Business Loan

Starting a business demands a lot of courage because you are moving into the unknown. It requires basic skills and guts to start a business but also takes money to run one. If you’ve got a creative mind and have an innovative idea but don’t have the money to finance it, you should get a business loan. A loan can give life to your idea and make you financially stable.

The tough economic climate is affecting the cash flow of small business and many business owners are suffering from financial crises. In Singapore, banks offer “no risk loan” to business owners. While applying for a business loan, you should look into some major factors such as the amount you need and how you are going to repay it and most importantly the interest rate. There is a variety of moneylenders that provide different packages, so go for the package that suits you and the terms you can fulfill.

Business Loan Singapore Interest Rate:

Business Loan Singapore Interest Rate

When it comes to interest rate, Singapore’s moneylenders provide a very low business loan interest rate, especially if they are running a startup. Different banks offer different interest rates. The average interest rate for a business loan is between 3.5%-6% p.a. It can vary.

Business loan application processing time:

Business loan application

Usually, banks take 2-3 weeks to process business loan applications. But for complex cases, processing time may take up to a month.

Typical Criteria for Business loan:

  • The minimum annual revenue should be $300k.
  • Average daily balance of $10k should be maintained in the bank account.
  • A transaction history of 1 year is required.

There are more than 20 moneylenders and financial institutes which are providing business loan in Singapore. Here is the detail of some moneylenders with different interest rate business loans.

Cash Express 1-4% interest

Cash Express in Singapore is a very reputable licensed moneylender and the ultimate solution to all emergency situations. It offers 1-4% interest per month. They provide round the clock availability and fast response.  People have found their service indispensable and refer to this moneylender. And the best thing is their services are for all people living in Singapore i-e Singaporeans, Malaysians and other foreigners.

DBS Business Loan:

DBS enhance your cash flow and improves your day-to-day business operations. It is providing fast services and offers an unsecured business loan.

Loan Amount$500k
Interest Rate10% p.a.
Processing Fees2% of the loan amount
Tenure5 years

OCBC Business loan:

For start-ups, OCBC provides the hassle-free and quick business loan. Its business loan products have the following features.

Loan Amount$600k
Interest Rate10.88% p.a.
Processing Fees2% of the loan amount
Tenure5 years

UOB Business loan:

UOB business loan also called Bizmoney Loan. You can apply for UOB business loans with minimal documents required and get a response in 48 hours.

Loan Amount$350k
Interest Rate10.88% p.a.
Processing Fees2% of the loan amount
Tenure4 years

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