Dbs Bridging Loan

DBS Bridging Loan is offered by DBS Bank and falls under the Enterperise Financing Scheme of the Government of Singapore which is backed by Enterprise Singapore.

DBS Bank is a banking and financial services giant that has its headquarters in Singapore. Originally set up by the Government of Singapore, DBS Bank is the largest bank in Southeast Asua in terms of assets. DBS offers temporary bridging loans to businesses and enterprises that operate out of Singapore, and meet the eligibility criteria for bridging loans as stipulated by Enterprise Singapore.

Enterprise Singapore, a government organisation in Singapore, created the Temporary Bridging Loan in response to the financial instability caused by the COVID-19 outbreak. The Temporary Bridging Loan programme has been extended through March 2022 in its existing form.

The maximum loan amount is 3 million Singapore dollars. The maximum interest rate that can be charged is 5%. The repayment period can be as long as five years. These are the terms set forth by Enterprise Singapore, which is a partner with DBS in terms of offering the bridging loan, and bears a 70% risk share on the loan.

DBS requires guarantors for the bridging loan programme, who can assume legal responsibility for the loan if the loan applicant is unable to repay it. In addition, the business, director, and guarantors will be subjected to all formal financial assessment processes.

Do you want to apply for a Temporary Bridging Loan? If you are a business operating in Singapore, then you are eligible for the Temporary Bridging Loan programme if the following conditions are met:

• 30% or more shares of the business seeking the loan should be held by Singaporeans or Permanent Residents.
• The business should be present and operating in Singapore for at least 6 months

Unlike many other banks and lenders, DBS ensures that the Effective Interest Rate is mentioned upfront when it comes to loan advantages. The EIR, not only the flat interest rate, is important to consider because it compensates for the continuously falling principle amount. Loan seekers can also look at the amortisation schedule, which shows how the principal is paid down over time.

Further, the Temporary Bridging Loan is offered collateral-free, and on the basis of guarantors.

For applying for any business loan with DBS Bank, the below listed documentation is usually required:

• Bank statements of the business account
• Financial reports of the business
• Director’s IC copy
• Notice of Assessment
• Director's / Guarantor's personal income statement
• Director's / Guarantor's credit history
• GST Form (if applicable)
• Debtors and creditors ageing list

You will save time by not having to go back and forth with additional documents if you get your paperwork in order. Finnacle's staff of former bankers can assist you. We have industry knowledge and can assist you in giving the proper documentation at the start of the loan procedure, saving you a lot of time and effort in going back and forth on the paperwork.

At Finnacle Capital Solutions, we strive to make your life easy. You can apply instantly for the Temporary Bridging Loan with DBS Bank through us. We have partnered with DBS Bank and can get your loan application processed in just 8 working days.

So, what are you waiting for? Fill out this simple form and the loan specialists at Finnacle Capital Solutions will get back to you immediately to get you the Temporary Bridging Loan from DBS Bank.