If you’re a small business owner, you know that securing financing is essential for growth and expansion. One option for financing is RHB SME Business Loans. These loans are designed to help small and medium-sized enterprises (SMEs) cover temporary fund deficiencies, pay bills, and manage overall cash flow while waiting for customers to pay.
RHB offers financing of up to RM5 million with financing tenure of up to 7 years. They accept collateral in the form of property, fixed deposits, and other financial instruments. The bank also offers competitive interest rates and fast and efficient approval. Whether you need a collateral-free or partial secured scheme, RHB has a range of loan products to suit your business needs.
Key Takeaways
- RHB SME Business Loans are designed to help SMEs cover temporary fund deficiencies, pay bills, and manage overall cash flow while waiting for customers to pay.
- RHB offers financing of up to RM5 million with financing tenure of up to 7 years and accepts collateral in the form of property, fixed deposits, and other financial instruments.
- RHB has a range of loan products to suit your business needs, whether you need a collateral-free or partial secured scheme.
Understanding RHB SME Business Loans
If you are a small and medium-sized enterprise (SME) looking for financing options, RHB Bank Berhad offers a range of business loans that may suit your needs. With competitive interest rates and flexible repayment periods, RHB SME Business Loans provide financing options that give you peace of mind to cover daily costs.
Types of SME Loans Offered by RHB
RHB Bank Berhad offers two types of SME loans: Fixed Assets Financing and Working Capital Financing. Fixed Assets Financing is designed to help SMEs finance the investment of domestic and overseas fixed assets, such as machinery, equipment, and vehicles. On the other hand, Working Capital Financing is designed to help SMEs cover their daily operational costs, such as inventory and payroll.
Eligibility Criteria for RHB SME Loans
To be eligible for an RHB SME Business Loan, you must be a registered SME in Malaysia and have a good credit score. Additionally, you must meet the following requirements:
- For Fixed Assets Financing, you must have been in business for at least 3 years and have a minimum annual turnover of RM300,000.
- For Working Capital Financing, you must have been in business for at least 1 year and have a minimum annual turnover of RM500,000.
Applying for an RHB SME Business Loan
To apply for an RHB SME Business Loan, you can visit any RHB Banking Group branch or apply online. You will need to provide the following documents:
- For Fixed Assets Financing, you will need to provide a copy of your business registration, latest financial statements, and a quotation for the fixed asset you wish to purchase.
- For Working Capital Financing, you will need to provide a copy of your business registration, latest financial statements, and proof of your working capital requirements.
RHB Bank Berhad also offers other products and services, such as Commercial Property Loans and SME Working Capital Finance, that may be suitable for your business needs. With RHB Bank Berhad, you have access to a range of financing options to help your SME grow and succeed.
Financial Details and Support Schemes
If you are a young enterprise in Singapore, you might be looking for a loan to support your daily operational cashflow needs or project loan finance. RHB offers a range of SME business loans with flexible lending packages to suit your business needs.
Interest Rates and Repayment Schedules
RHB Bank offers competitive interest rates with repayment schedules of up to 7 years. The estimated monthly installment and estimated total interest paid will depend on the loan quantum and maximum repayment period.
Government Assisted Schemes for SMEs
RHB also offers government-assisted options for SMEs. The Monetary Authority of Singapore (MAS) and Enterprise Singapore have launched a risk-sharing programme to help young enterprises access financing. RHB is a participating financial institution in this programme. This scheme allows borrowers to obtain financing of up to $5 million with the government assuming up to 70% of the loan default risk share.
Additionally, RHB offers the SME Working Capital Loan Scheme, which is supported by Enterprise Singapore. This scheme helps SMEs access unsecured working capital financing of up to $1 million. The maximum loan quantum for this scheme is subject to the borrower group’s revenue and local equity.
It is important to note that the loan exposure limit for all RHB SME loans is $30 million per borrower group.
If you are looking for a loan to manage your overall cash flow while waiting for customers to pay you, RHB BizPower SME Business Loan might be the solution for you. This loan offers financing of up to $5 million and accepts collateral in the form of properties or fixed deposits.
RHB’s SME business loans are designed to cater to the financial needs of young enterprises in Singapore. With flexible lending packages and government-assisted options, you can find the right loan to support your business growth.
Frequently Asked Questions
How can I apply online for an SME business loan with RHB?
Applying for an SME business loan with RHB is now easier than ever. You can easily apply online through their website by filling out a simple application form. You will be required to provide some basic information about your business, such as your business registration number, financial statements, and other relevant documents.
What are the latest interest rates for RHB SME business loans?
RHB offers competitive interest rates for their SME business loans. The interest rates vary depending on the type of loan, the amount borrowed, and the repayment period. You can contact RHB to find out the latest interest rates for their SME business loans.
What is the maximum borrowing limit for RHB’s SME business loans?
The maximum borrowing limit for RHB’s SME business loans is S$500,000 per borrower or S$5,000,000 per borrower group. However, the overall loan exposure limit for a borrower group across all facilities is S$50 million.
Are there any specific eligibility criteria for securing an SME loan from RHB?
Yes, there are specific eligibility criteria that you must meet to secure an SME loan from RHB. These criteria include a minimum annual turnover of S$300,000, a minimum of 2 years in operation, and a good credit rating.
How does the RHB business loan calculator assist in planning my finances?
The RHB business loan calculator is a useful tool that helps you plan your finances. It allows you to calculate the monthly instalments, interest rates, and other important details of your loan. This will help you make informed decisions about your finances and choose the best loan package that suits your needs.
Who should I contact for more information about RHB SME business loans?
If you need more information about RHB SME business loans, you can contact their customer service team. They will be happy to answer any questions you may have and provide you with the information you need to make an informed decision about your loan.