If you’re a small business owner in Singapore, you may find yourself in need of extra cash to invest in your business. One option available to you is the OCBC Business Term Loan. This loan is designed to help small and medium-sized enterprises (SMEs) secure the funding they need to grow and succeed.
The OCBC Business Term Loan offers a number of key features and benefits that make it an attractive option for many SMEs. For one, it is a collateral-free loan, meaning you don’t have to put up any assets as security. Additionally, the loan offers low interest rates and no early repayment charges, so you can pay it back on your own terms. With loan amounts of up to $700,000 and a loan tenure of up to 5 years, the OCBC Business Term Loan is a flexible financing option that can help you achieve your business goals.
To be eligible for the OCBC Business Term Loan, your company must be locally incorporated for at least 2 years. You’ll also need to have a good credit score and meet other eligibility requirements. If you meet these criteria, you can apply for the loan online or at any OCBC branch. With fast approval times and competitive interest rates, the OCBC Business Term Loan is a great choice for SMEs in need of extra funding.
Key Takeaways
- The OCBC Business Term Loan is a collateral-free loan designed to help SMEs in Singapore secure extra funding for their businesses.
- The loan offers low interest rates and no early repayment charges, with loan amounts of up to $700,000 and a loan tenure of up to 5 years.
- To be eligible, your company must be locally incorporated for at least 2 years and meet other eligibility requirements. You can apply for the loan online or at any OCBC branch, with fast approval times and competitive interest rates.
Key Features and Benefits
If you are a small or medium-sized business owner looking for financing options, you may want to consider OCBC’s Business Term Loan. This loan offers several key features and benefits that can help you manage your cash flow and working capital needs.
Competitive Interest Rates
One of the most significant benefits of the OCBC Business Term Loan is the competitive interest rates that the bank offers. With this loan, you can enjoy low-interest rates that can help you save money over the loan tenor. The effective interest rate (EIR) is also reasonable, making it easier for you to manage your repayments.
Loan Tenure and Amount
The OCBC Business Term Loan is designed to meet your financing needs. You can borrow up to S$700,000, which can help you fund your daily operations or business expansion. The loan tenure is flexible, and you can choose between a 12-month or 24-month repayment period, depending on your business needs.
Flexible Repayment Options
Another advantage of the OCBC Business Term Loan is the flexibility it offers in terms of repayment options. You can choose to make monthly, quarterly, or half-yearly repayments, depending on your cash flow and business needs. The loan also allows you to make early repayments without any penalty charges, which can help you save on interest costs.
In conclusion, the OCBC Business Term Loan is an excellent financing option for SMEs looking to manage their cash flow and working capital needs. With competitive interest rates, flexible repayment options, and a reasonable loan tenure and amount, this loan can help you take your business to the next level.
Eligibility and Application
If you are a Singaporean or a Permanent Resident who owns at least 30% of a locally incorporated company that has been in operation for two years or more, you may qualify for the OCBC Business Term Loan. This loan is designed to provide you with the necessary funds to grow your business, and it can be used to finance daily operations or business expansion.
Qualifying Criteria
To be eligible for the OCBC Business Term Loan, you must meet the following criteria:
- You must be a Singaporean or a Permanent Resident who owns at least 30% of a locally incorporated company that has been in operation for two years or more.
- Your company must have a good credit rating and a positive financial track record.
- You must be able to provide collateral to secure the loan.
Required Documents
To apply for the OCBC Business Term Loan, you will need to provide the following documents:
- A copy of your NRIC or passport
- Bank statements for the past six months
- MyInfo Business or ACRA BizFile+
- Financial statements for the past two years
- Other supporting documents as required
Application Process
The application process for the OCBC Business Term Loan is straightforward and digital. You can apply for the loan through OCBC’s website or through a digital business loan marketplace. Once you have submitted your application, you can expect to receive a response within a few business days. If your application is approved, you will need to sign the loan agreement and provide the necessary collateral before the funds can be disbursed.
OCBC Bank is one of the leading lenders in Singapore, and its SME Working Capital Loan has been recognised as one of the best loan options available in the country. Whether you are a sole proprietor or a partnership, you can benefit from the OCBC Business Term Loan’s competitive interest rates and flexible repayment terms. So why wait? Apply for the OCBC Business Term Loan today and take your business to the next level.
Frequently Asked Questions
What documents are required to apply for an OCBC business term loan?
To apply for an OCBC business term loan, you will need to provide some basic documentation. This includes your company’s ACRA Business Profile, bank statements for the past six months, your company’s financial statements for the past two years, and your personal identification documents.
How does the OCBC Business First Loan differ from other business loans?
The OCBC Business First Loan is a unique loan product that is designed specifically for new businesses. It offers a lower interest rate than other business loans, and it does not require any collateral or personal guarantees. In addition, the loan is approved within 48 hours, making it a great option for businesses that need funding quickly.
Could you tell me the current interest rates for OCBC business term loans?
The interest rates for OCBC business term loans vary depending on the loan amount and the repayment period. However, you can expect competitive rates that are lower than most other banks in Singapore. You can contact OCBC for more information on the current interest rates.
Where can I find a calculator to estimate my repayments for an OCBC business term loan?
You can find a loan calculator on the OCBC website. This calculator allows you to enter the loan amount, repayment period, and interest rate, and it will calculate your monthly repayments.
Who should I contact at OCBC for inquiries about business loans?
You can contact the OCBC Business Banking team for inquiries about business loans. They can provide you with more information on the loan products, interest rates, and application process. You can also visit the OCBC website for more information.
Which bank in Singapore offers the best loan options for start-up businesses?
OCBC is one of the best banks in Singapore for start-up businesses. They offer a range of loan products that are specifically designed for new businesses, including the OCBC Business First Loan. In addition, their interest rates are competitive, and they offer flexible repayment terms.