A business installment loan is very helpful for any form of business to run its operations. It can be used for expanding your business operations, for adding assets to the business property, for renovating office property, for buying equipment and machinery to manufacture goods, for improving the human resource department, etc. You can repay this type of loan in installments. It is generally repaid on a monthly basis at fixed intervals.
A business installment loan can be secured or unsecured in nature. A secured business installment loan is a loan where you will be required to present an asset as a collateral to your lender. This collateral serves as a security when you take the loan. In an unsecured business installment loan, you will not have to give any collateral.
Here in Singapore, many banks provide exclusive loans for businesses at attractive interest rates. You can meet every financial requirement for your business by applying for a business installment loan.
Standard Chartered is one of the leading banks in Singapore. The bank offers a Business Instalment Loan for businesses across Singapore. You can utilise this loan to get funds required for your business or for expanding your business operations. You will receive funds of up to S$300,000.
Let us take a look at the features of Standard Chartered Business Installment Loan:
The business instalment loan or business overdraft board rate is 9% p.a.
Let us take a look at the eligibility criteria required to apply for Standard Chartered Business Installment Loan:
You will have to present a few important documents while applying for Standard Chartered Business Installment Loan. These are the documents:
You can repay the Standard Chartered Business Installment Loan in equated monthly installments (EMI). You will need to repay both principal and interest.
You can repay the Standard Chartered Business Installment Loan within 12 to 60 months.
You do not have to provide any collateral or security to Standard Chartered to procure this loan.
To apply for the Standard Chartered Business Installment Loan, your business should have completed at least 3 years of business operations.
No, you do not have to worry about making any initial deposit with the bank. When you take this loan, you will automatically receive a complimentary current account.
You can apply for a Standard Chartered Business Installment Loan by filling the online application form available on the official website of the bank. You can also call the customer care centre and get reliable assistance. You may also visit the nearest Standard Chartered branch and meet a representative for full support.
If you want to take a loan exclusively for your business, you can check out Standard Chartered Business Overdraft. This is an unsecured loan which will give you a credit line. You can use these funds for all your business activities. You can also take a look at the Standard Chartered Business Property Loan that will enable you to buy property in the name of your company.