Financing can help you give your business a much-needed boost, or give you a way to make investments to aid growth. If you’re looking to borrow from a trusted bank, DBS could meet your company’s needs with a loan of up to S$500,000 at interest rates calculated monthly.
Compare DBS Business Loans
How does a business loan from DBS work?
You can get a DBS business loans in three simple steps:
1. Apply online in just five minutes. There are no meetings or interviews required and you’re under no obligation to take the loan.
2. Send the required documents. You can do this using via email and this verification step is usually completed on the same day.
3. DBS will contact you within one business day after reviewing your application.
Features of a DBS business loan
- Wide choice of loans. There are 11 different types of business loan offered by DBS, one of which could help your small or medium sized business with its specific needs.
- Collateral-free funding. This means you do not have to offer an asset to borrow against.
- Repayments. The repayments are scheduled according to your budget and business needs. This provider usually offers loan terms of five years, but this may vary.
How much will a DBS business loan cost?
- Interest rates. The interest rates vary according to the type of loan and the risk involved. However, these loans are generally calculated monthly.
- Other fees and charges. These loans do not carry any other hidden fees or charges which end up reducing the overall burden of the loan. A processing fee and an early repayment fee are among the charges which could apply to your loan. Always read the terms and conditions with care so that you’re fully aware of any additional charges you might face.
How to apply for a business loan with DBS
The main eligibility criterion for DBS loans is to have sufficient income for repaying the loan. Besides this, a reasonable credit history is a must.
Step 1: Apply online. This takes a matter of seconds and does not come with any obligations attached. You might receive a response within five minutes.
Step 2: Email the documents. The verification process, including pre-approval, is generally completed within one business day.
Step 3: Disbursement of funds. After the documents are reviewed and you’ve secured full approval (which can take a couple of weeks), the funds will be transferred to the nominated bank account.
Make sure you read the eligibility requirements with care before you sign up to a business loan. For example to be eligible for the DBS Business Property Loan, your business must own commercial property.
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