Depending on your credit history and the bank's policies, you can borrow as much as 4 times your monthly salary. Most banks require you to have an annual salary of at least S$30,000 to qualify for a personal loan. So if you earn this much, you?ll be able to borrow around S$10,000 for your wedding.
Interest will be your biggest concern when signing up for a loan of any sort. The right personal loan for your wedding should have the lowest Effective Interest Rate, or EIR. The EIR serves as a more accurate reflection of the loan?s annual costs. This includes not just the interest, but processing fees and other related costs. Besides examining APRs and other fees, check if there are fee waivers or welcome offers that will reduce the burden of your monthly repayments.
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We compare loans that can be paid back over terms of between 12 months and 60 months. The effective interest rate (EIR) you will be charged depends on your personal circumstances, and will be between 8.5% p.a. and 14.94% p.a.
This is a representative example of what it may cost: a loan of S$10,000 over 36 months at 4.8% p.a. nominal interest would equate to monthly repayments of S$317.77 and the total cost of the loan that you pay back would be S$11,440.
The effective interest rate (EIR) you will be charged depends on your personal circumstances. Typically the lowest EIR charged by bank ranges between 5.0% p.a. to 20.0% p.a. depending on the choice of banks and products.