Recommended Business Loan

During this tough economic period with the cost of living continuing to rise each year, and high unemployment rate causing many to lose their jobs, starting up a business can be beneficial if executed correctly. Lack of finances is commonly associated during the initial phase, which serves as a deterrent and obstacle from carrying out the plan through. Entrepreneurs can apply for a business loan if they are in need of working assets, property expansion, payment of business charges and many more business requirements.

Below are just some of the many banks that offer such services:


  1. Refinancing up to S$500, 000.
  2. Repayment period: 5 years.
  3. Predetermined monthly payments allow you to manage your income wisely.
  4. Collateral is not needed.

What are the requirements?

  1. Must be a registered Singapore company.
  2. An ownership percentage of at least 30% is needed by a Singaporean.
  3. The company must have been operating for at least 2 years.

Call OCBC at (65) 6538 1111 on further details on how to apply.

Standard Chartered Bank

  1. Loans are guaranteed to be approved within 2 working days
  2. Collateral is not required
  3. No preliminary deposit is required upon opening a current account (free)
  4. A bank statement is all that is required

What are the requirements?

  1. Must be a registered Singapore business company
  2. Possess more than 50% shares
  3. The company must have been in business for a minimum of 3 years
  4. Turnover higher than S$350k

You may apply for a loan today by visiting Standard Chartered Singapore’s online application form page, call them at 1800 743 3000 or send them an SMS inquiry at BIL to 77222. Alternatively, you may also visit any of Standard Chartered branches for any inquiries or questions that you might have.


How to apply?

  1. Call Citibank’s 24-Hour hotline at (65) 6238 8833
  2. Send your enquiries via the online form
  3. Visit any of the nearest Citibank branches

RHB Bank

  1. Easy to obtain.
  2. Flexible repayment options: collateral-free or partial schemes for Small and Medium businesses (SME) with the RHB BizPower, a program that offers funds in the quickest time possible.
  3. Get funds of up to S$400,000 upon submission of the relevant documents.
  4. Has one of the best interest rates, with repayments options that go up to 5 years

To know more about BizPower Express Banker’s Guarantee, click here for additional information.


  1. No collateral needed
  2. Obtain a loan amount of up to S$300,000
  3. Repayment period: 5 years.
  4. Predetermined monthly repayment

What are the requirements?

  1. Must possess at least 30% share in the company
  2. The company must have been in operation for at least 2 years
  3. Minimum turnover of S$300,000 (annual)

What do I need to bring?

  1. Business Term Loan application form
  2. An audited financial statement for the last two years
  3. Bank statement for the last 6 months
  4. Income Tax from your assessment of guarantors (last 2 years)
  5. A photocopy of your NRIC (front and back)

To apply, fill in the Business Term Loan Application form and fax it to 6254 0589 or 6298 1558.

It is very easy to obtain loans from various financial institutions which provide convenient ways on repayment. Prior research and careful planning is essential, as there many differing loan options available, from a wide selection of banks. As interest rates are different from bank to bank, finding the lowest one possible is key. If no such details are available on the online portal, going for a visit to the nearest bank would be the most viable option.