• Personal Loan BYTES FROM OUR KITCHEN

    Standard Chartered Business Equipment Loan

    Standard Chartered offers brilliant loan products and credit options to help you meet your business requirements. In Singapore, the bank provides specific loan products for expanding a business, for purchasing machinery and equipment, for improving the business operations, for renovating and improving the office of a business, for relocating to a better office space, for getting modern and advanced technology, for upgrading the existing technology used in the business, and so on.

    The bank also offers overdraft facility that you can take in the name of your business. It is a business overdraft. You can also take a mortgage loan from Standard Chartered exclusively for business purposes.

    When you have a business, you will need equipment and machinery for manufacturing your products. If you are wondering how to get the funds for purchasing the equipment, you need not worry. Here in Singapore, Standard Chartered offers a loan exclusively for buying business equipment. You can use it for your working capital needs as well. Every business will have working capital requirements for organising its operations every day.

    Features of Standard Chartered Business Equipment Loan

    Let us take a look at some of the features of this loan:

    • This loan product offers two types of funds and they include Equipment Hire Purchase and Equipment Term Loan. When you choose Equipment Hire Purchase, you will receive funds of up to 90% the price of your equipment.
    • When you select the bank’s Equipment Term Loan, you will receive extra working capital if you present your equipment as a security.

    Benefits

    Let us take a look at some of the advantages of Standard Chartered Business Equipment Loan:

    • You can enjoy flexibility when you take this loan. You can repay your full loan through different installments on a monthly basis.
    • Under the hire purchase programme, you will receive up to 90% of the price of the equipment that you have chosen.
    • You can repay your loan within a long period. If you choose a hire purchase facility, your loan period will be up to 5 years. If you select an equipment term loan, your loan period will be up to 4 years.
    • The initial amount that you spend on buying the equipment will be less as this loan product offered by Standard Chartered has a low cash outlay.

    Features of Equipment Hire Purchase

    Let us take a look at the specific features of Equipment Hire Purchase:

    • With this facility, you can buy brand new or second-hand equipment from a third party supplier.
    • You will get up to 90% of the price or the market value, whichever is higher.
    • Your interest will be calculated according to a fixed rate on a reducing balance for both new equipment and used equipment.
    • The maximum loan period for this facility is 5 years.

    Features of Equipment Term Loan

    Let us discuss the features of Equipment Term Loan:

    • This product follows refinancing term loan.
    • You will get up to 80% of equipment value.
    • You will get value for your equipment that does not have any liability. This will be utilised for your working capital needs.
    • The loan tenure for this product goes on up to 4 years or the till when the equipment can be used, whichever is lower.
    • The interest rate can be a fixed rate or a floating rate according to the reducing balance method.
    • You can use Standard Chartered Business Equipment Loan to buy different types of equipment for various industries under the high purchase method. Some of the industries include electronics, construction, food and beverage, metalworking, technology, medical, dental, and printing.

    Eligibility criteria

    Let us look at the eligibility criteria for this loan:

    • Any sole proprietor, partnership firm, or company that needs money for buying equipment can apply for this loan.
    • The business should be registered in Singapore.

    Documents required

    You will have to submit certain documents compulsorily while applying for this loan. Let us take a look at the list of documents:

    For hire purchase:

    • Financial statements for the last 3 years
    • Pro-forma Invoice or quotation for the equipment
    • Bank account statements for the last 6 months
    • Internationalisation Finance Scheme Form (if this applies to you)
    • SPRING LEFS Application Form (if this applies to you)

    For term loan:

    • Financial statements for the last 3 years
    • Delivery Order and invoice for the equipment
    • Proof that you have paid fully for your equipment
    • Statement of complete settlement of bill from your former financier OR
    • Letter of declaration from your auditor that the payment for equipment has been fully settled.
    • Internationalisation Finance Scheme Form (if this applies to you)

    Explore the Other Loans Offered By Standard Chartered Singapore:

    FAQs

    1. What is the minimum loan amount under Standard Chartered Business Equipment Loan?
    2. You will get a minimum of S$150,000 for each equipment that you purchase for your business.

    3. Can I get financing for buying used equipment?
    4. Yes, Standard Chartered will provide you with financing for purchasing used equipment.

    5. If I choose the term loan option, what collateral will I have to provide to the bank?
    6. If your business selects the Equipment Term Loan option, you will have to give a deed of charge of the equipment. A firm appointed by Standard Chartered will create the deed of charge.

    7. Will I be able to shift my equipment taken with the help of the financing offered by Standard Chartered to a different location?
    8. If you want to shift your business equipment taken under the hire purchase agreement or the term loan agreement, you will need to take permission from Standard Chartered. You will need to get it approved whether you are transferring it within Singapore or to any other nation. This is because the equipment is collected by the bank as a collateral.

  • reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.