loan designated for wedding-related expenses. It enables couples to finance various aspects of their wedding, including venue booking, reception costs, transportation, attire for the wedding party, and even the honeymoon. 

This loan is particularly beneficial for making substantial payments upfront. You also avoid the depletion of savings, and maintaining financial liquidity as couples embark on their new journey together.

How Do Wedding Loans Work?

Wedding loans in Singapore are different from other loans as they don’t require collateral and are quickly accessible. Eligibility typically depends on employment status, a minimum income requirement, and age. Necessary documents include IRAS Notice of Assessment, NRIC, CPF statements, recent billing address, and pay slips. You can either apply online from a licensed money lender’s website or go to the financial institute to make the application.


Important Info

It’s crucial to understand that wedding loans are short-term, necessitating prompt repayment after disbursement. Timely monthly repayments are essential to avoid additional charges and higher interest rates.

Expenses That Wedding Loans Can Cover

Wedding loans in Singapore can cover a broad spectrum of expenses, from pre-wedding photoshoots and parties to venue rentals, attire, and honeymoon costs. The loan amount can be substantial, often up to ten times the borrower’s salary. It’s important to estimate the cost of all essential items to determine the loan amount needed. The red packets received during the wedding can also aid in commencing loan repayment. 

Here are some expenses that a wedding loan can help to cover:

  • Photoshoot before the wedding
  • Party for the bride or bachelorette celebration
  • Invitations for the wedding
  • Engaging experienced wedding professionals, such as planner
  • Rental of a car for the wedding
  • Arrangement of the wedding dowry
  • Selection and booking of the venue for the wedding reception and dinner
  • Acquisition of wedding attire, encompassing the dress, tuxedo, and shoes
  • Styling for hair and makeup
  • Purchase of rings and additional bridal jewelry
  • Accommodation costs for guests from out-of-town
  • Filming of the wedding
  • Photography services for the wedding
  • Planning the honeymoon trip
  • Various smaller expenses

Benefits of Getting a Wedding Loan

Securing a wedding loan is often a practical choice given the significant costs associated with weddings. After all, it’s a once-in-a-lifetime milestone for most people. Besides, it presents a preferable alternative to borrowing from personal contacts, offering a lump sum to cover major expenses. Key benefits include:

  • Risk-free unsecured loan
  • Lump sum availability
  • Comfortable loan terms
  • Competitive interest rates
  • Minimal documentation for approval

Application Process

Applicants must typically have a stable job and a reasonable income. Additional income sources can strengthen the application. Requirements include being a Singaporean or permanent resident, having a valid Singapore Employment Pass for foreigners, being above 21, and providing relevant documentation like NRIC, payslips, and billing statements.

Lenders may also assess credit history and existing debts. This will determine how much they can loan to you. So if you are trying to borrow a huge sum, do check your creditworthiness and ensure that you provide all the information required.


Important Information

Before you consider applying for a wedding loan in Singapore, ensure you meet the following criteria:

  • Citizenship or permanent residency in Singapore
  • Holding a valid Singapore Employment Pass if you are a foreign national
  • Age 21 or older
  • Employment in a full-time position
  • Submission of a passport or NRIC copy
  • A recent phone or utility bill from Singapore for address verification
  • Recent proof of income, such as the last three months’ payslips, income tax statement, or a 15-month CPF account statement

Foreign nationals planning their weddings in Singapore can also apply for wedding loans but must provide:

  • Their original passport along with their Singapore Employment Pass
  • Bank statements as proof of income
  • A letter of appointment from their current employer
  • Payslips from the last three months
  • An original rental agreement, mobile phone bill, or PUB bill for address verification

Preferred Wedding Loan Options

Several lenders offer attractive wedding loan options. These include CIMB, DBS and Citibank each with unique features like quick application processes, flexible tenures, and competitive interest rates. Here’s a summary of each loan’s details:

  1. ROSHI: ROSHI simplifies the loan application and approval process, allowing you to swiftly access funds when you need them.

    Singapore’s 1st
    Loan Marketplace

    Apply Now

    Its loan match making offerings are notable for their substantial amounts, extended repayment periods, and highly competitive interest rates in Singapore. Even if you have a less-than-ideal credit history or existing loans with other financial institutions, their network of lending partners provides flexible approval criterias which could still make you eligible for a loan.

  2. CIMB CashLite Personal Installment Loan: Is another great option to consider with competitive interest rates and flexible repayment terms.

CIMB CashLite Personal Insalment Loan

CIMB logo 1

3.38 % Annual Interest
Rate EIR
6.32 % p.a.

$11,014 Total Repayment

$1,014 Total Inerest

APPLY NOW on CIMB's website

The CIMB CashLite Personal Installment Loan is available to both salaried and self-employed applicants. To be eligible, you must be a Singaporean or Permanent Resident, aged between 21 and 65 years, and have a minimum annual income of $30,000.
One of the advantages of this loan is its attractive interest rates, which start from as low as 2.80%* per annum. The loan amount ranges from $1,000 to $100,000, with repayment tenures of 1 to 5 years, allowing you to tailor your loan to suit your specific needs and financial situation.

Additionally, CIMB offers a hassle-free application process, with approval within 24 hours and quick disbursement of funds. This means you can access the money you need for your wedding expenses without delay, giving you peace of mind and allowing you to focus on the exciting journey ahead.

3. DBS Personal Loan: DBS stands out as an appealing option for those seeking immediate cash access.

DBS Personal Loan

Fastest Loan Disbursement
DBS Saving Account

3.88 % Annual Intestest
Rate EIR
7.56 % p.a.

$11,164 Total Repayment

$310 Monthly Repayment

APPLY NOW on DBS's website

If you’re an existing DBS customer planning your dream wedding, the DBS Personal Loan is a great financing option to consider. With instant cash disbursement, attractive interest rates starting from 3.88%, and flexible loan tenures, you can easily access the funds needed to make your special day unforgettable.

Eligibility extends to Singaporeans, PRs, and foreigners with a DBS Cashline or credit card account, and a fixed salary is not mandatory, making it accessible to self-employed or commission-based employees. As long as you have an annual income of at least $20,000 and are between the ages of 21 and 75, you can apply for this loan to help cover your wedding expenses.
By opting for a DBS Personal Loan, you can ensure that you have the necessary funds to create the celebration of your dreams without compromising on quality or experience, allowing you to focus on enjoying your special day with your loved ones.

4. Citi Quick Cash: Citi Quick Cash Loan enables Citibank credit cardholders to convert their available credit limit into cash for wedding-related expenses.

Citibank Quick Cash Loan

0% IR for 1 Year Tenure, Best Small-Short-Term Loan
image 372

3.45 % Annual Interest Rate
EIR 6.5 % p.a.

$11,035 Total Repayment

$307 Monthly Repayment

APPLY NOW on Citibank's website

This loan is accessible to Singaporeans and permanent residents with a minimum annual income of $30,000 and $42,000 for foreigners. Applications can be submitted via the Citi Quick Cash mobile app or website, offering loan terms from one to five years with monthly repayments.

Current Wedding Loan Bank Rates

Below you’ll find a comprehensive overview of the current wedding loan rates available in Singapore. It is important to note that some of the rates listed are for personal loans, which can be used to cover wedding-related expenses. These personal loans offer a flexible financing option for couples looking to fund their dream wedding.

LenderAnnual Interest Rate Effective Interest RateProcessing Fee
CIMB Bank 3.38% 6.32%$0
Citibank 3.45% 6.50%$0
Standard Chartered 3.48% 6.95%$0
OCBC Bank 3.80% 7.49%1.0% of approved loan
DBS 3.88% 7.56%$100
POSB 3.88% 7.56%$100
Maybank 3.88% 7.29%$200
HSBC 4.00% 7.50%$0
OCBC Bank 5.42% 12.11%$200
*Today's Personal Loans Rates - 09 April 2024


When it comes to financing your dream wedding, there are numerous lending options available to help you cover the expenses. However, with so many choices, it can be overwhelming to find the most suitable loan for your specific needs. Utilizing a loan matchmaking platform like ROSHI is a smart choice. It simplifies the process of comparing different lenders and options, allowing you to find the most suitable loan that meets your needs and helps you create the unforgettable celebration you deserve.

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