Singapore Business Loans

LoanMoneyBack can help your business maximise its full potential by helping you secure the best business or SME loans in Singapore.

 

Micro Loans

For loan amount $100,000 and below, your company can apply for a micro loan to finance your expenses.

Micro Loan criteria
– Company has to be established for more than 3 years, and the turnover for the company should be $350k (minimum).

Documents required for Micro Loan application

  • 1 year financial statement
  • Latest 6 months bank statements
  • Latest NOA of all directors
  • NRIC copies of all directors

 

Bridging Loans

Bridging loan is for companies that are applying for loan amount above $100,000 to a maximum of $2,000,000.

Bridging Loan criteria
– Company has to be established for more than 3 years, and the turnover for the company must be more than $350k.

Documents required for Bridging Loan application

  • 3 years financial statements
  • Latest 6 months bank statements
  • Latest 2 years NOAs of all directors
  • NRIC copies of all directors

 

Business Installment Loans

The Business Installment Loan is for companies that are applying for loan amount above $100,000 to a maximum of $2,000,000.. It is advisable for companies that have made losses to apply for a business installment loan, instead of a bridging loan.

Business Installment Loan criteria

– Company has to be established for more than 3 years and the turnover for the company must be more than $350k.

Documents required for Business Installment Loan application

  • Latest 6 months bank statements
  • NRIC copies of all directors

 

Express Trade Facilities

Your company can apply for a trade related working capital loan for the following

  • Letters of Credits (LC)
  • Invoice Financing (Factoring)
  • Shipping Guarantees
  • Overdrafts (OD)
  • Short Term Loans
  • FX and Remittances
  • Cross-straits Financing
  • Various Government Schemes

Express Trade Facilities criteria
– offers businesses packaged trade facilities with a quick turnaround time.

  • Credit lines of up to 10 times the amount of security provided
  • Guaranteed LC issuance / Notice of discrepancies by 9am the following working day
  • Late cut-off time of 6pm for import/export documents submission
  • Loan quantum of up to $1,500,000

Documents required for Express Trade Facilities

  • 3 years financial statements
  • Latest 6 months bank statements
  • Latest 6 months debtors aging list
  • Latest 6 months creditors aging list
  • Latest 2 years NOAs of all directors
  • NRIC copies of all directors

 

Guideline

To check if your company is eligible for a certain loan amount, you can calculate using the debt-servicing ratio below.

The debt-servicing ratio:

Monthly commitment of company + Monthly commitment of director

___________________________________________________

Monthly income of co. + Monthly income of director

Renovation Loan

Singapore Renovation Loans

To help you with your dream home, LoanMoneyBack connects you to the top 3 banks in Singapore providing renovation loans with the lowest interest rates (and benefits). We simplify your process by getting the renovation loan specialist from the top bank to contact you.

 

How do I qualify for a renovation loan?

You need to be Singaporean or a Singaporean PR, aged between 21 to 55 years, with a minimum income of $24,000 p.a. to qualify. If you do not meet the annual income of $24,000, you can apply for the loan with a joint applicant to meet the minimum income criteria. However, joint applicants have to be must be related as spouse, parent, sibling or child.

 

What is the loan amount I can get for my renovation?

The bank may extend a minimum loan amount of $10,000 up to 8 times of your monthly income up to a maximum loan amount of $30,000 (whichever is lower). Some banks may also provide an additional “furnishing loan” to supplement your renovation loan.

 

What is the loan tenure for my renovation loan?

The duration can be set between 1 to 5 years.

 

What is the lowest interest rate I can get for my renovation loan?

Banks usually revise their renovation loan rates from time to time. Fill in the enquiry form (click below) and our system will automatically generate a report that ranks the current top 3 banks with the lowest interest rates (and benefits). This report will be emailed to you, so please make sure your email address is correct.

 

I got rejected previously for a renovation loan. How long should I wait before I can re-apply again?

Waiting period will take up to 6 months before you can re-apply.

 

Are there any fees and/or charges if I get a renovation loan through LoanMoneyBack?

Our service to you is 100% free because we are paid by the banks separately. In fact, we give you rewards back for using our services.

 

Are there any extra charges from the bank?

The banks will usually charge a processing fee of 1.0% of the loan amount that has to be paid to the bank upfront upon signing the Letter of Offer, upon acceptance of the approved loan amount.

 

What are the Documents required to apply for a renovation loan?
  • Photocopy of NRIC (both sides)
  • For salaried person: Latest computerized payslip and CPF statement for the past 6 months or latest Income Tax Notice of Assessment
  • For self- employed: Latest Income Tax Notice of Assessment or CPF statement for the past 2 years
  • Original contractor’s quotation / invoice duly signed by customer and contractor
  • Proof of ownership of property to be renovated
  • Original receipts / invoices of fittings purchased (applicable for furnishing loan only)
  • Completed application form duly signed by applicant(s)

Education Loan

Singapore Study Loans

LoanMoneyBack connects you directly to banks in Singapore providing education loans with the lowest interest rates (and benefits). We simplify your process by getting an education loan specialist from the top bank to contact you.

 

How do I qualify for an Education Loan?

You need to be Singaporean or a Singaporean PR, aged between 21 to 62 years, with a minimum income of $12,000 p.a. to qualify. If you are not working during your studies, your parents / sponsor can apply for the loan for you & they would have to meet the minimum criteria above. It can also be a joint application by 2 sponsors. If there is a guarantor, the minimum income of the guarantor must be $30,000.

 

If I have an existing education loan, can I still apply?

No. You cannot have any existing education loan with other banks or financial institutes for the current course of study.

 

What is the loan amount I can get for my education ?

The bank may extend a minimum loan amount of $3,000 up to 6 times the combined applicants’ monthly income, with a maximum loan of $100,000 (whichever is lower).

 

What is the loan tenure for my education loan?

The duration can be set between 1 to 10 years.

 

Are there any fees and/or charges if I get an education loan through LoanMoneyBack?

Our service to you is 100% free because we are paid by the banks separately. In fact, we give you rewards back for using our services.

 

Are there any extra charges from the bank?

Once your loan application gets approved, the banks will usually charge a processing fee of 2.0% of loan amount that will be deducted upfront from loan amount upon the first disbursement. Depending on the bank, other charges you may incur are:

  • Full Prepayment penalty of 1% on the original loan amount
  • Partial Prepayment penalty of 1% on the prepaid amount if loan is prepaid within the loan tenure.
  • Cancellation fee of 1% on the original loan amount is payable if there is cancellation after acceptance of the Letter of Offer
  • Disbursement Fee: Commission waiver only for Cashier’s Orders.

 

What are the documents required for education loan application?
  • Photocopy of NRIC (both sides)
  • For salaried employee: Latest computerized payslip and CPF statement for the past 6 months or latest Income Tax Notice of Assessment
  • For self-employed: Latest Income Tax Notice of Assessment or CPF statement for the past 2 years
  • Letter of Acceptance from the education institution stating the type, duration of course and total course fee
  • Completed application form duly signed by applicant(s)

Cash Out Financing

Singapore Equity Cash Out Refinancing

LoanMoneyBack can help your business maximuze it’s full potential by helping you secure the best business or SME loan. Or you can take cash out from your first property to buy another property for investment and rental income.

 

What do you need to know before applying for cash out refinancing?

Equity (or Cash Out Financing) refinancing is only applicable for private properties. HDB rulings prohibit taking cash out of HDB property. Fill out the form below to find out which banks in Singapore give the best rates for cash out refinancing, and be rewarded with cash on successful application.

 

Documents needed for cash out refinancing loan approval
  • Notice of Assessment
  • NRIC (photocopy)
  • CPF property withdrawal statement for borrower(s)

 

What are the best rates I can get for cash out refinancing (equity loan)?

LoanMoneyBack can help you get the best rates for cash out refinancing, and we will refer you the bank that can give you the best rates at the point of your application. We provide this service free of charge, and you get rewarded with cash from us!

Commercial Loan & Get Cash Back

New Mortgage Loan? Refinance your existing Mortgage?

Get up to $600* with LoanMoneyBack now!

LoanMoneyBack offers mortgage loans from all your usual banks and get rewarded!

  • You will enjoy the best rates from these banks, and LoanMoneyBack will reward you from buying the loan through them.
  • Think of it as window shopping in an retail store (whether Loan Guru, Smart Loans, Loan Supermarket or bank websites, etc), and buying online through LoanMoneyBack for the absolute best deal!
  • Think of it as a “permanent daily deal”, like your favorite Groupon site offer for property agent services.

* Cashback of $50-$75 (depending on the financial institution chosen) per $100,000 loaned, based on a $1,000,000 property.