The most important day of your life as a couple is most likely your wedding day. It’s a momentous and joyous occasion, as family and friends gather to celebrate your love and union. What role does a personal loan in Singapore play in this scenario?
Every couple aspires to have the perfect wedding. Every new bride and groom hope that their wedding day will be beautiful and memorable. It is one of the most significant events in a person’s life.
Preparing for that big day, whether it’s reserving that ideal venue, selecting a bridal package, or creating a guest list, may be nerve-wracking and overwhelming. That’s understandable, especially considering the high cost of weddings in Singapore.
Count your blessings if you have enough money in the bank to cover your wedding costs or if you have friends, relatives, or family members who are willing to help cover some or all of the costs. If not, you may be faced with a dilemma: do you cut costs by having a smaller once-in-a-lifetime party, or do you take out a loan to cover the costs?
We’ve assembled crucial information on wedding costs and how you may fund your dream wedding with a personal loan in Singapore that will aid to help you plan for your dream wedding and afford the pricey wedding expenses.
How Much Can Weddings Cost In Singapore?
A wedding in Singapore costs between S$30,000 and S$50,000 and can cost up to S$100,000 if you want to go all out. The cost of a wedding can be 10% to 20% higher than the amount spent on a similar event in other developed countries.
However, based on your budget and expectations, the real cost of your wedding may vary. As a result, we’ve broken down the costs into their most important components and included their median costs.
The entire cost of a wedding in Singapore is determined by a variety of factors, including:
- Type of wedding: There are different types of wedding ceremonies to choose from in Singapore. A civil or solemnization ceremony at a Registry of Marriages (ROM) only costs S$338, while a religious ceremony can range from S$2,000 to S$10,000, depending on the denomination and venue.
- The scale: When planning your wedding, you’ll need to decide on the scale of the event. This ranges from an intimate gathering for 20 guests to a large-scale party for 200 guests or more.
- Location: The cost of a wedding can be higher if it’s held at an exclusive location, such as a five-star hotel. For example, the Shangri-La Hotel in Singapore charges up to S$188 per person for a lunch or dinner reception.
- Food and drinks: If you’re catering food and drinks yourself, expect to spend around S$15 per person on average. However, if you’re hiring a caterer, costs can range from S$60 to S$100 per person.
- The number of invited guests: The more guests you have, the more expensive your wedding will be. On average, each guest costs S$78.
- Flowers and décor: Wedding flowers can cost anywhere from S$200 to S$2,000, depending on the type of flowers, the size of the arrangements, and whether you hire a florist or do it yourself. Add on to that the cost of hiring a professional event planner (S$1,500 to $3,000) or renting furniture and other decors (from S$500 to S$5,000), and you’ll see why this is one of the more costly aspects of wedding planning.
The following are the many elements of a typical Singapore wedding, along with their costs:
|S$18,000 to S$30,000
|S$3,000 to S$6,000
|S$2,000 to S$6,000
|S$2,500 to S$4,000
|Wedding dowry or gifts
|S$500 to S$5,000
|S$1,000 to S$2,000
|S$27,000 to S$53,000
Your wedding day may be expensive, from the gown you wear to the photography and videography you hire. On the other hand, it’s only reasonable that you want the best for such an important occasion.
So, what are your wedding financing options?
One way is to take out a personal loan in Singapore, which may help you feel less burdened and provide you with the financial relief you require.
Is it possible for you to get a personal loan in Singapore? Here’s how to find out.
What Can A Personal Loan In Singapore Do For You?
A personal loan is a loan that can be used for a variety of personal purposes. A personal loan can be utilized to pay for a variety of things, including home renovations, vacations, and weddings. Here are some of the important methods a personal loan can help you finance your wedding.
A personal loan is one that is not backed by any collateral.
One of the great things about a personal loan is that it does not require you to put up collateral. This indicates that, even with bad credit, you may still be able to get a personal loan.
You don’t have to stress about putting up any security with an unsecured loan (e.g., your house or car). It’s not like a secured loan, where the licensed money lender may ask for collateral. If you default on the loan, this puts your asset at risk.
Because of the higher risk for the licensed moneylender, interest rates are normally higher than secured loans. This implies that when you take out a personal loan, you only have to promise to pay back the debt when it’s due, and you don’t have to put up any collateral. You won’t lose your home or automobile if your financial condition changes and you default on the loan, unlike with a secured loan.
Here’s where you can get more info about the distinctions between a secured and unsecured loan.
Personal loans provide a variety of repayment options.
The lender and the borrower will agree on a suitable repayment schedule as part of the conditions of a personal loan. This repayment schedule will be based on the borrower’s income and other financial commitments.
The following are some of the different types of repayment schemes that may be available to you:
- Half-yearly repayments
- Quarterly repayments
- Monthly installments over a period of time
When compared to other loan kinds, personal loans have a longer repayment period. While the loan term varies based on the licensed money lender, most loans have payback duration of 1 to 5 years. Some personal loans have a lengthier repayment period of up to seven years. Take note that the longer your loan term, the more interest you’ll pay.
Some regulated money lenders also allow you to pay off your loan early in order to save money on interest. If you receive money as a wedding gift, make sure to utilize it to pay off your debt as soon as possible!
A personal loan is given as a lump sum payment.
A personal loan can be obtained in one payment. For example, you may get a S$15,000 loan in cash and use it for the wedding right away. This gives you the chance to put down a deposit on your dream wedding venue or purchase the bridal package of your dreams without having to compromise on quality due to budget limits.
You should be careful, though, of licensed money lenders who give you a high loan amount but ask for very high monthly payments. It’s an important step to read the terms and conditions of the loan agreement carefully so that you know what you’re getting into.
Create a budget and keep track of your expenses.
One unanticipated benefit of taking out a personal loan for your wedding is that it “forces” you to create and keep to a budget. You don’t want to borrow too little and run out of money, nor do you want to borrow too much and end up paying more in interest. After all, you must notify a qualified money lender in Singapore how much you wish to borrow when you visit them.
This means you’ll need to carefully calculate how much money you’ll need for your wedding by preparing a precise spreadsheet of your projected costs. Furthermore, once you’ve successfully obtained a personal loan, you must ensure that you don’t spend more money than you have! This can be a hard task, but it’s important to keep in mind that your loan must be repaid over time.
A personal wedding loan can help reduce the financial stress of planning a wedding.
Despite careful budgeting, the cost of weddings has been steadily increasing in recent years. In fact, the average expense of weddings in Singapore is now about S$31,000. This amount excludes honeymoons and pre-wedding expenses!
If you’re feeling drowned by the costs of planning your dream wedding, a personal loan may be able to lighten the load. It provides you with much-needed financial breathing room so that you can allocate funds towards other parts of the wedding, such as catering or photography.
Obtaining a personal loan for your wedding is a big decision. However, if you do it correctly, it can be an extremely helpful tool in allowing you to have the wedding of your dreams. By understanding the basics of personal loans, you’re well on your way to making an informed decision!
What to Consider When You Apply for A Personal Loan For Your Wedding in Singapore
Whatever the loan type you plan to take out, there will always be factors that you should consider. Before signing anything for a personal loan in Singapore, keep the following recommendations in mind:
- Are you and your future spouse financially self-sufficient? Make sure you have steady employment and enough money to pay back the loan.
- Decide on a loan amount with your partner. You don’t want to be in a financial bind right after saying “I do”! Have an open and honest conversation about your finances with your partner to make sure you’re both on the same page.
- Make sure you have a precise wedding budget. You don’t want to spend more money on your wedding than is absolutely required.
- Make sure you have a strong emergency reserve to pay the loan as well as costs for 3 to 6 months before you take out the loan.
- Other debts should be kept to a bare minimum. After the big day, the last thing you want is for your debts to spin out of hand.
With your most awaited special day just around the corner, it’s important to make sure you’re financially prepared. A personal loan can be an amazing way to cover any last-minute wedding expenses that may have popped up. By taking out a personal loan, you’re ensuring that your wedding day goes off without a hitch – and doesn’t put a strain on your bank account!
When it comes to wedding planning, things always seem to cost more than we expect. If you’re short on cash and need a little help to finance your dream wedding, a personal loan may be the answer. Personal loans are generally available in a variety of amounts, so you can borrow what you need without having to settle for less.
You can also utilize a personal loan to pay for other wedding costs that are important to you, such as catering or photography. It has always been ideal to be aware of the interest rates associated with personal loans in Singapore before signing on the dotted line. However, when used correctly, a personal loan can make it possible for you and your partner to have an unforgettable wedding day!
If you need a personal loan for your wedding, QV Credit can help you find one that’s right for you. Now is the time to apply.