A business term loan, a widely utilized financing option, provides businesses with the flexibility to secure funding without the requirement of collateral. Whether your business needs working capital or aims to invest in new equipment, these loans offer a versatile solution to meet a range of financial requirements. Enjoy the convenience of obtaining financing without the burden of collateral, making it an ideal choice for businesses seeking straightforward and accessible financial support.
Subject to credit assessment
Subject to credit assessment
Subject to credit assessment
As the name suggests, a business term loan is a lump sum loan that is provided at the start and repaid over a pre-determined period of time (3 months – 5 years) with a fixed monthly instalment.
The benefit of a business term loan is its flexibility of usage. This includes:
Depending on your credit quality, your interest rate might differ. For most banks, interest rates fall between 5.5% to 11% p.a, while alternative lenders start at 1-3% per month. Do note that loans typically come with a processing fee of about 1-5%.
| Business Term Loan | Banks | Alternative Lenders |
|---|---|---|
Interest Rate (EIR) |
5.5 – 12% p.a. |
0.85% – 3% per month |
Processing Fee |
1 – 3% |
3 – 7% |
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