Are you planning to settle down with your better half this season? Do you want to make it a gala event but also a bit skeptical about the expense? We hear you! Undeniably, your wedding is the most cherished and special event of your life. Hence, you would want to make it as grand an event as possible with all the necessary drama and glitters.
But, the celebration takes a back step if you go short in your pocket. The average cost of a wedding in Singapore revolves around $37,100 in 2020, which is quite an amount. For most of us, such a huge expense takes a toll on the wallet. However, the solution lies in taking marriage loans for financing the big day in your life.
Factors To Consider When Applying For Wedding Loan
Needless to say, the wedding in Singapore can cost your body parts, it’s that expensive. From deciding the destination to the final ritual of going out for a honeymoon, the whole process takes a lot of investment. The expense in the case of a Malay Chinese wedding can reach up to as high as $70,000.
Therefore, it is obvious that you’ll end up resorting to a marriage loan. But, often enough the couples are unaware of the factors that run behind the big-budget marriage loans. You need to estimate your expense and read all the loan related features before applying for yours.
Here are some of the factors for taking a personal loan for marriage:
1. Tailor-Made Wedding Loan Packages
This is not something that your regular moneylender will provide you. The couple needs to look for a private loan or moneylender for this. They will provide you, assistant, to guide you throughout the whole loan making procedure.
2. Flexible Marriage Loan Packages
Admit it, every marriage is unique and has different needs and requirements in the process. Moreover, the financial requirement differs from couple to couple. Hence, there are flexible personal loan options or wedding loan packages with variable repaying clauses.
Here, the loan structure is made in such a way that it evaluates your annual earning and monthly expenditure. These wedding loans don’t fall heavy on the shoulders of the couple for their flexible repayment plans. You don’t even have to start repaying the borrowed amount immediately after your dream honeymoon.
3. Protecting Your Assets
Quite a lot of Singapore couples are desperately forcing themselves into taking personal loans, especially the secure debts for their dire financial needs at the time of the marriage. A secure loan is a rather risk-taking step because you might end up losing your assets.
Such financial assets include your home or car, or gold. Therefore, it is necessary to consider marriage loans in order to protect your life long assets. After all, none of us wish to start a new journey by losing our precious belongings.
4. Easy Application And Approval
Certainly, you are in a rush during your marriage time. Your regular personal loan will keep you waiting for days before the money lending procedure gets approved. Wedding loans Singapore offer you with a fast and easy application and approval process. You get simplified application forms online.
And, the loan amount gets transferred immediately after you receive the loan application confirmation. However, you have to reach out to their office with the required official documents before you get started with the process. Once it’s done, your loan gets approval in no time.
5. Affordable Interest Rates
In Singapore, you’ll find a handful of licensed moneylenders who keep competing with each other to attract more loan customers. To keep their own companies on the frontline, they often set out affordable interest rates for the borrowers.
This, in turn, plays a part for the couple who is perhaps looking for lowered interest rates personal loan. However, your rate of interest will be anytime lower in the case of marriage debts than that of a personal loan. hence, you can look for affordable repaying options here.
How Wedding Loan Can Help Your Big Day
Financing your dream marriage plan turns out to be a mess if you cannot take out cash every now and then. Be it a native wedding in Singapore, a Malay wedding, a Chinese wedding, or a western wedding, the most crucial aspect is planning.
Starting from decoration, to jewelry designing, to lights, to buffets the list of investment is rather profound. In such a situation, only a decent marriage loan can pull off the whole process without a hiccup.
However, most of the couples still fail to figure out how to utilize the loan amount in the most effective way. Therefore, we have a thorough guideline on how you can use a wedding loan or personal loans to finance your marriage.
1. Registration And Solemnization
The first crucial step in the process of a marriage is the couple registration. In the case of Malay wedding and Chinese wedding or any other western wedding, the cost of registration hits around $3000 on average.
Solemnization includes the costs of booking the wedding location and a few other reception expenses. This may cost around $5000 of your loan credit.
2. Wedding Banquet
Booking the wedding banquet can be a huge blow on your wallet. Since Singapore places are costly; you have to deal with the profound expense all with your loan credit. If you look for a decent looking wedding banquet hall the cost may rise up to as much as $47,000 which includes the number of rooms and the tables and chairs. However, the cost varies from a lower range of $18,000 where you get a lesser amount of tables.
3. Wedding Bands
One of the traditional rituals in a Malay wedding or other western weddings is exchanging wedding bands. These bands come in the wedding package if you consider buying all at a time. Else, you have to finance them separately where the cost can range from $2000 to $6000 of your borrowed credit. Certainly, you would want to buy your better half the best looking band or ring on this special occasion. Hence, the product should be worth the money.
4. Bridal Packages
The bridal package comes with a variety of expensive elements in it. This is exclusively made for the bride and the groom. The package includes a wedding gown for the bride and the suit for the groom, hair accessories, makeup, and costumes for the pre-wedding shoots. Certain packages even include wedding albums and other wedding kits. However, the cost of this ranges from $3000 to $6000 of your account credit.
Needless to mention, wedding photographs and videos are the memoirs of your special day that you’ll cherish for the rest of your life. Hence, it is an irreplaceable item that you must include in your wedding plan. However, a professional wedding photographer will cost around $4000 at the most. This expense can have a lower and a medium range of $3000 to $3500.
One of the most important costs of the whole wedding process falls in the dowry ritual. Wedding in Singapore is always attached to its societal norms and this is a huge matter for them. However, the cost of dowry ranges from as low as $500 to the highest point of $5000 of your loan credit. The money is negotiable from both ends but the Singapore families strictly keep the tradition going.
Any wedding in Singapore is incomplete without a planned honeymoon to some exotic places. For that, the wedding planners include honeymoon packages into their wedding package. Your honeymoon destination plays a huge part in this matter. However, an elegant honeymoon package to a foreign land costs between $5000 to $8000 of your loan credit. The expense may vary according to the location and their economic structure.
Barring all the above-mentioned expenses you still have to keep in mind some other costs that fall into the miscellaneous category. This includes the decoration, lights, the cost of electricians and other mechanics, cart facilities, and hospitality purposes. Besides, you have to keep some cash in hand for last-minute expenses. All of this, including the extra buffer amount, costs in a range of $1000 to $2000 of your credit.
The Best Wedding Loan In Singapore
In the current economic status of Singapore, an affordable loan wedding is the need of the hour. However, the tricky part of it lies in finding the best deal in a marriage loan. You have a lot of personal loans as an option but you need to be aware of their terms and conditions before you choose yours. For your help and guidance, we’ll point out a few features that you must look for in the marriage loan that you are considering for your special day.
So, what makes the best wedding loan? Let’s find out here.
1. The Loan Shouldn’t Get You In Financial Trouble
Don’t let anyone tell you otherwise. You are in charge of your money. Hence, you need to look for a loan that doesn’t get on your nerves later. There are a considerable number of licensed moneylenders who offer lowered rates of interest. Read about the terms and conditions that they give you before running with your documents.
2. Consider Your Budget And Capability
Don’t get carried away by the dream destination wedding pictures you find on the internet. Always look closely at your own budget and capability. Talk to your partner and ask for serious advice regarding wedding loans. If you think beyond your budget and opt for expensive personal loans, the future is cruel enough to leave you with an empty wallet.
3. Compare Through Loan Comparison Sites
However, the best way to choose your wedding loan is to compare the banks and licensed moneylenders that offer wedding loans and personal loans. There are plenty of sites available on the internet where you can compare the rate of interests and money repaying terms and conditions. Go through them carefully before picking your loan.
For those of you who need an easy solution to their wedding finances, GM Creditz is one of the leading licensed moneylenders in Singapore. You get a wide range of deals and affordable interest rates on loans.
From quick application processing to authenticated document verifications GM Creditz pte ltd always got you covered. You can reach out to their office for more information.