Business Instalment Loan - Standard Chartered Singapore

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Address your cash or expansion needs. Get up to S$500,000 with our unsecured term loan.

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Business Instalment Loan

Grow your business with Business Instalment loan and secure up to $500,000 loan, collateral-free. Plus, enjoy a repayment period of up to 5 years.

No Collateral Needed

There is no need to pledge any collaterals for availing this loan. Only personal guarantee(s) required.
Simple Application Process

Business financial statements are not required. We only need your company’s GST statements from last four quarters and Operating Bank statements’ from last six months.
Efficient Way to Access Cash for Business Growth

Enjoy fast lending decisions so you can focus on building and expanding your business.
Convenient & Predictable Loan Servicing

Loan servicing is based on fixed monthly instalment, which will be directly debited from your Current Account for your convenience. This current account is complimentary.

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$500,000 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, subject to Bank’s approval
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

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

What is the maximum quantum that I can apply for under Business Instalment Loan?

The Bank’s maximum finance quantum for Business Instalment Loan is S$500,000.
How long can I take the loan for?

The loan can be repaid over a period of 12 to 60 months.
Do I have to provide any security, collateral?

No security or collateral is required.
What is in the monthly instalments?

The monthly instalment comprises of both principal and interest components.

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.

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Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.