Who Is Eligible to Apply for the Loan? Are Permanent Residents ?

Obviously, the permanent residents are also not allowed. Second, if an individual Singaporean has an adverse credit record, then there are no chances for the approval of his/her applications. Hence, you must have a good credit history, if you want to apply for the MCBS.

In addition, the income of the applicant must be less than $30,000 per annum. Furthermore, people with less than18 years of age are not eligible for the scheme. You should not forget another important factor at the time of applying. This is a sound business plan.

Without a sound business plan, your application would not be considered.The launch of MicroCredit Business Scheme has been very encouraging for poor and people with meager income.

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Can a company apply for the loan?

After the arrival of MicroCredti Business Scheme, several controversial issues mounted. Some issues were regarding the eligibility criteria, clauses of the application form, age limit, repayment structure, interest rates and unavailability of loan for permanent residents.

Actually, the scheme has become a great problem for commercial banks and professional financing companies. On one hand, this scheme was influencing their business badly, and on the other hand, people were criticizing these opportunists companies and banks for their higher interest rates.

Everybody or every respected citizen of Singapore knows that this loan scheme was designed specifically for poor and unemployed people. However, people have been trying to deceive the committee members by false claim and applications.

This is a great tragedy. They have been trying to devour the rights of the underprivileged people. Some companies and people have been neglecting the fact that this loan is for the poor, small business owners, sole proprietorship and partnerships based, only. The fact has been reiterated on various platforms that no company can apply for the loan; however, some companies have been trying to find a way to get the loan.

These types of efforts should be appreciated and companies and big organizations should try to share the burden of the government. Clearly, it is corporations’ social responsibility. Nonetheless, if you are unable to share the burden do not try to make the burden threefold. Get help from professionals for your personal loan Singapore.