Most of us dream of having the perfect wedding with our significant other. We want to make the day perfect to celebrate our love for our partner with our family and friends. However, planning a wedding can be stressful. Not only do you have to decide on the location, settle the most minute details, and decide who to invite, but you have to also consider the largest constraint: finances. One way to get around this is to get a personal loan for your wedding in Singapore.
Weddings are known to be extremely expensive, especially in Singapore. In fact, they can easily cost S$40,000 here.
Luckily, there are ways to get the funds you need for your wedding. Besides borrowing from family and friends, you can take a personal loan in Singapore for your wedding.
In this article, we’ll walk you through the pros and cons of taking a personal loan in Singapore for your wedding. We hope that it’ll help you and your partner make a more well-informed decision.
The Cost Of A Wedding In Singapore
Some of the biggest expenses in a wedding include the wedding banquet, bridal package, and the honeymoon trip.
The wedding banquet will often make up the bulk of your expenditure. The cost varies depending on the venue, time, and day of the wedding. Weekends are more expensive than weekdays, and dinner more so than lunch.
If you want venue customisation and premium menus, it’s going to cost more as well.
Unfortunately, prices of wedding banquets have been increasing over the years. For weekday lunches, you can expect to pay around S$1,180 for a table of 10. Weekend dinners are around S$1,340 for a table of 10.
Luckily, the cash tokens (for instance, the red packets for Chinese weddings) given by your guests are likely to cover at least 60% of the wedding banquet.
However, don’t depend entirely on that to cover the cost of your wedding banquet. In general, you can expect to pay at least S$30,000 for it.
Here’s the price list of wedding banquets from some venues in Singapore as of 2020:
|Venue||Weekday Lunch||Weekday Dinner||Weekend Lunch||Weekend Dinner|
|LingZhi Vegetarian (Liat Towers||S$533 – S$747||S$533 – S$747||S$533 – S$747||S$533 – S$747|
|The Chevrons||S$908 – S$1,188||S$908 – S$1,188||S$908 – S$1,188||S$998 – S$1,188|
|Tung Lok Signatures (Orchard Rendezvous Hotel)||S$950 – $1,089||S$950 – S$1,175||S$1,036 – S$1,175||S$1,036 – S$1,175|
|York Hotel||S$999 – S$1,028||S$999 – S$1,088||S$999 – S$1,028||S$1,009 – S$1,088|
|M Hotel||S$1,080 – S$1,434||S$1,080 – S$1,504||S$1,116 – S$1,434||S$1,222 – S$1,528|
|Concorde Hotel Singapore||S$1,175||S$1,198||S$1,175||S$1,398 – S$1,481|
|Carlton Hotel Singapore||S$1,269 – S$1,740||S$1,387 – S$1,740||S$1,269 – S$1,740||S$1,387 – S$1,740|
|Amara Singapore||S$1,281 – S$1,751||S$1,398 – S$1,751||S$1,398 – S$1,751||S$1,563 – S$1,751|
|Resorts World Sentosa, Singapore||S$1,398 – S$1,751||S$1,516 – S$1,987||S$1,398 – S$1,751||S$1,634 – S$1,987|
|Marina Bay Sands||S$1,339||S$1,634 – S$1,869||S$1,339||S$1,634 – S$1,869|
|Royal Plaza on Scotts||S$1,516||S$1,516||S$1,516||S$1,516|
|Conrad Centennial Singapore||–||S$1,810 – S$2,177||S$1,516 – S$1,787||S$2,046 – S$2,177|
|Chijmes Hall Singapore||S$1,528 – S$1,999||S$1,645 – S$1,680||S$1,810 – S$2,116||S$1,810 – S$2,116|
|Sofitel Singapore City Centre||S$2,046 – S$2,281||S$2,163 – S$2,399||S$2,046 – S$2,281||S$2,163 – S$2,399|
|Shangri-La Hotel||S$1,869 – S$2,928||S$1,987 – S$2,928||S$1,869 – S$2,928||S$2,222 – S$2,928|
Source: Singapore Brides
Bridal packages often include the pre-wedding photoshoot, makeup, gowns and suits, and other items. It’s a convenient option, and can be cheaper than to get these items separately.
The price depends on factors such as the photoshoot locations, gown designs, and the number of gowns.
A bridal package can cost around S$3,000 to S$6,000.
You’ll want a professional photographer to capture the sweet moments during the big day itself, so it might be worth it to pay a bit more for quality.
You can expect to set aside S$2,000 to S$4,000 to hire a professional wedding photographer.
Even though solemnisation ceremonies are usually more casual, you should prepare at least S$1,000 for it. This includes rental for the location and the reception after the ceremony.
Grander venues with fancier food can go up to around S$5,000.
Wedding rings can cost between S$1,000 and S$3,000 each. However, the price depends on the material of the ring, the brand, and the designs.
Want gems or diamonds on your rings? It’ll cost you even more.
Every couple will look forward to this as a chance to take a break overseas. A long trip to somewhere more exotic can cost between S$5,000 and S$8,000.
Be sure to book your trips early to save more on hotel and airplane rates!
There are other things to settle as well, such as wedding cars, transport, red packets to hand out, and after-party costs.
All these can cost you around S$1,000 to S$2,000.
Chinese and Malay families in Singapore might still expect dowries, especially in traditional weddings. Indian families in Singapore, on the other hand, usually don’t expect dowries.
While dowries vary according to the families’ expectations, for Chinese weddings, expect to pay around S$2,000 to S$5,000.
For Malay weddings, the Hantaran gifts can range from S$7,000 to S$15,000.
Here’s a table on how much a wedding can cost for 300 guests.
|Wedding costs||Lower range||Median||Upper range|
|Wedding banquet||S$18,000 (S$1,200 x 15 tables)||S$29,000||S$40,200 (S$1,340 x 30 tables)|
|Subsidy from cash tokens (60% of banquet)||-S$10,800||-S$17,400||-S$24,120|
|Total (without dowry)||S$21,700||S$34,350||S$47,080|
Source: Value Champion
|For Chinese weddings|
|Total with dowry||S$23,700||S$37,850||S$52,080|
Source: Value Champion
|For Malay weddings|
|Total with dowry||S$28,700||S$48,850||S$67,080|
Source: Smart Mamat
Should You Take A Personal Loan In Singapore For Your Wedding?
Weddings can be really expensive and equally stressful to plan. To alleviate some of that financial stress, you may consider financing your wedding through a personal loan in Singapore.
Pros Of Taking A Personal Loan For Your Wedding
Here are a few advantages of taking a personal loan for your wedding that you should keep in mind when planning for your big day.
1. You Don’t Need To Burden Anyone Financially
Taking a personal loan is a great alternative to borrowing from your friends and relatives. It reduces the financial burden off them.
Plus, you won’t have to feel bad about spending more on your wedding day.
Being able to fund your wedding by yourself also means that your family and friends can enjoy themselves in this joyful occasion without any worries about money.
2. You Have Control In What You Want For Your Wedding
When you borrow money from your family, you’re more likely to feel obligated to heed their requests. After all, they’re funding your wedding. It might lead you to feel more constrained and stressed since the wedding not only has to suit your tastes, but theirs as well.
On the other hand, taking out a personal loan in Singapore can help you avoid this situation! It allows you and your partner to control every aspect of the wedding since you’re paying for it yourselves. This also means that you can have your ideal wedding with less pressure from your families!
3. You Won’t Risk Losing Your Assets
Personal loans are unsecured loans, which means that no collateral is needed when you apply for the loan. In the event that you’re unable to pay back the personal loan, don’t worry – you won’t be losing any assets.
4. You Can Hold Your Dream Wedding
With more funds from the personal loan, you have more freedom to choose what you want too. It gives you the means to spend a little more on your dream wedding as you won’t be restricted to a tight budget.
5. You’ll Have Some Available Funds
Having extra cash is always handy, especially when you’re planning for a major event. You can never predict when something unexpected crops up and you need cash for it.
In case of any unforeseen expenses that you’ll need to pay at the last minute, taking a personal loan can give you the extra funds needed.
Cons Of Taking A Personal Loan For Your Wedding
However, there are some disadvantages to taking a personal loan in Singapore for your wedding.
1. You’re More Likely To Spend More Than Necessary
Having additional funds from the personal loan means that you’re more likely to spend more than necessary. You might be tempted to splurge, such as spending too much on decor when there’s a cheaper alternative.
Even though it’s good to pamper yourself once in a while — and your wedding is the perfect occasion to do that — some expenditures might be unnecessary.
2. You Might Accumulate More Debt
If you have other loans to pay off, such as credit card bills or education loans, taking on a personal loan can be financially taxing for you in the long run.
You might face difficulties paying off all your debts. Over time, your debt might accumulate. Before applying for a personal loan in Singapore for your wedding, remember to consider other loans that you may have.
3. Your Chances Of Getting A Home Loan Might Be Affected
This is something you must take note, especially if you’re also planning to get your first flat. When you apply for a home loan to buy your first flat, the bank or HDB will look at your Debt Servicing Ratio (DSR).
However, you won’t have this issue if you’re borrowing from licensed money lenders such as Crawfort.