What Are The Documents Required For SME Loan In Singapore?

We all know that we live in a world where the need for money can arise at any point in time. You cannot be certain about anything where you can fall short for money without any pre-notice. In this case, you should know that financial assistance must be the prime option. Here, you are supposed to look out for the best loan providers, be it banks, financial lenders etc. There are some licensed moneylenders who can provide you with the best loans. Here, there are different types of loans, and the most popular one is a small and medium enterprises loan.

Well, in this very article, we will take a look at what SME loans are and their details regarding documents required to get them in Singapore.

Initial words…

Hey guys, if you are looking to opt for a Small and medium enterprises loan, then here we are to make things easier for you. We all can agree to the fact that financial uncertainty can arise at any point in time. You need to be equipped with the money, or you can take financial assistance from any source available.

There are many different sources from where you can get quick and easy money without any major complications. By this, we mean that you can quickly get the money that is needed to finance the need.

Talking about loans, there are multiple options available in front of you where you can online apply for SME loan. Moy only the types of loans but the terms and conditions attached to them is also quite different. You need to make sure that the decision taken is perfect and you do not end up taking the wrong loan.

Now, there are different types of loans for different needs, which is totally up to you. Here, an SME loan is most commonly used by business class people or people running a firm. These loans are nothing but a helpful means to finance your monetary requirements. In order to fund a business, be it small or medium, you can opt for this loan which is the very best option available.

Therefore, in this article, we will take a detailed look at documents required to get Small and medium enterprises loan in Singapore.

Documents required:

Before opting for any loan, you need to make sure that the requirements are available to you. By this, we mean that you must be assured about the requirements and keep them beside you beforehand. This will make sure that any document required does not delay you from getting financial assistance from these licensed money lenders.

• ACRA certificate of Business Profile 

There are important documents that are required in order to get a medium enterprise loan from money lenders. The reason behind this certificate is that the moneylender knows everything about your business thoroughly. There is no smartness in hiding any information about your business from the moneylender providing you financial assistance.

This ACRA( Accounting and Corporate regulatory authority) will ensure that the moneylender will know about everything your business needs, including data of shareholders etc. In addition to that, the capital management of your business is also disclosed, which makes sure that the paid-up capital is known to the moneylender. By this, the moneylender will know about the directors of your business and also the nature and type of business.

• Notice of income for last two years

Not a single financer or money lender will issue your SME loan without taking notice of income from the directors. Almost every money lender or bank has made it compulsory to get proof of income for the last two years at least to issue an SME loan Singapore. There is no need for you to negotiate with this because nobody will provide you with an SME loan without it.

Here, the motive behind submitting the NOI (Notice of income) is to know about the real and undisclosed profit of a firm. The real and undisclosed profit is not a public authority and is not disclosed in public. In this case, you need to submit the notice of incomes for the least period of time, which is two years. Therefore, this is also one of the most important documents required to get an SME loan in Singapore.

• Exclusive CBS report

Well, this isn’t something that is readily submitted by firms opting for a Small and medium enterprises loan. The credit bureau Singapore report has become mandatory to be submitted to the licenced moneylenders in Singapore. The reason behind its importance is that the on-paper data of the firm can be bluffed, or it is possible to bluff it.

On the other side, a licensed moneylender in Singapore does not want any hidden or undisclosed data of the firm. In order to avoid this, you, as a firm holder, need to provide the credit bureau Singapore report, which will make sure that the details of credit are known to you. By this, we mean that the credit history of the directors, debts on the firm, repayments etc., are disclosed in a credit bureau Singapore report.

• Financial statements

You are bound to submit the most common and obvious document, which is the financial statement of the firm. There is a need for financial statements to be thorough with each and every disclosed and undisclosed data of the firm. Here, the need for an SME loan is to be known to you and also to the moneylender. All the financial activities of the firm are disclosed on the financial record of at least two years.

In this case, you need to submit the financial record or statement of your firm of at least two years from the date of opting for an SME loan. The profit and loss sheet can be helpful to know about the previous history of your firm. Also, if the firm is not two years old, you need to provide the financial statement from the date of commencement of the business.