If you are a Singaporean needing a loan, applying online is the best option. You can apply with one of our partner banks or financial institutions online. They will provide a loan with reasonable interest rates and flexible payback terms. Follow these procedures to apply for a Singapore domestic helper loan:
Step 1: Fill out the application form.
Filling out an application form is the first step in applying for a mortgage or car loan. Personal information including contact details, employment status, and income will be requested on this form. To assess your loan eligibility and the amount you can borrow, you must also submit copies of your most recent payslips and payslips from the previous 12 months.
Step 2: Get approval.
If your loan application is approved, we will review the supporting documents and give you an acceptance letter within 48 hours. We will give you a letter with the amount and interest rate if your application is approved. If you would rather pay in installments, we will offer a plan with your acceptance letter. A percentage of interest is added to the total amount due if you pay early.
Step 3: Submit your loan documents.
A copy of your passport and an employment contract, which you may acquire from the Ministry of Manpower (MOM) website, are required. A copy of your work letter, salary slip, and bank statement are also required.
These are available from your workplace. Following that, you must give copies of all CPF statements. This will help them verify that you are paying enough into your CPF account to qualify for the loan amount requested.
Step 4: Get your cash.
The funds will be put into your bank account once accepted. You should get it within three business days of approval. However, depending on your bank’s standards, it might take up to five business days.
If you need to pay off your loan early and have already paid one loan payment, contact us and we will tell you how much of the total you owe us to cancel the remaining payments on that loan. – This is subject to certain circumstances, so please contact us for further information before proceeding.
You should now understand how to apply for a Singapore domestic helper loan. It’s not difficult; simply follow these instructions to fulfill all of the procedures required to have your loan authorized quickly!