Top 10 Wedding Loans for Engaged Couples in Singapore

While weddings don’t work like cars or houses, it is still possible to get a personal loan to cover the expenses for your wedding. Money can be a touchy topic and it doesn’t seem like a good idea to begin your marriage with a debt as it would just create unnecessary stress for you and your partner. But just in case you would like to take out a loan to tide you through this period of time, here are 10 personal loans that banks in Singapore do offer!

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1. DBS Cashline

What drew our attention to DBS Cashline was the easy access to cash available. Not only can you withdraw cash easily from any DBS/POSB ATMs island-wide, you can also issue cheques from your Cashline account or simply do an online transfer. Don’t worry about ever running out of money to pay for your bridal gown or wedding decorations; simply link any account and DBS Cashline will automatically top-up the specified amount to your designated savings or current account to ensure a minimum bank balance.  

2. United Overseas Bank (UOB) Personal Loan

With each application subjected to just a minimum loan of S$1,000, the interest rate for UOB Personal Loan can go to as low as 4.25% per annum. Terms get even more attractive if you are a UOB CashPlus member, where you can have the freedom to choose between a flexible or fixed repayment, and receive same-day approval for loans.  

3. Oversea-China Bank Corporation (OCBC) Limited EasiCredit

The EasiCredit scheme by OCBC is suitable for those who require cash loans from time to time. With a flexible repayments, you only pay a minimum repayment as low as 3% every month, and you can repay your loan whenever you’re ready to do so. Borrow up to 4 times your monthly income if you earn at least S$30,000 per year. Incredibly fast and efficient, you can immediately get cash in just 3 minutes right after your loan is approved.

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4. Oversea-China Bank Corporation (OCBC) Limited Extra Cash

If you fulfil the requirements of having an annual income of S$20,000 and above, you will be eligible for the Extra Cash scheme, which is suitable for those who would like to take a one-time loan. A flat interest rate of 15% per annum applies for those who have an annual income of S$30,000 and above, or 22% per annum for those who have an annual income of S$20,000 to S$29,999. With fixed monthly repayments repayment unlike EasiCredit mentioned above, you will be able to properly manage your finances.  

5. Citibank Ready Credit

With a minimum annual income of S$20,000, you’d be eligible for Citibank’s personal loan scheme. Once your application is approved, there will be a special welcome offer of a low interest rate of 4.83% per annum with minimum S$5,000 of amount borrowed and with a loan tenure of 36 months.  

6. Standard Chartered Bank CashOne

Standard Chartered Bank is currently offering an enticing promotion of 1.2% CashBack on your personal loan and receive $199 back from your first year fee. If you’re already holding onto a Platinum credit card and have an annual income of at least S$30,000, with the CashOne personal loan, you can borrow up to 4 times of your monthly income and enjoy a 5 year annual fee waiver. Interest rates are at 6.88% per annum and with flexible monthly repayment.

Image courtesy of Chris Ling Photography

 

7. HSBC Personal Loan

Claiming to have one of the lowest interest rates in Singapore, HSBC boasts of an annual interest rate of 5.6% with a minimum loan amount of S$10,000, or 3.8% for existing HSBC Premier customers. As long as you have an annual income of at least S$30,000, you can conveniently submit an application online and the processing only takes 1 hour, promising cash the next day. As a salaried customer, you will get to enjoy a loan tenure of up to 7 years. You will have to borrow a minimum of S$5,000.  

8. POSB Loan Assist

One thing appealing about POSB Loan Assist is that its interest rate is on a Flat Rate Basis, meaning that the interest rate and the monthly instalment you have to pay remains unchanged throughout the duration of your loan, whether or not there are any fluctuations to the interest rate. With a minimum loan amount of S$25,000, enjoy interest rates as low as 5.18% per annum and 3 to 5 years loan tenure. As long as you have an annual income of S$20,000 and above, and you are not a DBS Cashline customer, you will be eligible to apply.  

9. Maybank Secured Overdraft

Maybank’s Secured Overdraft is suitable in providing available cash whenever you need it. However, what is different is that your eligibility is not based on your income but on the value of the assets that you pledge. Interest rates vary and are in accordance to Maybank’s Prime Rate, which is currently at 5.25% per annum.  

10. Bank of China (BOC) MoneyPlus Fund Transfer

With a BOC MoneyPlus account, you can transfer funds from your account to any existing credit card, credit line, savings or current account of any bank, which is convenient and a smarter way to gain access to extra cash. You have to have an annual income of S$30,000 to apply as a MoneyPlus Fund Transfer customer and there is a minimum transfer fund of S$1000. If you keep to the 3 to 6 months loan tenure, you will get to enjoy a 0% interest rate!

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A few tips on how to get a better deal on your personal loan: • Improve your credit score. Firstly, ensure you pay your creditors on time. Creditors are less likely to approve your loan if you have a reputation of making late payments! Next, pay off other outstanding loans like your mortgage payments or student loans, as creditors can keep tabs on these financial activities. • Being financially stable. This includes having a steady income and employment, having minimal debt and sufficient emergency funds. These guidelines will give you a better chance of getting either lower interest rates or more flexible terms. Ultimately, before deciding on the loan you would like to take up with any bank, you should only commit after extensive research (such as comparing interest rates, loan tenures etc) and discussion with your partner. Taking up a personal loan for your wedding can be a stressful decision that might plague the two of you in the days to come, and financial issues often form the bulk of couples’ troubles. While you might want to ensure your wedding day is as fabulous as you imagined it would be, the bottom line is that you won’t want to sacrifice eternal bliss for fleeting happiness.