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Unsecured Business Term Loan in Singapore
Who can apply for a business term loan?
Any locally incorporated company with at least 30% local shareholding can apply for a business term loan, no matter how big or how small, although some lenders will only lend to private limited companies, so you need to check this. Different lenders have their respective industry exclusion list which includes but not limited to: 1. Casinos, gambling &/or gambling equipment 2. Lethal military weapons & equipment 3. Traders in precious metals (retail sales of jewelry is acceptable) 4. Antique dealers 5. Brothels 6. Night Clubs/ Bars 7. Money Lenders/ Pawn shops 8. Money Changers/ Exchange/ Remittance 9. Any other businesses which are involved in illegal activities or which could adversely affect the Bank’s reputation *above served as a general guideline as unlike personal loan, business loan credit assessments are more comprehensive and detailed.
How much can I borrow for a business loan?
Most lenders have a maximum quantum that per company can take up. The amount usually ranges from $300,000 to $500,000 but certain lenders have a higher approval quantum of up to $1,000,000/- or more.
What are the maximum tenures for a business term loan?
Are there any additional fees I need to be aware of?
What are the required documents for submission?
• Latest 6 months company’s operating account
• Latest 2 years company audited/ management report
• Latest 2 years notice of assessment of directors/shareholders
• Photocopy of directors/shareholders NRIC (front and back)
What if I have an unsuccessful application in the past? Can I apply again?
Will taking up a business term loan affect my personal residential purchase in the future?
How long is the whole application process?
So I heard I can apply through Smart-Towkay.Com too?
Besides applying yourself, you can choose us to acts as a middleman between you and potential lenders. Our job is to work on your behalf and with several lenders to find the best business term loan lenders who best fit your needs with the lowest rates. We have a well-developed stable of lenders we work with, making your life easier.
We are like your company loan concierge and do all the legwork for you, negotiate terms and make the approval magic happen all for a nominal fee.
Disclaimer: Interest rates above are Financial Institution public broadcast rates, depending on Borrowers' Financial Standing, rates may varies according to banks' credit and risk assessment.
Words From Our Customers
We love to hear
I used to depend on loan broker for my working capital requirement. They usually charge me 3-5% success-based fees but with Smart-Towkay.Com, i can do my own submission without paying any fees!
Company Director Manufacturing Company
Company Director Fintech
With the loan eligibility calculator, i can know what financial institutions can offer me a business loans based on my financial profile. And my loan approval was close to the lending report Smart-Towkay.Com generated!
We choose to engage Smart-Towkay team for our financing requirement, and they manage to secure the amount that we requested and the whole process are streamlined and we get consistent updates through their user portal. Am impressed by their professionalism
Financial Manager Construction Company
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