Prince Harry and Meghan Markle are splitting from the royal family and quitting their royal life. Meanwhile, as the couple undergoes a transition period and eases into a new life, Prince Charles will reportedly be financially supporting the Duke and Duchess of Sussex from his own private income and not the revenue generated from Duchy of Cornwall.

The historic agreement was unveiled on Saturday night. According to this, the couple must not use their HRH titles, pay back the taxpayers' cash, and will not receive any public funds. In exchange for their abdication deal, the couple has been allowed to quit their duties as full-time royals and sanctioned to become "financially independent" as they desired.

The loan is coming from Prince Harry's father's personal investments, and it is not a part of their "abdication deal," according to The Telegraph. This has apparently become a cause of worry in the close circle of the prince. Therefore, the couple has been warned that these funds are not "inexhaustible." This arrangement is strictly designed for the initial period as their financial position remains up for review next spring.

The family is said to be concerned about the Sussexes financial situation considering the cost of their lifestyle and security arrangements. A well-placed source told the publication that Harry and Meghan's security arrangement is a "mess" and it could cost millions.

More concerns are expressed over the use of the couple's "potentially lucrative Sussex royal branding" that is spread across various social media platforms and websites. It is feared that their association with the royal family can be exploited.

"Security will have to be locally provided. The Canadians will have to pay and then bill it back to the UK Government," a source dished out.

The minimum cost for an individual is estimated at 500,000 pounds. However, this does not include travel, home security, scouting, and more.

One senior former officer went as far as to say: "If they increase the risk on themselves while doing all sorts of exciting things that make them a large amount of money, should that be part of the security deal or should the costs be borne by them rather than the state."

The statement from Buckingham Palace was released on Saturday giving an insight into Harry and Meghan's future roles as they split from the family.

"As agreed in this new arrangement, they understand that they are required to step back from Royal duties, including official military appointments. They will no longer receive public funds for Royal duties," the statement reads.

Prince Harry and Meghan Markle
Prince Harry and his fiancée US actress Meghan Markle pose for a photograph in the Sunken Garden at Kensington Palace Getty

"With The Queen's blessing, the Sussexes will continue to maintain their private patronages and associations. While they can no longer formally represent The Queen, the Sussexes have made clear that everything they do will continue to uphold the values of Her Majesty." Read the full statement here.