There is a wealth of information about the Baby Waiting Loan at the start of the application period, but one of the banks’ experience is that in some cases applicants are enthusiastic but somewhat unprepared.
While it is promising that the scheme will allow you to raise large amounts quickly due to the mandatory 10-day settlement period, a credit transaction involves a long-term contract, even decades, with the financial institution. To help you make a more responsible decision, Goodbank draws the following five important things to your attention.
Think about how much money you need!
The maximum loan amount of the Baby Waiter is up to ten million HUF. It is important that all applicants are eligible for the loan only once, so the maximum amount of HUF 10 million can be claimed in one lump sum only.
If you do not want to use the loan amount as a lump sum, you may want to set aside some, as you will not have to pay interest during the interest subsidy period.
So far, most people have taken out a loan to start a life, buy a property, or buy or reduce an existing loan, but there are also some who are seeking a 0% interest rate loan for investment purposes, according to Goodbank.
Get ready for the paperwork!
The maximum ten-day credit assessment period is understood to mean that the bank has all the necessary documents at its disposal. Preparing the papers is the job of the loan applicant: make sure you have your ID, certificates, TB proof, which can be obtained personally from the relevant government office or online through a client portal.
If you do not apply for a Baby Waiting Loan at your own bank, you will also need a 3-month bank statement, which shows you how your customers are credited. (Otherwise, you will need an employer certificate.)
Choose a bank that accepts sick pay as income!
Many expectant mothers, on the advice of their physicians, spend the last few months on sick pay. If this coincides with your loan application, it is worthwhile to be careful in advance as your bank will choose whether to take sick pay as income in the credit assessment. For example, Goodbank accepts sick pay as income, and pregnancy must be certified by a care book after the 12th week.