Business Financing: Renovation Loan Application
Businesses can use a Renovation Loan to renovate, fix necessary facilities or add improvements in their offices. The loan covers projects such as electrical, painting, carpentry, flooring and tiling, and other structural alterations. It cannot be used for furnishings or buying furniture
Funding Overview
| 1 | Loan Quantum | Up to 100% of the renovation cost, at Lender's discretion. |
|---|---|---|
| 2 | Interest Rate |
Between 3.31% to 4.8% simple interest p.a (effective interest 6.25% - 8.75% p.a) |
| 3 | Processing Fee |
Up to 2% of approved loan amount; 1% cancellation fee if applicant cancels after approval/before disbursement of funds |
| 4 | Repayment Period | 1 to 5 years; charges may apply for early repayment |
Application Criteria
Eligibility
• A company incorporated in Singapore for at least 2 years with minimally 30% local shareholdings (Singaporean and/or PR)
• A company with active business operations for more than 2 years
• A company that has an existing corporate account with active transactions in the last 6 months
• A company with Profit & Loss Balance Sheet records for the last 2 years
Documents to Submit
For pre-assessment, we will need the following documents:
1. Renovation Quotation
2. NRIC copy (front and back) of directors/partners/sole-proprietor
3. Individual Income Tax Notice of Assessment (NOA) of directors/partners/ sole-proprietor for the last 2 years
4. Company financial report/statement for last 2 years.
5. Company financial reports/statements for the last 1* or 2 years
6. Company GST F5 Return Filing for last 4 quarters (for GST-registered company)
*Dependent on Lender’s requirement.
Start Your Application Today!
Start Your Application Today!
We help our clients obtain the right financial assistance by objectively assessing their business profile and documents before finding the most suitable financial institutions that could give them the highest loan approval chances.
We also try to get the best deal for our clients by looking for the lowest interest rates in the market, but this could still vary depending on the company’s financial standing and profile.
If your company is not able to qualify for a loan at the moment, we also advise on what areas you can improve in order to qualify in the future.
Get started in 4 easy steps.
1. Fill up the form and submit
2. Engaged by our assigned consultant
3. Consultant presents on the proposed business solution
4. Get your funds upon approval
How It Works
• Upon receiving your inquiry, our assigned Business Consultant will get an overview of your business finance.
• The assigned Business Consultants will brief you on the application process, the best suited solution and credit facilities for your business based on your needs during the scheduled appointment.
• We will assist you with the full process of your application until approval and disbursement.
• During the process, additional documentation required to aid in the application approval might be requested from you.
• Please allow 2 to 4 weeks* for the assessment, submission, negotiation and approval of your application.
• If approved, disbursement takes about 3 to 5 working days upon signing of the Letter of Offer.
Fill up the form
Every client is important to us and we do our best to meet the estimated timeline given.
* Subject to the credit facility proposed and applied for, processing time may take longer or shorter.
