Recently got engaged and planning to organize your wedding in Singapore?
But, when there are only a few days left before the desired day, and savings can be counted on the fingers, panic begins - where to get the money?
Everyone has a dream of arranging a grand wedding. But for some, it becomes quite tough for budgeting everything, from the wedding gown to honeymoon.
However, how much to pay will always be a question for every engaged person?
Most couples take a long time to prepare for this lig-changing event emotionally and financially. In case, if you are also looking for a budget-friendly option to cover your wedding expenses, then the wedding loans are a reliable option for you.
Singapore is known for its highly-wedding destinations. The country is covered with several lavishing venues and for all wedding types. From best videographers to wedding planners, and from photographers to bridal boutiques, Singapore is a fantastic place.
In the same way, the affordable wedding loan in Singapore becomes essential to cover all the expenses of this special day with a simple procedure. Despite personal loans provided by banks, wedding loans are particularly designed for couples who want to make this day extra special. Traditional financiers also provide tailor-made services but they oblige with many terms and conditions and take a whole long process for approving the loans.
This is where licensed money lenders assist you in every possible way to approve your wedding loan.
So, how to get wedding loans in Singapore? We will give a detailed guide on this. Let’s get started.
What is a Wedding Loan?
A wedding loan is another term of personal loan. It is specially designed for your life-changing event, weddings. By borrowing money from licensed money lenders, couples can cover all the wedding-related costs, from a luxurious white dress, limousine, restaurant and a lot of guests. Budgeting for wedding events involves many items of expenses. Therefore before contacting the financial lenders, you need to draw up a full estimate of the celebration.
The wedding loan can cover the wedding expenses like:
- Reservation of a banquet hall in a restaurant.
- Payment for the services of the organizers of the celebration.
- Hiring qualified personnel.
- Purchase of clothing, including the bride's dress.
- Buying rings and other jewellery.
- Vehicle rental.
- Accommodation of nonresident guests of the event.
- Other minor expenses.
How to Obtain a Loan With a Positive Result ?
It should be registered by a newlywed who has a stable job and a high salary. Do not forget that if you have additional income, add it into your documents. This will affect the issuance of a loan.
But there are times when this information is not enough.
Some money lenders take into account your credit history, availability of loans in other banks, and it does not matter whether you repay the loan monthly or not. This has a huge impact on the lending decision. Therefore, it is recommended to pay off all debts in advance. Prepare all the necessary documents before you are going to apply for a loan.
In order to apply for a wedding loan in Singapore, make sure you are availed to match the following criteria.
- Singaporean
- Permanent Resident
- Foreigner with a valid Singapore Employment Pass
- Make sure you are also over the age of 21 and in full-time employment.
The following documents required for a Singapore national
- Must have a copy of NRIC or Passport
- Make sure you are attaching a recent phone bill or Singapore utility bill
- For the proof of full-employment, you must have a last three monthly payslips or 15 months CPF statement, OR income Tax Statement
- If you are self-employed, you previous two year's income tax statement.
In case, if you are foreigner and planning for organizing your wedding in Singapore
- Make sure you are providing your original valid Singapore Employment Pass and passport
- Must-have your original tenancy agreement, PUB bill or cell phone bill
- An appointment letter from your employer and last three months salary slips
- Provide your bank statements as proof of income.
Benefits of Obtaining a Wedding Loan in Singapore
Weddings are a once-in-a-lifetime experience. However, managing your wedding in Singapore comes with only two options: either borrow money from your family members or take out a loan from a licensed money lender in Singapore. This is the best way to cover all your expensive expenses. Well, here are the main reasons for getting a wedding loan:
- The minimum package of documents.
- Relatively low-interest rates.
- Lack of collateral.
- Comfortable loan terms.
- Receiving money within one day.
Getting an Affordable Wedding Loan in Singapore
It is impossible to find the best loans program for organizing a wedding. Responsible money lenders have drastically scaled back their loan product lines over the past couple of years, abandoning specialized forms of financing in favour of classic consumer loans with fine-tuning of individual contract terms.
Licensed money lenders totally understand that interest rates are an essential factor while choosing the financer to take the wedding loan. Taking out a wedding loan will not turn your envisioned wedding dream into a reality but also fulfil all your requirements. All you have to bring the essential documents and follow the appropriate eligibility criteria. With easy pay off debt, a couple can quickly manage the simple ways of processing the loan applications.
Wrapping Up
Today the wedding is a very expensive celebration. Some service workers are especially good at earning money on newlyweds.
By the way, in big cities like Singapore, there are special wedding agencies. The best credit moneylender of which takes over the organization of the wedding celebration. Their functions also include the optimal selection of the private loans proposal, if it is required by the future newlyweds.
