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Compare the Best Wedding Loans
in Singapore (2022)

Apply online & settle faster!

Updated September 29, 2022

Singapore’s 1st
Loan Marketplace

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in one unified dashboard

Once your wedding loan application is live, all of your offers will be displayed on your dashboard and once you like the look of one, you can discuss the details with one of your loan specialists. Your application stays on the platform and you get to watch offers fly in as it happens.

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at the standard lender interest rate

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ROSHI enables borrowers to receive personalised loan options in real-time directly on our platform, avoiding the hassle of calling, visiting or applying with multiple money lenders or banks.

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What our customers say...

Junquan Yeo
8 months ago

A big thanks for an easy & comfortable experience for arranging my home loan right from my application they kept me updated the whole way, highly recommended.

Charo _
8 months ago

Excellent service. The loan specialist was very patient and explored all options with me to find the best one. They also took care of a very complicated process very easy. We couldn't be happier with the service and would not hesitate to recommend.

Victoria
8 months ago

Great service from start to finish. Rather than pushing to done the first available loan offer, the team gave me advice as though they were the ones applying for my mortgage themselves. Thanks

How ROSHI works?

1

Tell us about you

Provide details about your property needs and financial situation.

2

We shortlist the best options

Our smart tech compares hundreds of loans from all lenders to match your needs.

3

Upload all your docs

Easily upload all required docs online. This means less paperwork!

4

Settle your loan

Once you submit your application our team will keep you regularly updated on its progress.

Wedding Loans in 2022

As the name suggests a wedding loan is used specifically to pay for wedding expenses such as reception, dress, flowers, photographers, honeymoon and any other connected expenses. In fact wedding loans are simply personal loans and as such borrowers qualify based on their creditworthiness. Banks and moneylenders like to use this term to attract potential customers but in general any personal loan can be used to cover wedding expenses.

There are various banks and moneylenders in Singapore which offer personal loans which can be used to finance wedding-related expenses. Before you decide on a loan, get at least three different quotations and compare interest rates and various fees.

Personal Loan Total Interest Payments Overview ($10,000)

Average 1st Year Refinance Home Loan Interest Rates Singapore

Review Personal Loans from All Major Banks & Moneylenders

Excellent! ROSHI has found 8 that suit your criteria.

OCBC Extra Cash

0.0Good to Excellent
  • Borrow up to 6x monthly salary for annual income S$120,000 and above, 4x monthly salary for annual income S$30,000-S$119,999 and 2x monthly salary for annual income S$20,000-S$29,000
Apply Now

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

BOC $martLoan

2.8Good to Excellent
  • Equivalent flat interest rate from as low as 6.48% p.a. (EIR 15.73% p.a.).
  • Receive complimentary MoneyPlus Line of Credit with low interest rate and ease of withdrawals for emergency cash use.
More Info

on BOC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

Maybank CreditAble Term Loan

3.0Good to Excellent
  • Loan up to 2x of your monthly income (based on credit limit of your Maybank CreditAble account)
  • Min Income for Singaporeans/PRs: S$30,000 p.a.
Apply Now

on Maybank's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

CIMB CashLite Personal Instalment Loan

3.6Good to Excellent
  • For new-to-bank customers: Get an interest rate from 3.0% p.a (EIR 5.64% p.a).
Apply Now

on CIMB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 60 years old

UOB Personal Loan

3.8Good to Excellent
  • Enjoy a low interest rate of 3.4% p.a. (EIR from 6.36% p.a.)!
  • Get instant approval for new UOB customers when you apply via MyInfo (for applications submitted between 8am to 8pm).
Apply Now

on UOB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 65 years old

POSB Personal Loan

4.0Good to Excellent
  • Enjoy your personalised rates from as low as 2.88% p.a. (EIR 5.79% p.a. based on 5 years of loan tenure) + 1% processing fee
  • Get cash up to 4x of your monthly salary or 10x if your annual income is S$120,000 and above.
Apply Now

on POSB's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 75 years old

DBS Personal Loan

4.0Good to Excellent
  • Enjoy your personalised rates from as low as 2.88% p.a. (EIR 5.79% p.a.) + 1% processing fee
  • Get cash up to 4x of your monthly salary or 10x if your annual income is S$120,000 and above.
Apply Now

on DBS's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 - 75 years old

OCBC Personal Loan

3.2Good to Excellent
  • Turn your unused credit limit into cash, without the need for additional income documents
  • Repay with fixed instalments over 12 to 60 months
  • Interest rates from as low as 3.50% per annum (EIR 6.96% per annum)
Apply Now

on OCBC's website

Account Information

  • Base Interest Rate

  • AmountInterest Rate (p.a.)

Fees and Charges

Cheque Book Fee

Eligibility

  • Age requirement21 and above

  • Wedding Loan Basics Basics

  • FAQs

  • Ask Away

Wedding Loan Basics

A wedding loan provides the financial resources to cover all the expenses of your upcoming wedding event for you, your family, or a close personal friend. The goal is to make the loan amount enough to account for everything you and your party may need, from the wedding venue to the food and beverage services.

Using such loan to facilitate the cost of a wedding is an excellent way to create a memorable event for the bride, groom, and guests, but you need to take care and prepare first. You do not want to go through your funding too quickly, so it is wise to set a budget beforehand and stick to it for your purchasing before, during, and after the event.

Take the time to look at different vendors, venues, and providers for your wedding to know whether or not you are getting the best deal possible. Consider how long it will take you to repay the money and compare that to a realistic payment plan if you did not have the loan. The goal is to have a plan in place so you can focus on the beautiful event and not the stress of a financial obligation.

How Do They Work?

Wedding loans are similar to unsecured personal loans in that there is no need to put up collateral. These loan vehicles are designed for short-term applications where you pay back predetermined set amounts over an agreed-upon period of time. Lenders will look for proof of your work status, verification of your age, and whether or not you meet the minimum earning levels.

To secure a wedding loan, you will need to furnish some documentation that may include your NRIC, IRAS Notice of Assessment, CPF statement, recent payslips, and IDs or documents that prove your billing address where payments will originate.
They can be secured online or through mobile banking to cut down on time and ease of sending electronic copies of your necessary documents. You can also visit the lender in person if needed.

Wedding Loan Essentials

    Singapore has an excellent range of banks, financial institutions, and lenders that offer wedding loans from S$10,000 to S$50,000. This is aligned with the average costs of a wedding in Singapore, from S$22,200 on the low end to S$52,800 in the upper range.

To better understand the costs associated with taking out a wedding loan, here are some average numbers for a simple wedding with a small guest expectation:

Items Average Cost
Banquet

Expect to pay S$100 – S$180 per person for food and the cost of the venue. Most Chinese weddings average between 150 and 200 guests, so your total will be around S$15,000 – S$36,000.

You can save money here by hosting your own banquet at a rustic-themed center or venue owned by a family friend.

Photography / Videography

For just the wedding day, you are looking at S$1,000 – S$2,000. However, you will probably want pre-wedding photography packages and video services which will cost an additional S$1,500 – S$3,000.

Freelancers are available on a per-hour base, but make sure to check their portfolios first to ensure quality.

Wedding Rings Wedding Rings
Wedding Gown, Make-Up, Hair Styling, etc. You can break down each cost into a separate category, but paying for a package is way more efficient. Some offers include photography services as well for when you are preparing for the event. Expect to pay S$2,000 – S$6,000 for both the bride and groom.
Honeymoon / Travel Expenses This is entirely up to you. Some couples like to get far away to the Maldives for their honeymoon, while others want to tour Europe for a few weeks. You should budget between S$5,000 – S$8,000 for a honeymoon of two weeks.
Wedding Gown, Make-Up, Hair Styling, etc. You can break down each cost into a separate category, but paying for a package is way more efficient. Some offers include photography services as well for when you are preparing for the event. Expect to pay S$2,000 – S$6,000 for both the bride and groom.
Miscellaneous There are so many other costs that can sneak up on you during the planning phase. Everything from gifts for your bridal party to the wedding cake and DJ at the reception. We suggested budgeting S$1,000 – S$3,000 for these expenses.

Requirements to Qualify for a Wedding Loan

To receive a wedding loan in Singapore, you must:

  • Be 21 years of age or older
  • Have a monthly income of $2,500 or greater
  • Be a Singaporean citizen with a salaried position or a PR/EP holder/S-pass-holder

We strongly encourage you to go through a planning phase before securing your loan and estimate all the costs of your big event so you will not be left without a feature you have always wanted at your wedding.

Is it Responsible to Secure a Wedding Loan Instead of Saving up?

Most financial advisors will say that it makes more sense to save up and not pay for a wedding you cannot afford. Keep in mind that this is a once-in-a-lifetime event. If you have the income, it is reasonable to take out the loan when you know you will have no problem paying it back.

The average personal loan rate in Singapore is 3-4% (EIR 6.3-7.3%) which is significantly lower than the average credit card interest rate. Therefore, it makes more sense to take out a wedding loan than to use a credit card for all the expenses.

A wedding loan can consolidate other debt associated with the event, which is a wiser decision due to the lower interest rate. You could actually be saving you and your partner money in the long run compared to placing everything on a credit card.
Wedding loans are considered personal loans that means they will improve your credit rating because it demonstrates a significant expense that is reported to credit bureaus with regular, on-time payments.

This is an excellent way to build a strong credit history for when it is time to secure a flat or take out an educational loan.

What is the Actual Cost of a Wedding in Singapore?

Various factors like the venue, catering, wedding bands, and other attributes that play into the final cost of your Singapore wedding. On average, you should expect between S$30,000 to S$50,000.

There are plenty of ways to lower those costs, as well as extravagant options that can skyrocket the price tag. It all comes down to personal preference.

There are also guest considerations and cultural requirements that can change your costs. For example, Malay and Chinese weddings have different traditions that require financial resources to secure reputable providers for decorations, music, food, and other cultural norms.

Remember that when you pay for a wedding, it is not just the event day. There are also considerations like pre-wedding photography/videography, a wedding planner, invitations, decorations, and a memorable honeymoon.

How Can I Save Money for my Wedding?

The easiest way to lower the financial obligation of your loan is to reduce the expenses of the actual wedding event. This requires delicate tempering of the bridal party’s expectations.
Take your time to plan every aspect of the event and corresponding needs before and after the big day. There are often rebates for some credit cards or point programs that you can use to secure a venue at a reduced cost.

You may also want to speak with friends and family. You will often find someone who is a photographer, DJ, entertainment, baker, or other skill that may be happy to donate their services to your wedding or offer a reduced rate.

After that, be sure to shop around for the best possible loan parameters like:

  • The total loan amount
  • Lowest possible interest rate
  • Any special features that can be leveraged or benefited from
  • A flexible tenor
  • No hidden costs or fees

What are the Advantages of Securing This Type of Loan?

With a wedding loan, you can live out those dreams of the perfect day surrounded by your friends and family. Most couples dream of this event because it is a rare and beautiful stepping stone towards a more adult life.

THey also allow you to create a single source of money for the event. Instead of having everything spread out from different credit cards or cash, you have a central account dedicated to the event. It also helps you avoid the uncomfortable nature of dealing with borrowed money from friends and family.

You will learn a lot about budgeting from a wedding loan that can inform other areas of your life. By sticking to a fixed budget, you learn to manage your financial resources better because there is little to no wiggle room.

A wedding loan is an excellent way to achieve your dream day without help from other people. That creates a wonderful sense of freedom because you get to make all the decisions without needing to cater to any private conditions of a loan or the critiques of others that do not reflect your desires.
However you can also save any financial gifts you receive for your wedding and use those to pay down the event.

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