Standard Chartered Business Overdraft is one of the 3 business financing products the Standard Chartered Bank offers to those looking to expand their business and thus, in need of financial assistance. The other 2 products offered as Business Financial Solutions are Business Instalment Loan and Business Property Loan.
Business Instalment Loan : This loan addresses a business’s immediate cash requirements. An unsecured term loan for business that allows businesses to borrow up to S $300,000. Business Instalment Loan is an all-purpose loan the borrower can use in any which way the business requires. There is no requirement for submitting financial statements to apply for this loan.
Business Property Loan : This is a mortgage scheme for properties that bear the company name, exclusively for acquiring assets required for conducting business. Business property loan comes with appealing features in various packages.
Business Overdraft : This overdraft facility allows businesses to access a credit line of up to S$300,000 that’s on standby for the business. The credit line is similar to that of the Business Instalment Loan. But unlike a loan the borrowing business doesn’t have to repay the credit within a set time period or monthly instalments.
Features and Benefits of Standard Chartered Business Overdraft
The Standard Chartered Business Overdraft comes with its own features distinct from the other two types of business loans:
- The only business overdraft facility on the Singapore market that assess businesses based only on bank statements.
- The processing of Business Overdraft facility is very fast.
- You get a complimentary current account with Business Overdraft, with no minimum balance requirement.
- This is an unsecured credit, hence, no collateral is required to access this facility.
- You don’t have to pay the bank in equated monthly instalments or EMIs.
Business Overdraft board rate is 9.00% p.a.
- Only Singapore-registered businesses can apply.
- More than 50% shareholdings have to be held by Singapore citizens/Singapore PRs.
- The business must have been operational for a minimum of 3 years.
- The minimum turnover should be S$500,000.
- Copies of Identity Cards or Passports of Partners/Sole Proprietors/Principals.
- Last 6 months’ current account statement of the company.
- Application form for Business Overdraft.
- The latest annual financial statement of the company.
- Copy of Income Tax Assessment Notice of Sole Proprietors/Partners.
- GST Statements of the last 4 quarters.
Other products offered by Standard Chartered Bank:
- What is the maximum credit line I can apply for?
Ans. Under Business overdraft facilities, you can apply for a credit line up to S$300,000.
- Do I have to pledge any collateral/security?
Ans. No, Business Overdraft is an unsecured facility, so you need not provide any kind of collateral/security.
- How can I apply for a Standard Chartered Business Overdraft?
Ans. You can apply for a Standard Chartered Business Overdraft online, via phone a call or by directly visiting a Standard Chartered Branch.
- You can complete the contact form online and the Standard Chartered customer care executives will get in touch with you within 1 business day.
- You can call the Standard Chartered Hotline number at 1800 743 3000.
- You can visit the nearest Standard Chartered Bank branch, and the executives there would guide you through the loan application process.
Read More about Personal Loans in Singapore