FDWs must live with their employers.
So, who can apply for a maid loan in Singapore? The short answer is: pretty much anyone. As long as you meet the eligibility criteria, there’s no reason why you can’t get a loan to hire a domestic helper.
One of the essential eligibility criteria is that the domestic helper must live with you and your family. This ensures that she’s under your direct supervision and can be monitored closely. It’s also important to remember that you’re responsible for her welfare, so make sure you provide her with a comfortable living space and enough food to eat.
A Singaporean citizen or permanent resident
If you’re a Singaporean citizen or permanent resident, you’re eligible to apply for a maid loan from licensed moneylenders. All you need is a valid ID and proof of address, and you’re good to go.
The process is straightforward, and you can get your money within minutes of submitting your application. So why wait? Get started today and have the help you need to take care of your home.
In good credit standing
If you’re in good credit standing, you will likely be approved for a maid loan. This is because the lender wants to ensure you can repay the loan on schedule.
So what does it mean to be in good credit standing? It means that you haven’t missed any payments on your existing loans, and your credit score is high enough that the lender can be confident you’ll be able to repay the loan on time.
If you think you might not meet these criteria, don’t worry—there are still ways to get a maid loan, even if you have bad credit. The important thing is to talk to the lender and find out what solutions are available to you.
Employed or self-employed
If you’re wondering who can apply for a maid loan in Singapore, the answer is straightforward: employed or self-employed people can. That’s because you need to have a regular source of income to be approved for a loan.
So if you’re employed, you must provide your latest payslip as proof of income. And if you’re self-employed, you’ll need to provide your latest Income Tax Assessment Notice (ITAN) as proof of earnings. easyFinance has made the application process straightforward to follow, so you can rest assured that we’ll help you get the loan you need.
At least 21 years old
To be qualified for a maid loan in Singapore, you must be at least 21 years old. This is because the loan is for maids only, and applicants must be of legal age to sign a contract.
If you’re not quite 21 yet, don’t worry—you can still apply for a loan, but your application will have to be approved by your parents or guardians. So if you’re looking for some financial help to get your dream maid, make sure you meet the minimum age requirement and start your application today.