Can You Take A Personal Loan For Funeral Expenses Of A Loved One?

There may be a situation wherein you have to face the prospect of paying for the funeral expenses of a loved one without having funds set aside for that requirement. In a situation where there is an existing lack of funds, a personal loan to meet the funeral expenses is the only resort.

In some instances, the loan amount is directly disbursed to the funeral service provider. There are instances wherein you may have the discretion to utilise the loan amount as per your requirement.

One of the significant benefits of availing of an instant personal loan for such unexpected situations is flexibility in terms of repayment. The applicant is responsible for fulfilling the terms of the agreement signed off between them and the lending authority.

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Availing personal loans for emergencies now made easy –

When an individual is in a dire situation of the need of funds, they can seek the option of availing of personal loans online. It frees up their time to make physical visits for multiple requirements of the lender.

The first step to avail of a personal loan is to check the personal loan eligibility, which is readily available on the company’s website. However, in the case of a personal loan for funeral expenses, the lending authority will need the applicant’s latest credit score and credit history.

  • The applicant is required to submit the duly filled application form along with the necessary documents.
  • The documents required in this would be the mandatory identity proof such as the PAN Card, Aadhar Card, etc. and the address proof.
  • If the applicant is submitting the latest credit score, the bank may seek income proof as a supporting document.
  • Since the personal loan for funeral expenses are generally of a nominal amount, if all documents are verified and approved, funds can be disbursed immediately.
  • The personal loan is available for an amount ranging from INR 75000 to INR 25,00,000 with an individual loan interest rate starting at 10.99%.
  • The applicant can assess their needs and requirements and, based on the same, compare the personal loan interest rates.
  • They can choose to take the personal loan for a tenure of up to 72 months.
  • Since the entire process is online, all the necessary information can be obtained within multiple just at the click of the button.
  • Personal loans are designed in such a way that in such emergency situations, one may not have to submit collateral. This makes the prospect of applying for a personal loan even more attractive.

It is of utmost importance that the family carefully assess their financial circumstances as these days, most families struggle to meet the funeral expenses. Based on the financial standing, the option of going for a personal loan can be looked upon.

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The website has a tool known as the personal loan EMI calculator, which helps the applicant to arrive at an estimated cost that they will have to bear. You can try out several permutations and combinations after giving details of the loan amount, personal loan interest rates and the approximate tenure for which you need the personal loan. The personal loan EMI calculator is free to use and delivers the output within seconds. You can sit back and carefully analyse the same.

Hence, the process is hassle-free and smooth as it requires minimal documentation, which provides some respite to the families and eases off the burden of financial crunch to a certain extent in such trying times.