Multiple banks. Different interest rates. Call it a "conflict of interest".
  • Personal loan to finance adoption expenses

    Adopting a child in Singapore is a tedious and cost-intensive process. When you adopt a child, you’ll not only have to worry about the costs related to adoption per se but also worry about the cost of raising a child in Singapore, which by most estimates, has skyrocketed over the last few years.

    Expenses That Have to Be Dealt With

    • Employing an adoption agency: Adopting a child in Singapore through a qualified agency could cost you anywhere between S$25,000 to S$35,000, according to a 2015 Straits Times report. This could vary depending on whether you’re adopting a local child or a foreign-born child.
    • Getting a home study done: Before adopting a foreign-born child or a child under state care in Singapore, it is mandatory for you to get a home study done. Only voluntary organisations accredited to the Ministry of Social and Family Development (MSF), are permitted to carry out this comprehensive study that pertains to assessment of the circumstances surrounding an adoption and the readiness of an adopting family. This could cost anywhere between S$1,500 and S$2,000.
    • Applying for a dependent’s pass: If you’re trying to adopt a foreign-born child, you’ll have to apply for a dependent’s pass for the child till the adoption formalities are complete. This pass is valid for nine months and can be renewed. According to the MSF website, you’ll have to pay S$60 for the application, S$150 for the issuance of the pass and S$30 for each visa that will be needed to allow the child to enter Singapore. The website further states that a security deposit, ranging from S$1,000 to S$2,000, has to be made. You’ll be notified of the exact amount in the in-principle approval letter that you’ll receive.
    • Legal costs: If you’re adopting a child directly from its biological parents and don’t want to involve a professional agency, you’ll have to take care of the legal hassles and expenses on your own. This could be anywhere between S$4,000 and S$5,000.
    • Reimbursement of prenatal and postnatal expenses to the biological parents: Offering monetary compensation to the biological parents is strictly prohibited in Singapore. However, you can reimburse the prenatal and postnatal care costs to them of your own volition. You can also foot the hospital delivery charges. However, during the time of adoption, a detailed breakdown of the financial transactions related to the adoption has to be provided to the court overseeing the matter. A rough estimate of the costs are provided below:
      • Expenses surrounding prenatal care could be around S$800 to S$2,000, depending on whether a public hospital or a private clinic was chosen.
      • Delivery charges could vary between S$2,000 and S$9,000, depending on the method of delivery and the type of hospital.
      • Postnatal expenses could vary between S$3,000 and S$5,000, considering the recurring costs on consumables, non-consumables, and infant care.

      So, the overall cost could vary between S$5,800 and S$16,000 as per rough estimates.

    • Cost of raising a newborn child: Nurturing your child during its first year of infancy could be expensive. You’ll have to bear the following costs while raising the child:
      • Total cost related to formula milk, baby food, wipes, diapers, sanitisers, and other baby-care products could come up to S$4,000 or more.
      • To buy a car seat, a crib, a pram, toys, bottles and other accessories, you may have to shell out anywhere between S$1,500 and S$2,000.
      • A single visit to a private pediatrician could cost you around S$200. You can expect to make at least 4 or 5 visits during the year. While you can get your child the mandatory vaccinations at a polyclinic for free, if you decide to get your child vaccinated at the clinic of a private pediatrician, you may have to spend anywhere between S$800 and S$1,200 on these vaccines.
      • Infant care, whether you choose to employ a nanny, a domestic help, or seek help from a professional infant care centre could cost you S$10,000 or more for the whole year.

      So, you may have to spend between S$10,000 and S$20,000 on raising your child during the first year of infancy.

    • Other cost estimates: Some estimates show that the cost of bringing up a child over a period of 20 years could be between S$340,000 and S$400,000. Even if you adopt a slightly older child, there will be expenses that you won’t be able to avoid. You may have to spend between S$500 and S$1,000 a month for an older child while also save up a significant portion of your income for their higher education.

    Could a Personal Loan Be a Solution to Your Money Problems?

    Bringing in a baby, a bundle of joy, into your life could light it up. Instead of waiting to save up first before you adopt, you can go ahead with your plan by taking a personal loan that covers for most of the adoption-related expenses. Tenures for personal loans can vary from 1 year to 7 years. Being unsecured, these loans are usually very convenient. Moreover, since the entire payment is divided into small instalments, paying them and appropriating for your future expenses become easier.

    Many lenders also provide promotional offers and joining perks when you sign up. By timing your entry right, you may be able to enjoy lower introductory rates and fee waivers. On our website, loan options will be suggested based on your needs and spending habits.

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