Revolving Business Financing: Business Overdraft
A Business Overdraft allows a company to withdraw from its bank account even if it has no more funds or not enough to cover the withdrawal. By enrolling in an overdraft facility, businesses can have ready access to cash when they need it the most. The cash can be used to support daily operations or as stand by contingency fund.
Features of Overdraft Facility:
It is a revolving credit facility, i.e. amounts paid to the overdraft account can be withdrawn again as long as the withdrawal is within the limit set by the bank.
No fixed monthly repayment terms. Borrower decides how much to use and how much to pay back
Interest is charged only on the amount overdrawn
Can either be a secured (with collateral) or unsecured (no collateral) loan.
Funding Overview
| 1 | Loan Quantum | Up to $300,000 for unsecured & Up to 2 times of secured value. |
|---|---|---|
| 2 | Interest Rate |
Unsecured : Up to 12.88% Secured: Up to 1 - 2% above prime rate of Financier. |
| 3 | Processing Fee | Up to 2% |
| 4 | Repayment Period | Free and Easy like a credit card up to the maximum limit of the approved quantum. |
Application Criteria
Company Eligibility
• A company incorporated in Singapore with at least 30% local shareholdings (Singaporean or PR)
• A company with active business operations for the past 2 years.
*Other eligibility criteria may apply depending on the Financier(s).
Documents to Submit
• NRIC or passport copy (front and back) of directors / partners/proprietors
• Individual Income Tax Notice of Assessment (NOA) of directors/partners/sole-proprietor for the last 2 years.
• Company latest 6 months bank statements.
• Company financial reports/statements for the last 2 years.
*Requirements may vary depending on the Financier(s).
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.
