Wedding Loans in Singapore | Best Personal Loans for Weddings

If you’re planning a wedding, you’re aware that costs may quickly add up. Learn how wedding loans can help you reduce your out-of-pocket expenses. Few life occasions necessitate such a significant cash outflow all at once as a wedding. From the dinner through the honeymoon, many couples are willing to splurge in order to have the wedding of their dreams. We tell you about wedding loans in Singapore that can come to your rescue!

This is where wedding loans can come in handy. These, often known as personal loans, can help you get by when you need to make a major purchase. Here’s a look at wedding loans and how they might help you make your big day a reality.

The Process of Wedding Loans in Singapore

Wedding loans are distinguished by the fact that they provide access to a fast line of credit without the necessity for collateral. Banks and financial organizations demand candidates to be employed, be of a certain age, and earn a specific amount of money in order to be considered for such a loan. These are often short-term loans that are repaid in installments over a specified time period.

A copy of your NRIC, your IRAS Notice of Assessment, your CPF statement, your last few months’ pay stubs, and documentation confirming your billing address is typically necessary for application. Most banks accept applications online, and some also accept applications through their mobile apps. You can apply for financial institutions either online or in person.

Best Wedding Loans in Singapore (Personal Loan alternatives)

So you’ve concluded that taking out a loan will allow you to breathe a little better about your wedding expenses. Here are some choices you can consider.

Personal Loan from HSBC

For those people who have an annual income of S$30,000 as a Singapore Citizen or Permanent Resident (PR), or S$40,000 as a foreigner residing in Singapore or self-employed Singaporean, and are aged 21 and over, the HSBC Personal Loan offers one of the market’s lowest yearly interest rates (3.2 percent). It gives you a credit limit of up to S$200,000, and you only have to pay interest on what you spend.

Personal Loan or UOB CashPlus?

UOB’s CashPlus, like DBS’ Cashline, can allow you easy access to borrowed funds. It also includes a CashPlus Visa card, which may be used to make payments online, in stores, and to withdraw cash. The required minimum annual income is S$30,000. It provides up to four times your monthly salary for Singapore citizens and PRs, or six times your monthly salary (limited at S$120,000) if your annual income is S$120,000 or above. It has a yearly interest rate of 20.9 percent.

In terms of personal loans, UOB has a 3.4 percent annual interest rate and is now giving a cash refund of up to S$600 if you apply for a loan amount of at least S$30,000 (up till 28 February 2022). You must be a Singapore Citizen or Permanent Resident with a minimum yearly income of S$30,000, and the loan term ranges from one to five years.

Citi Fast Cash Loan

Do you already have a credit card from Citibank? Citi Quick Cash allows you to convert your credit card’s credit limit into cash, which is then paid back in monthly installments. Repayment terms range from one to five years, with a minimum income requirement of S$30,000 for Singapore citizens and permanent residents and S$42,000 for foreigners. Existing Citibank clients can apply for Citi Quick Cash via the mobile app or website.

Personal Loan from Standard Chartered

The S$20,000 minimum yearly income criterion for Singapore Citizens and PRs (but S$60,000 for foreigners living in Singapore) makes the Standard Chartered CashOne Personal Loan one of the more affordable options. It also offers a loan term of up to five years and an annual interest rate of 3.48 percent. You would be able to borrow up to four times your monthly wage, with a maximum loan amount of S$250,000.