Overview of DBS Business Term Loan
Using the DBS Business Term Loan you can improve your daily business operations and manage your cash flow more efficiently. This is a collateral free loan which provides attractive and competitive interest rate packages and a generous loan quantum that can suit the needs and requirements of your business perfectly.
Features and Benefits of the DBS Business Term Loan
- You can use the DBS Business Term Loan for the following purposes –
You can enhance the cash flow of your company much more efficiently with convenient access to funding using this loan. DBS offers this loan with a loan quantum of up to SGD 500, 000 (in multiples of SGD 10, 000) which is collateral free.
DBS provides its customers a flexible loan tenure for this loan. You can choose a repayment tenure of up to 5 years for this loan.
DBS offers attractive interest rate packages that start at 10.88% per annum for this loan.
As this loan does not require a collateral, you have the liberty to free your assets to further expand your business.
The DBS Business Term Loan provides a fixed monthly repayment schedule that will help you plan your finances more efficiently.
You can use the DBS online platform – IDEAL 3.0 to manage and enhance your working capital using the comprehensive range of products and services offered.
DBS has the widest banking network on the island with more than 80 DBS and POSB bank branches and over 900 ATMs that facilitate easy access to the bank.
- Daily business operations of your company
- Requirements for your working capital
- Renovating the premises of your business
Fees and Charges for the DBS Business Term Loan
|Lock – In – Period
||2 percent of your loan amount OR any part thereof
|Processing Fee / Administrative Fee
||2 percent of the approved loan amount OR SGD 500, depending on which is higher
Eligibility Criteria for the DBS Business Term Loan
Any locally registered businesses is eligible to apply for this loan. Business entities consist of partnerships, sole proprietors and private limited companies.
Documentation Requirements for the DBS Business Term Loan
The following documents must be submitted to the bank in order to be eligible to apply for this loan –
- A front and back copy of the NRIC of the guarantor (s)
- The latest 2 years Income Tax NOA (Notice of Assessment) of the sole proprietor / directors / partners
- The latest 6 months bank statements, if your operating account is not managed by DBS bank
- Your latest 2 years financial statements which must be audited wherever applicable. Your latest financial statements should be older than 18 months
- For PTE LTD companies whose borrowing account is not managed by DBS must submit their updated Articles of Association and Memorandum
- If your business is operational for less than 2 years, you must submit your business plan
Professional Practices that are NOT registered with ACRA must submit the following additional documents –
- A confirmation copy from your relevant authority on the constitution of your firm and the name / s of your partners / sole proprietor –
In case of partnerships, an original letter should be provided that states the equity partners and contains authorized signatures.
Any other supporting financial information documents can be requested if relevant.
- Lawyers must provide a confirmation letter obtained from the Law Society. The original copy should be sighted by the branch or the sales staff. The date on the letter should not be more than a month older than the date of the application.
- Medical Practitioners must provide a clinic license obtained from MOH. The original copy should be sighted by the branch or the sales staff. The date on the application form must not exceed the validity of the clinic license.
- Accountants must provide an online print out obtained from Bizfile website. The date on the printout should not be more than a month older than the date of the application.
- Architects must provide a confirmation letter obtained from the Board of Architects regarding the constitution of the firm. The original copy should be sighted by the branch or the sales staff. The date on the letter should not be more than a month older than the date of the application.
Applying for the DBS Business Term the Loan
You can apply for this loan through the following ways –
- You can apply for this loan online by filling and submitting the SME Loans Online application form which is available on the official DBS Singapore website under the Business Term Loan webpage. You will receive a response from the bank within one business day.
- You can seek assistance from a DBS Relationship Manager for the application process by providing your contact details and a manager will then contact you at a preferred contact time provided by you.
- You can mail or fax the application form along with the required documents to the address provided on the Application Form.
- You can drop off your application form + required documents at your nearest DBS or POSB bank branch or DBS Business Centre, District Manager or Relationship Manager.
- For further information on the loan or the application process, you can contact DBS bank via telephone on the number provided on the official DBS Singapore website under the Business Term Loan webpage.
Explore the Other Loans Offered By DBS Bank:
Frequently Asked Questions
- What is the maximum loan amount and loan tenure offered by the DBS Business Term the Loan?
DBS offers a loan quantum of up to SGD 500, 000 for the Business Term the Loan that is collateral free meaning you do not need to put down any of your assets or resources as a collateral for this loan. You can choose from the flexible loan repayment tenures of up to 5 years for the repayment of this loan
- How long will DBS take to process my application once they have received my application for the Business Term the Loan?
You will receive a response from the bank within 1 business day when you apply for the DBS Business Term the Loan online. However, the bank will take up to 2 weeks to process your application once they have received your completed application form along with all the required documents.
- I want to know what interest rate packages my business is eligible for before I apply for the DBS Business Term the Loan. How can find out this information?
DBS Relationship Managers can provide you with indicative interest rate packages that your company is eligible for. If you wish to speak to any of these managers and get rates for your loan, you can provide your contact details on the form that is available on the official DBS Singapore website under the Business Term Loan webpage and you will receive a call from a manager at your preferred time.
- Is there a processing fee or an administrative fee charged for the DBS Business Term the Loan?
Yes. You will charged a processing fee / administrative fee of SGD 500 or 2% of your approved loan amount, depending on which is higher to process your DBS Business Term Loan application.
- Is there any prepayment fee charged for the DBS Business Term the Loan?
No. DBS does not charge a prepayment fee for the DBS Business Term Loan.