Maybank is one of the leading banks in Singapore offering a wide range of financial products to cater to different conventional banking and Islamic banking products to suit the financial requirements of its customers. The bank is well known for its unique financial products. Maybank SME Micro Loan is one of the unique loan products offered by the bank. Maybank SME Micro Loan is a loan scheme that offers working capital to enhance one’s business.
Features & Benefits of Maybank SME Micro Loan
Listed below are some of the important features of Maybank SME Micro Loan:
- This is a kind of unsecured personal loan for business purposes. The borrower does not have to pledge any collateral to get this loan.
- It is offered in partnership with SPRING Singapore, a startup nurturing programme.
- The maximum borrowing amount is S$100,000.
- The loan tenure can be as long as 4 years.
- The interest is low compared to many other business loans.
- The monthly instalments are regular and fixed.
- The loan amount can be used for any kind of business activities such as establishing a business, purchase of equipment, expansion, modernisation or upgrading, renovation of premises, etc.
- The loan is approved on the same day as application if all the documents are in order.
- The loan amount is instantly disbursed to authorised bank account as soon as it is approved.
- The application process is hassle-free.
- Singapore citizens, permanent residents as well as foreigners can take this loan.
Eligibility Criteria for Maybank SME Micro Loan
The parameters a company needs to meet to get a Maybank SME Micro Loan are given below:
- Companies that are registered and functioning in Singapore.
- The company should have at least 30% local shareholding.
- Group annual sales of the company should not be above S$100 million OR the total number of employees in the group should not be more than 200.
- The company’s annual sales turnover should not be more than S$1 million OR the group size should not exceed 10 employees.
How to Apply for Maybank SME Micro Loan in Singapore?
There are two ways to apply for Maybank SME Micro Loan:
Online: The customer can visit the bank’s official portal and make a direct application for the SME Micro Loan. The application can be filled online and the required documents can also be uploaded online. A customer can also use third party financial websites to apply for this loan scheme.
Offline: The borrower can visit one of Maybank’s branches and fill up the form on the spot. They need to bring along the required documents and their copies, as well as photographs and other identity documents.
Fees & Charges of Maybank SME Micro Loan scheme in Singapore
- Partial or full prepayment: 3% of the prepayment amount
- Processing fee: S$100
- Late payment fee: S$80
- Restructuring fee: 3% of the loan amount
Documents Required to Apply for Maybank Micro Loan
The documents that need to be submitted when applying for the loan are:
- NRIC photocopy (both the sides) of directors, owners, sole proprietor, partners or guarantors
- Audited accounts or certified financial statements for the past 2 years
- Bank statements for the latest 6 months
- The most recent personal Income Tax Notice of Assessment of directors, owners, sole proprietor, partners or guarantors
How to Manage your Maybank SME Micro Loan
Online and mobile banking: Customers can easily view their loan balance and other details online through free applications available on iPhone, android phones, and iPad.
Easy repayment options: Customers can repay their loan through online payment, mobile funds transfer, cheque deposit, and cash deposit machine.
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