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Small and medium scale enterprises, sole enterprises and even a few of the large corporations are often faced with shortage of funds to manage their cash flow, procure new equipment or expand their organization. However, funds can be difficult to come by and so they have to take a business loan from a bank or financial institution. However, the problem is that most lenders require business organizations to offer collateral security when applying for a loan but not too many businesses can afford to pledge any financial asset as collateral. Businesses who cannot provide collateral security but need to apply for a loan can opt for an unsecured business loan such as the one provided by Citibank Singapore.
Citibank is one of the oldest and biggest financial institutions in the world and the bank offers a range of products such as credit cards, debit cards, business loans, personal loans etc. Credit products offered by the bank such as Citibank personal loans are very popular with customers around the globe. Even in Singapore, the bank offers this products and they are able to cater to the specific needs of the customers in the country. In order to make sure that the businesses in Singapore have access to easy credit, Citibank offers a variety of business loan products. Citibank Unsecured Business Loans have been designed for those businesses that require access to funds but cannot provide any collateral security.
In order to efficiently manage your business, you will need to have access to sufficient funds. Certain needs of your organisation such as the purchase of new tools and equipment, opening a new branch or simply increasing your volume of production will require you to invest money. If you do not have access to that money you will need to apply for a loan. A secured loan will require you to pledge a financial asset as collateral security and if you cannot do so you can apply for unsecured business loans such as the ones offered by Citibank in Singapore. An unsecured business loan from Citibank can help your business to get access to a lot of money within no time.
You will need to submit the following documents when you apply for an unsecured loan from Citibank:
The maximum loan amount offered with unsecured business loans from the bank is SGD 350,000.
These business loans will come with a repayment period of maximum 4 years.
No, only businesses that are registered in Singapore and meet the other eligibility criteria are eligible for an unsecured business loan from Citibank.
The sales turnover of your business should be minimum SGD 750,000 annually to be eligible for this loan.
Yes, businesses that have been operational for a minimum period of 3 years and meet the other eligibility criteria can apply for an unsecured business loan from the bank.