- March 12, 2020
- Posted by: avantconsulting
- Category: SME Loans
What are the basic requirements to get a bank loan in Singapore – Singapore is one of the best places to do business in the world. Singapore is one of the financial hubs in the world and if you require some of the funding you need for business it is definitely one of the best places to get it.
When it comes to being in Singapore, if you are a citizen or a permanent resident you are able to get one of the best access to funding in the world.
With the recent outbreak of Covid-19, the Singapore government has increased the access for the working capital loan by Enterprise Singapore to more businesses by increasing the amount from $300,000 to $600,000. The risk sharing has also increased from 50% to 80%, which allows for banks to allow more loans to be taken and also to help more businesses to mitigate the downsides of this slowing economy.
Bank Loan Applications in Singapore will usually require the following items:
1. 6 months bank statements from all banks (if applicable)
2. Financial statements
3. NRIC of Directors
4. Notice of Assessments for all Directors
5. GST Returns (if applicable)
6. Aging Listing (if applicable)
With this information the basic requirements for a bank loan in Singapore are as follows:
1. At least $750,000 revenue turnover
2. 30% shareholding by local
3. Company be in business for at least 3 years
4. Healthy financials
This are some of the basic requirements to get a bank loan in Singapore and for some of the businesses, you might not qualify.
Avant Consulting Pte Ltd is a Singapore business and corporate bank loan broker that can assist you if you have difficulties in acquiring bank loans.
We provide business bank loan consultancy and advisory services to help you get access to funding.
Speak to us to find out more.