Cash woes? A personal loan to the rescue!

    Standard Chartered Business Instalment Loan

    If you are thinking of expanding your new business venture, you will require a large amount at the onset. If you don’t have enough cash in hand, you may require a business loan. There are many banks in Singapore that offer business instalment loans with attractive interest rates. However, you must take all the necessary precautions and get a clear understanding of what is being offered by each bank before applying. The Standard Chartered Business Instalment Loan offers an amount of up to S$300,000 without any collateral which you can pay over a period extending from 12 to 36 months. The monthly instalment consists of both interest and principal components.

    Features of Standard Chartered Business Instalment Loan

    With the Standard Chartered Business Instalment Loan, you will enjoy the following features:

    • Loan tenure: This loan is available for a minimum tenure of 1 year and a maximum tenure of 3 years.
    • Loan quantum: You can apply for a minimum loan amount of S$70,000 and a maximum loan amount of S$300,000.
    • Predictable and convenient loan servicing: You will be repaying this loan in fixed monthly instalments and this amount will be debited from your complimentary current account for your convenience.
    • Access cash in an efficient manner: When you apply for the loan, you will get the money quickly, so you can concentrate on expanding and building your business.
    • No collaterals required: You do not have to pledge any sureties to get this loan, a personal guarantee will be enough.
    • Simple process of application: At the time of application, you will not be required to submit any financial statements. You will just have to submit your last six months’ operating bank statements and GST statements from the last four quarters.

    Fees and Charges

    The table shows the various fees and charges applied to the Standard Chartered Business Instalment Loan:

    Items Details
    Annual fee First year: Up to 2% of the approved loan sum with a minimum amount of S$400. Second year onwards: S$100.
    Board rate Business instalment loan board rate is 9% p.a.
    Interest rate Effective Interest Rate for each loan can differ up to BIL Board Rate + 2% p.a. (at 11% p.a.)
    Default fee (charged if there are any overdue loan instalments) S$100 + An extra interest at 10% p.a. above the bank’s current business instalment loan board rate shall be charged on all unpaid instalments until the payment date.
    Special request (post loan disbursement) S$250
    Redemption fee (full) 5% of the unsettled loan amount if you redeem within 12 months from the date of payout. 3% of the unsettled loan amount thereafter, with a prior written notice of one month.
    Prepayment fee (partial) 3% on the prepaid amount with a prior written notice of one month.

    The interest on the loan will be accrued on a daily basis and will be calculated annually in accordance with the following formula:

    Interest rate (p.a.)/12 months ÷ days in a given month × scheduled loan balance.

    You will have to pay interest on the dates set out in the disbursement notice. You shall be informed of the monthly instalments payable after the loan is approved.

    Also Check Standard Chartered Personal Loan Interest Rates

    What Are the Eligibility Criteria?

    To be eligible for this loan, you and your business will have to fulfil the following criteria:

    • Private limited companies, partnerships, sole proprietors are eligible.
    • Your business must have a turnover of at least S$750,000.
    • The business must be registered in Singapore.
    • Your business must be in operation for at least three years.
    • Singapore citizens and/or Permanent Residents must hold at least 50% of the shares.

    What Are the Documents Required at the Time of Application?

    When you apply for this loan, you will have to submit the following documents:

    • Photocopies of partners’/sole proprietors’/directors’/principals’/identity cards/passports.
    • Documents related to identity, establishment of entity, and address proof.
    • Professional certificate if it is applicable.
    • Constitutional documents of the company such as articles of association and memorandum.
    • Board of Directors’ resolution.
    • Copy of partners’/sole proprietors’ Income Tax NOA.
    • Completed business instalment loan application form.
    • Company’s operating current account statements for the last 6 months.
    • Company’s GST statements for the last 4 quarters.

    The repayment period for this loan and the loan amount approved is based on the bank’s sole discretion.

    If you’re looking for more cash to expand your business in Singapore, the Standard Chartered Business Instalment Loan is an option you can consider.

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