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Address your cash or expansion needs. Get up to S$300,000 with our unsecured term loan Get in touch
Business Instalment Loan
Business Instalment Loan

Address your cash or expansion needs. Get up to S$300,000 with our unsecured term loan

Business Instalment Loan

Business Instalment Loan is an unsecured term loan that offers you up to S$300,000 cash. With no collateral required and a repayment period of up to 5 years, it is the simplest and most flexible way to access funds to drive your business further.

Features

Fees and Charges

ITEMS
DETAILS
Annual Fee First Year Annual Fee is maximum 2.00% of the approved loan amount (minimum S$400)

Subsequent Years Annual Fee will be S$100

Tenor & Quantum Min Loan Quantum - S$70,000

Max Loan Quantum - S$300,000

Min tenor - 1 year

Max tenor - 5 years

Tenor & Quantum for each loan is subject to the Bank's approval

Board Rate Business Instalment Loan (BIL) Board Rate - 9.00% p.a
Interest Rate Effective Interest Rate for each loan can vary, maximum  up to BIL Board Rate + 2.00%p.a ( at 11.00% p.a )
Default Fee S$100

Charged for overdue instalments on the Loan. In addition to the default fee, an additional interest at the rate of 10.00% p.a above the Bank's prevailing Business Instalment Loan Board Rate shall be levied on all overdue instalments until the date of payment (both before and
after judgment)

(Post Loan Disbursement)
Special Requests
S$250
(Partial) Prepayment Fee 3.00% on the sums prepaid, with 1 month’s prior written notice
(Full) Redemption Fee  5.00% of the outstanding loan amount if redeemed within first twelve months from the date of disbursement, 3.00% of the outstanding loan amount thereafter, with 1 month’s prior written notice

Eligibility & Documents

Eligibility

  • Sole Proprietors / Partnerships / Private Limited Companies
  • Singapore-registered business
  • 50% or more shareholdings is effectively held by Singaporeans / Singapore PRs
  • Minimum 3 years of business operations
  • Minimum turnover of S$750,000

Documents Required

  • Photocopies of Sole Proprietors’ / Partners’ / Principals’ / Directors’ Identity Cards / Passports
  • Company’s Goods and Services Tax statements for last 4 Quarters
  • Company’s operating bank current account statements for the past 6 months
  • Completed Business Instalment Loan Application form
  • Copy of Sole Proprietors’ / Partners’ Income Tax Notice of Assessment
  • Board of Directors’ resolution
  • Company Constitutional Documents like Memorandum and Articles of Association
  • Professional Certificate (if applicable)
  • Documents related to establishment of entity, identity and address proof documents

FAQs

Terms and Conditions

Disclaimer

The repayment period for each loan is subject to the Bank's sole discretion.

The loan amount approved is subject to the Bank's sole discretion.
All applications are still subject to, and conditional upon the Bank's approval in the Bank's sole discretion.

Deposit Insurance Scheme

Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to $50,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.