How to Finance an Engagement Ring in Singapore

Buying an engagement ring isn’t just a romantic gesture — it’s a big financial milestone too. While some couples save up in advance, others explore financing options to better manage their budgets, income, and wedding timelines.

If you’re planning to pop the question in Singapore, it’s worth understanding how much rings typically cost, and how to finance one in a way that aligns with your long-term financial goals.

The price of an engagement ring in Singapore can vary significantly depending on the diamond’s characteristics (like carat, cut, clarity, and colour), the ring’s design, and where you buy it. On average, Singaporeans spend between $1,500 to $5,000, though some go below or well beyond that range.

Luxury brands and bespoke jewellers can easily push prices past $10,000, while budget-friendly jewellers or alternative stones (like moissanite or sapphires) offer more affordable options. Cultural norms may influence how much one is “expected” to spend, but there’s no right or wrong amount. The old rule of spending three months’ salary is largely outdated.

A better approach? Set a budget that works for your financial situation—taking into account other upcoming expenses like your wedding, honeymoon, or BTO downpayment.

» Wondering where best to buy your engagement ring? Check out our breakdown of ring prices by jewellery stores

Credit cards for engagement rings

One of the most accessible financing options is to use a credit card that offers a 0% interest instalment plan. Many major banks in Singapore like DBS, UOB, OCBC, and Citibank, partner with jewellery stores to offer this feature. You’ll typically get the option to pay off the purchase in equal monthly instalments over 6, 12, or even 36 months, without interest charges.

For example, if you spend $3,600 on a ring, a 12-month 0% plan would mean paying $300 per month. Some cards also offer rewards points or cashback, making them a smart choice if you’re disciplined about repayments.

However, do watch out for:

• Early repayment or cancellation fees

• Missed payment penalties

• Temporary impact on your credit score from higher utilisation

If you’re planning to use a card, look for one that offers a sign-up bonus or higher cashback on jewellery or lifestyle purchases.

» COMPARE: Best 0% APR credit cards

Buy now, pay later (BNPL) for engagement rings

BNPL services are increasingly common in Singapore and are now accepted at many jewellers, both online and in-store. Platforms like Atome, ShopBack PayLater, and Pace allow you to split your purchase into interest-free payments, usually over three or six months.

The appeal? Quick approval, minimal paperwork, and no interest as long as you pay on time. That said, BNPL should be used with caution. If you miss a payment, you could be hit with late fees, and repeated defaults may even affect your credit record.

Let’s say you’re buying a ring for $1,800—with BNPL, you might pay $600/month over three months. It’s manageable for some, but not ideal if you’re also juggling wedding costs or other debts. BNPL works best when you’ve already budgeted for the full amount and just want to stagger the payment.

» MORE: Tips for using BNPL like a pro

Jewellery store financing for engagement rings

Many jewellery retailers in Singapore like Lee Hwa, Goldheart, SK Jewellery, and even luxury brands like Tiffany & Co., offer in-house instalment options. These may be backed by banks or BNPL providers and can be arranged at point-of-sale.

Some stores promote deferred interest plans, where you don’t pay interest for a set period (e.g. 6 or 12 months). But be careful—if you don’t pay off the full amount within that timeframe, the interest could be retroactively applied.

Before signing anything, ask:

• Is the plan truly interest-free?

• Are there any hidden admin or processing fees?

• What happens if I miss a payment?

Always read the fine print and clarify the repayment schedule to avoid unpleasant surprises.

Personal loans for engagement rings

For those planning to spend more, say $5,000 to $20,000, an unsecured personal loan might make more sense. These loans don’t require any collateral and are offered by banks or licensed moneylenders in Singapore, allowing you to borrow a lump sum and repay it in fixed monthly instalments over one to five years.

Interest rates typically range from 3.5% to 8% per annum, depending on your credit profile, income level, and chosen tenure. Because the repayment amount is fixed, it’s easier to plan your budget, though you’ll still need to meet eligibility requirements, such as a minimum annual income (usually between $20,000 and $30,000 for Singaporeans and PRs).

You can compare loan options online via platforms like SingSaver to find the best available rates and terms. Just make sure the monthly repayments won’t stretch your budget or affect your ability to save for your future together.

It’s tougher, but not impossible. If you have a low credit score or no credit history, your financing options may be limited, but you can still get loans with bad credit. Just be prepared to be offered higher interest rates.

Licensed moneylenders are legally allowed to lend to those with lower credit, but their interest rates are capped (currently at 4% per month) and late fees can be substantial. This makes them a last resort not something to rely on for non-essential purchases.

If your credit is shaky, consider:

• Saving up a little longer to buy the ring outright

• Choosing a simpler ring now, with the intention to upgrade later

• Asking if the jeweller offers a layaway plan (where you pay in instalments before receiving the ring)

The goal is to celebrate your engagement without starting off your future together in financial stress.