• OCBC Collateral Free Business Loans

    Personal Loan BYTES FROM OUR KITCHEN

    Small and medium enterprises along with startups do not usually have access to a lot of cash as multinational companies. In order to expand their operations and to grow their business such organisations often have to borrow money in the form of business loans from banks and other financial institutions. In Singapore, there are a few banks that offers loans for businesses and help them to meet their financial needs. OCBC is one such bank that offers business loans and OCBC Collateral-Free Business Loans have been designed to help businesses in getting access to funds whenever they are in need. If you are the owner of a Singaporean business entity, you can approach OCBC Bank and opt for a collateral-free business loan from them to get access to money that you need in no time.

    Overview of OCBC Collateral-Free Business Loan

    OCBC Bank is one of the top banks in Asia and is among the few banks that are based in Singapore. The bank offers all kinds of banking products and services under the sun to cater to the needs of Singaporeans. In order to help businesses in Singapore in meeting their financial needs, OCBC offers several business loan products. The quantum of financing is also very high and helps the businesses in easily getting access to required funds. You will not need to offer any collateral security to apply for any of the business loans offered by OCBC Bank.

    Why Choose OCBC Collateral-Free Business Loan?

    Opening a new branch, hiring more employees or simply managing your cash flow might require you to access additional funds. It might be very difficult for you to access the additional funds that you need and so the best option would be to opt for a business loan, such as the ones offered by OCBC Bank. In fact, OCBC business loans are one of the most sought after business loan products in Singapore. You will be able to get access to the required funds without a lot of difficulty and will be get the help that you need to grow your business.

    Types of OCBC Collateral-Free Business Loans

    OCBC Bank offers the following three types of collateral-free business loan products:

    1. OCBC Business First Loan –
    2. This business loan product from OCBC will help you to avail loan of up to SGD 100,000 with 3 simple steps. It is offered under the Micro Loan Program of Singapore called SPRING.

      Features and Benefits of OCBC Business First Loan

      • You can avail loan amount as high as SGD 100,000.
      • You will neither need to submit your financial statements nor business proposals to apply for this loan.
      • You will not have to visit any branch to apply for this loan and instead the business development managers of the bank will get in touch with you and will help you with the loan application procedure.
      • You will get a response to your loan application within 1 business day and will get to know if you are eligible for the loan.

      Eligibility

      • The business should be operating and registered in Singapore.
      • It should have been operation for a period of 6 months to 2 years.
      • The business should be at least 30 percent owned by a citizen or a Permanent Resident of Singapore.
      • The business should not have more than 10 employees.
      • The turnover of the business should not exceed SGD 1 million.
      • At least one of the guarantor must a citizen or a Permanent Resident of Singapore aged 21 – 62.
      • Additional eligibility criteria might also apply.

      Documents Required

      • You will need to submit the following documents when applying for OCBC Business First Loan:
      • A copy of your Passport / NRIC
      • Income Tax Notice of Assessment for the latest year
      • Bank account statement of the company for the latest month
      • A completed copy of the Consent Form

    3. OCBC Business Term Loan –
    4. If you are looking for a loan that can provide you with access to immediate funds, this is the ideal business loan product for you. The process of applying for the loan is very simple and you can also avail a higher amount as a loan.

      Features and Benefits of OCBC Business Term Loan

      • You can avail loan amount as high as SGD 500,000.
      • The loan amount will be disbursed to you as a lump sum amount so that you can easily meet the financial needs of your business.
      • You will not need to pledge any financial asset as collateral security for the loan.
      • You can avail flexible repayment period of up to 5 years and will not have any problem in paying off the borrowed amount.

      Eligibility

      • The business should be operating and registered in Singapore.
      • It should have been operation for a period of minimum 2 years.
      • The business should be at least 30 percent owned by a citizen or a Permanent Resident of Singapore.
      • Additional eligibility criteria might also apply.

      Documents Required

      • You will need to submit the following documents when applying for OCBC Business Term Loan:
      • A copy of your Passport / NRIC
      • Income Tax Notice of Assessment for the latest year
      • Bank account statement of the company for the latest month
      • A completed copy of the Consent Form

    5. OCBC Business Overdraft –
    6. It is a revolving line of credit from OCBC Bank that will offer you with maximum flexibility and will help you to take care of the financial health of your business with ease. It is a type of unsecured credit that will not require you to pledge any collateral security to avail the required funds.

      Features and Benefits of OCBC Business Overdraft

      • You can avail loan amount as high as SGD 200,000.
      • You will be access the required funds as and when you need it.
      • You will need to pay interest only when you use the funds.
      • You will also be offered with the convenience of a chequing facility.

      Eligibility

      • The business should be operating and registered in Singapore.
      • It should have been operation for a period of minimum 2 years.
      • The business should be at least 30 percent owned by a citizen or a Permanent Resident of Singapore.
      • Additional eligibility criteria might also apply.

    How to Apply for OCBC Collateral-Free Business Loan?

    You can apply for any of the collateral-free business loan products from OCBC Bank by SMS, email or by calling the customer support team of the bank.

    Explore the Other Loans Offered By OCBC Bank:

    Frequently Asked Questions (FAQs)

    1. What is the maximum loan amount that I can avail with OCBC Business Term Loan?
    2. With an OCBC Business Term Loan, you can avail loan amount as high as SGD 500,000.

    3. Do I need to submit the financial statements of my business to apply for OCBC Business First Loan?
    4. You will neither need to submit your financial statements nor business proposals to apply for this business loan from OCBC Bank.

    5. Can businesses registered in foreign countries that are operational in Singapore apply for an OCBC Business Term Loan?
    6. No, businesses that are registered and operational in Singapore can apply for this loan.

    7. What is the loan repayment period offered with OCBC Business Term Loan?
    8. You can avail flexible repayment period of up to 5 years with OCBC Business Term Loan.

    9. What is the eligibility criteria for OCBC Business Overdraft?
    10. Following are the eligibility criteria for OCBC Business Overdraft:

      • The business should be operating and registered in Singapore.
      • It should have been operation for a period of minimum 2 years.
      • The business should be at least 30 percent owned by a citizen or a Permanent Resident of Singapore.
      • Additional eligibility criteria might also apply.

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