• Maybank Business Term Loan

    Personal Loan BYTES FROM OUR KITCHEN

    What are Business Term Loans and Why You Need Them?

    Usually, Business Term Loans are used to pay for any upcoming large investments in a business such as an acquisition. These loans are standard commercial loans that are often based on fixed interest rates, a set loan maturity period and repayments that can be made monthly or quarterly. You can get a business term loan with two loan tenures – intermediate loan tenure and long term loans. Long term loans as the name suggests runs for about 10 or even 20 years until the entire loan has to be repaid and in most cases requires a collateral. Intermediate loan on the other hand are shorter tenure loans of maybe 3 years plus or minus a few years and usually repaid in monthly installments. The upside of taking a Business Term Loan is that you can receive financing with minimal total loan cost and monthly payments. You can avail these loans for any business purpose be it large capital investments, construction, capital improvements etc.

    Overview of Maybank and the Business Term Loan Offered

    From the first local bank branch that opened in the 1960s at South Bridge Road in Singapore, Maybank has come a long way. With over 25 services locations, over 20 bank branches and over 35 ATMs in Singapore alone, the bank strives to provide the best products and services to the customers’ changing needs and desires. The value added financial services provided by the bank are done by incorporating the latest technological advances in the field that increases the effectiveness of their network at any point, any time. The Business Term Loan is one such value added service that is offered by Maybank that is completely designed to boost any company’s working capital. This loan can be availed for the purpose of securing numerous business opportunities, renovations and much more. Maybank offers an array of products to its customers including personal loans. Maybank personal loans are not available in Singapore but the bank offers a personal line of credit in the island.

    Why Choose Maybank Business Term Loan?

    The most interesting feature of the

  • Business Loan
  • offered by Maybank is that it does not require a collateral. It is an
  • unsecured term loan
  • that is offered that can further boost your company’s working capital by a huge margin. The term loan also comes with added benefits and rewards including the following –

    iLove Cash Reward – Part of SG 50 Celebration

    • When you apply for your Business Term Loan through an email, you can receive up to SGD 300 as cash reward.
    • Also, for every successful approval of a loan application through an email, your business is rewarded with SGD 100.
    • This is an ongoing offer and is valid until December 31st, 2015.

    Business Platinum MasterCard Credit Card – Complimentary

    Receive this Credit Card from Maybank with 5 years of Free Membership as a complimentary reward along with your Business Term Loan.

    Features and Benefits of Maybank Business Term Loan

    • Flexible Loan Tenure of up to 5 years
    • You can borrow a Loan Amount of up to SGD 500, 000
    • This is an unsecured term loan
    • Low and attractive interest rate structure
    • Low processing Fee
    • Quick loan approval
    • Choice from different loan packages offered
    • Monthly repayment options
    • eProtect safeloan – in case of any misfortune, this term insurance (eProtect safeloan) will be used to pay off your Business Term Loan

    Eligibility Criteria for Maybank Business Term Loan

    • The business must have at least 30% stake in local shareholding
    • The business should be established for a minimum of 2 years
    • The business must have a minimum annual turnover of SGD 300, 000.

    Documentation Required for Maybank Business Term Loan

    • The complete Business Term Loan Application with all details
    • The latest 2 years’ financial statements, if applicable
    • The latest 6 months’ bank statements
    • The latest 2 years of income Tax Notices of Assessment of your guarantor(s) 
    • A front and back photocopy of your guarantor(s) NRIC

    Applying for Maybank Business Term Loan

    • The easiest way to apply for Maybank’s Business Loan is to request a call back from the bank representative by sending them an SMS in the format mentioned on their official website.
    • You can contact Maybank at their Business Banking Hotline.
    • You can also make an appointment with the bank by filling out and submitting an eApplication form which will guarantee a call back from a Maybank representative.
    • You can directly apply for the loan online by downloading the SME Banking Facility Application Form and submitting the completed form via email along with the attachments of all the documentation required to process your Business Term Loan Application.

    Explore Other Loan Products offered by Maybank Singapore:

    Maybank Business Term Loan - FAQs

    1. What is the procedure after I submit my online application for a Maybank Business Term Loan?
    2. Once you submit the completed online form, an Account Manager will contact you within 2 business days and fix an appointment. You and your company’s representative will have to visit the preferred branch to open your account. The application for the account opening is strictly subject to the approval of the bank.

    3. Do I need to put down a collateral when I apply for the Maybank Business Term Loan?
    4. No. Maybank offers unsecured loans for the Business Term Loan. There is no collateral required for the application of this loan.

    5. What is the maximum loan amount that is offered under the Maybank Business Term Loan?
    6. You can avail a maximum loan amount of up to SGD 500, 000 under the Maybank Business Term Loan. However, the approval of the loan amount is subject to the bank’s approval.

    7. What is the ePROTECT safeloan feature offered under the Maybank Business Term Loan?
    8. The ePROTECT safeloan feature is a decreasing term insurance that will pay off your Business Term Loan outstanding amount in case of any misfortune that may befall you.

    9. What loan tenure can I avail under the Maybank Business Term Loan?
    10. You can choose a loan tenure of up to 5 years under the Business Term Loan offered by Maybank. You can make easy monthly repayments at low interest rates under this loan.

    Read More Related to Personal Loans

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