Know In Details About The Singapore Bank Loans

Some so many people might think of taking a loan from a Singapore bank for business purposes but haven’t decided any particular scheme. Also, some people have ventured in so many banks but instead of gathering knowledge, he ends up with nothing but a blown mind.

That must be frustrated because you lose your valuable time as well as energy and money. There are so many loan brokers like Avant Consulting Singapore Loan Broker who can give you proper guidance to get what you want. There are so many kinds of loans and you might not able to understand all of this as you are no loan expert. But they will surely make you understand every term so you can choose according to priority.

There are many kinds of loans that are offered to SMEs by the banks of Singapore. Just take a quick look at some of those loan plans:

The Unsecured business term loan is the most popular and typical loan that SMEs apply for in Singapore. In this loan, you will find no collateral. Each bank offers $50K to $300K under this scheme. The loaning period is between 1 to 5 years and you will need to pay an equal amount of money for every installment.

There are some loans in Singapore which are co-funded by the Government of Singapore and some financial institutions. The SME microloan and the SME working capital loan are popular among them.

Small local firms qualify for the SME microloan. Under this scheme, the highest loaning amount is $100K. You are eligible for this loan only if you have 10 or fewer employees in the business or the turnover is less than 1M per year.

The SME working capital loan is the modified larger version of the microloan. It mainly targets the larger businesses of Singapore. Here you can get up to $300K as a loan only if you have less than 200 employees. There is one more criterion that the turnover of your business must be under 100M.

SMEs who have purchased the industrial property which is acting as collateral can apply for Singapore corporate loan. It has the lowest interest rate of all the loaning plans in Singapore. The reports say the lenders, on a general basis, finances up to 70% of the property price.

There are many more schemes which might attract you. That’s why you should hire a consultant for a better understanding of the loans.