Personal Loan for Business

PERSONAL LOANS FOR BUSINESS

Find the Lowest Rates on Personal Loans in Singapore

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At a Glance

Pros & Cons

Who Can Qualify?

Cost

How It Works

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A personal loan for business is a loan that is given to you based on your personal financial strength and credit history. You can use the funds for your business or in any other way that you like.

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  • Credit score of between AA – GG



Disclaimer: These are general qualifications. Other information might be considered during your application.

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While you can apply for personal loans at most bank branches, you may also want to look for alternative lenders. Click on the link below to apply to both.

Apply Here for a Personal Loan

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Personal Loans for Business at a Glance

Personal loans can be a very useful source of funds for younger businesses that do not have an established financial history yet. If you are a business owner of a new business, personal loans for business can often have lower interest rates than the traditional business loans.

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Up to S$750,000

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[icon_box border=”0″ title=”Loan Term” image=”2623″]

1 – 5 years

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[icon_box border=”0″ title=”Interest Rates” image=”2624″]

3.7 – 6.88% per annum

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As fast as 2 weeks

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The Pros and Cons

Good for new business owners

Lower interest rates than business term loan

Monthly repayment schedule

Affects your personal credit history

Limited to 18x of your personal income

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"Personal Loans"
with Capable Loans Today!

Compare All Loan Types...

Loan Type

Speed

Interest Rates

Micro Loan

2 – 3 weeks

3.2 – 4.5% per annum

Personal Loan for Business

Up to 2 weeks

3.7 – 6.88% per annum

Trade Financing

2 – 4 weeks

2.3 – 2.8% per annum

Equipment Financing

2 – 3 weeks

2.8 – 3.2% per annum

Crowdfunding

1 – 3 weeks

12 – 16% per annum

Business Term Loan

2 – 3 weeks

5 – 7% per annum

Short-Term Loan

1 – 2 weeks

7.8 – 12% per annum

Who Qualifies for a Small Business Startup Loan?

As you might guess, many young and new businesses can qualify for a small business startup loan.

Since you won’t have a lot of revenue history, the most important factor to lenders will be your personal credit score:

The higher the score, the better your chances of qualifying.

What Documents Do I Need to Apply?

Bank Statements

Profit & Loss Statements

Balance Sheet

Income Tax Returns

Identification Card (NRIC) / Copy of Passport

Latest Payslip

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“Personal loans are a great option to kickstart your business if you have a strong credit history.”

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See What Loans You Qualify For

How Do Personal Loans for Business Work?

For many new business owners. raising capital for the first time can be very challenging.

How can you start your business without enough capital?

But the Capable Loans team offers a solution for new business owners who don’t have an established business history or sufficient finances:

Personal loans for business.

It is essential to know the difference between a personal loan in Singapore and a business loan, and to be aware of the requirements for personal loans.

Now, let’s get started!

How to Get a Personal Loan

Getting a personal loan approval is very much dependent on your personal credit history—the financial strength of your business doesn’t matter.

For a personal loan, the lender makes a loan to you, not the business, which makes it your responsibility to repay the loan promptly.

What does this all mean to you?

It doesn’t matter what you use the funds for. You can use it for business growth, or you can use in any other way you like, as long as you make proper monthly repayments.

When Should You Get a Personal Loan?

For startups and young businesses that have not yet established a strong financial record, personal loans could be the best way to raise capital for your business.

But…

Personal loans for business can only be considered if you have a strong credit history, which is the most important requirement for a personal loan application.

Apply For the Best Personall Loans
with Capable Loans Today!

What Are the Costs of a Personal Loan for Business?

Want to know a great thing about personal loans?

Repayment structures are very simple.

No hidden fees, no complicated documents—just you, a lump sum of cash, and a fixed monthly payment.

A simple processing fee, no hassle with documents—just a generous amount of funds and a monthly repayment scheme.

The Processing Fee

The only fee there is: the processing fee.

All you have to do is  to subtract the processing fee amount from the approved loan amount, and that will be the amount disbursed to you.

For example, if you apply for a $10,000 personal loan, and the processing fee is $150, you will receive $9,850 into your bank account. Do keep in mind that you’ll need to pay interest on the borrowed amount of $10,000.

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