Loans with Suite Capital
Find the Right Term Loans in Singapore with Suite Capital
A term loan is a loan for a bank with a specified repayment schedule and a fixed interest rate. It matures between one to 10 years, and is often used to pay for a major investment in the business or an acquisition.
Terms loans or business term loans are the standard commercial loan, with repayment schedules that are scheduled monthly or quarterly and a set maturity date.
They are classified into two categories:
- Intermediate-term loans
These are amortized over a period of 18 months to 10 years, though they usually run between three to five years. This type of loan is used to pay for machinery, equipment, automobiles, trucks, and other durable yet depreciable assets.
Small business owners usually obtain immediate-term loan programs so they can have the cash they need to operate from month to month. They also need this to purchase fixed assets used in their production process.
- Long-term loans
On the other hand, long term loanscan run for as long as 10 or 20 years. Obtaining this type of loan involves additional requirements, such as collateral and limits on the amount of additional financial commitments you can choose to take on.
Banks and lending institutions conduct a rigorous screening process for borrowers. They take into account the following:
- Character and business experience,
- Credit capacity
- Financial statement of personal finances to assess your ability to repay
- Collateral, which should be larger than the amount you’re borrowing,
- Capital, and
- Accuracy of your revenue and expense projections.
Suite Capital makes getting Singapore term loans more practical
Suite Capital financial solutions are one of the most sought-after in Singapore. We offer sufficient information to help you make smarter decisions. Our team of highly-trained and experienced loan specialists will guide you every step of the way in obtaining the lowest interest rates to save you money. We avoid the unnecessary steps in loan application, so the process becomes much shorter. We also offer PIC claims, accounting, tax filing, and insurance services.
This is the Suite Capital way. Contact us today to learn more about how we can help you grow your business in Singapore.