Cash woes? A personal loan to the rescue!

    Need a personal loan for Funeral expenses?

    The sudden demise of a loved one is one of the most challenging times in anyone’s life. You find yourself unprepared for the change and you don’t know how to deal with it. Your life suddenly feels like full of emotional and financial responsibilities as well as things that demand your urgent attention. Arranging a proper, respectful funeral for your loved one tops the list of those things.

    But let’s face the fact: funerals can be really expensive these days. The cost of arranging a funeral can run into thousands of dollars, depending on the services you choose. Matters become worse when you don’t have any savings/emergency funds to use.

    How much does an average funeral cost in Singapore?

    In Singapore, you will find various professional companies dedicated to helping you manage the funeral of your loved one. These companies offer different packages that are designed keeping in mind your religious practices as well as other requirements. A comprehensive package may cover expenses for casket, clothing for the departed, flowers, crematorium booking fee, burial ground booking fee, prayer items, casket transportation, tables, chairs, and refreshments for visitors, and much more. Take a look at the prices of some of the packages offered by such companies:

    • NTUC Income: S$3,300 for Hindu cremation; S$3,780 for a 3-day Buddhist, Taoist, or Christian funeral; a minimum S$530 for a Hokkien funeral; minimum S$1,860 for a Khek funeral; and a minimum S$1,070 for a Muslim funeral.
    • Direct Funeral Services: Packages start from S$5,888 for a Buddhist funeral; from S$8,288 for a Taoist funeral; and from S$4,999 for a Christian/Catholic funeral. Direct Funeral Services also provides Freethinker and Hindu funeral packages.
    • Singapore Funeral Group: Packages start from S$4,588 (3 days) for Catholic funerals; from S$5,588 for Buddhist funerals; from S$7,588 for 3-day Taoist funerals; from S$4,588 for Christian funerals; and from S$4,588 for non-religious funerals.

    In addition, if your chosen package doesn’t cover the cost of cremation or burial, you will have to spend some extra money on the final resting place for the deceased. In Singapore, there are three crematoriums, including two private crematoriums and one government-owned crematorium. The fee charged by these crematoriums range from S$100 to S$400 for adults.

    In case you choose to bury the deceased, you might have to pay between S$315 and S$940 for an adult and between S$140 and S$420 for a child.

    Personal Loan for Funeral

    Various banks and financial institutions in Singapore provide quick and easy loan approval for funeral expenses. If you meet the eligibility criteria, you can get your loan approved within minutes. So, if you are stressed over high funeral expenses, a personal loan could help you out. Most often, personal loans don’t require any collateral and can be obtained online. Once approved, you will receive a lump sum amount from the bank, which you can repay in instalments over the coming months. The interest charges may vary from case to case and are determined on the basis of your credit score, debt repayment history, and income.

    Benefits of Taking Personal Loan for Funeral Expenses

    • Ease of application: You can compare and apply for a personal loan online by simply filling an application form. Furthermore, these loans don’t require as much documentation as with other loans like home loans and car loans.
    • Quick approval: Banks and financial institutions are paying a great deal of attention on accelerating the loan approval process. Once you have submitted your application, the bank will get in touch with you within minutes. As soon as the loan is approved, the funds will be deposited in your savings or checking account with the bank.
    • Repay in instalments: Personal loans are fixed loans; you repay the borrowed amount in equal monthly instalments. You can choose the tenure of the loan that suits you and repay easily. These instalments include the principal amount and interest. The interest charges on these loans are far less than on credit cards.
    • No collateral required: These loans don’t require any collateral. However, the bank will perform a background check before approving your loan to assess the risk involved.
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