Starting a booming business can be a challenging task not only in Singapore but anywhere in the world. The whole idea of having a successful business does not stop with the generation of business ideas, but with the sourcing for capital.
Business capital may include things such as; cost of machinery, building, stock, and running cost. This is all that you need to actualize your business idea.
If you have initial capital, well and good, you kick start the process, but if you do not have that cash to start the business or if you fall short of the expected initial capital, all hope is not gone, this is where a business term loan in Singapore comes in to bridge that gap.
What is a business term loan?
This is a loan offered to a business for capital expenditure and expansion among others. It is given for a fixed period of time usually between one to ten years. It can either take the form of a short-term loan, intermediate-term loan, or long-term loan.
Short-term loan – This loan is offered for a duration ranging between 12 and 18 months.
Intermediate-term loan – It is offered for a period ranging between 12 and 84 months.
Long-term loan- It’s offered for a period ranging between 12 months and 120 months.
Features of a business term loan
Fixed amount – The loan is offered in a fixed amount depending on ones ability to pay
Fixed tenor – The loan carries a fixed repayment period depending on the classification as discussed above.
Collateral – Business term loans are available as both secured and unsecured loans. This is mostly determined by the borrower’s eligibility, amount, and choice.
Interest rate – Term loans are available at both fixed and floating interest rates. Interest offered depends on the level of risk as assessed by the lender.
Why seek a business term loan in Singapore?
ACRA business profile information
Latest NOA of all Directors
Company financial statements for the latest 2 years
Latest 6 months bank statement
Where do you get a business term loan in Singapore?
You can access the loan either from banks or licensed money lenders in Singapore. But to save you the shopping hassle, look up for OT Credit for all your financial needs.
Why take a loan with us?
Legitimate – We are a legitimate company having been registered by the ministry of law and this can be verified from the list of registered money lenders in Singapore on the Ministry of Law’s website.
Quick Turnaround time – We offer a quick turnaround time. It takes 12 to48 hours to get your loan processed after the submission of all the required documents.
Flexible – We are flexible in terms of loan amounts and the repayment period. We package your loan based on your affordability and ability to pay.
Personalized Loans – We customize your loan to meet your needs. We ensure that we do not interfere with your liquidity position.
Low-Interest Rates – We offer low-interest rates as compared to other lenders in Singapore
High Loan Approval Rates – We have high loan approval rates
For more information on our loan facilities and loan application, follow this link