05 July 2024

Best Loan Options in Singapore (2024): Business & Personal

In life and in business, there are sometimes missed opportunities for investment or growth if one does not respond or act swiftly. In such circumstances, you may need emergency cash flow urgently to help you make decisions that lead to achieving your financial goals. That is where loans offer a lifeline, providing a quick financial boost and empowering you to make that home purchase or strategic investment. Find out more about practical loan options for both businesses and individuals.

Key Takeaways

• Loans help businesses overcome cash flow constraints, fund projects, manage working capital, and invest in growth opportunities.
   
• Individuals can use a loan to manage large expenses like insurance premiums, finance home purchases, and leverage their investment portfolios for further growth.
   
• Financial institutions like RHB offer a range of loan options with flexible packages, competitive rates, and the option to borrow in foreign currencies.

For Businesses: Loans for Different Industries

While many businesses understand loan options like merchant cash advances and invoice financing, their accessibility depends on each specific sector. Industries such as construction and manufacturing often benefit from a broader selection of financing opportunities.

Construction

The construction sector, a cornerstone of Singapore's economy, demands substantial capital for growth and to thrive amidst challenges like labour shortages and unpredictable cash flow. 

To grapple with these capital constraints, business loans provide the necessary liquidity to ensure projects can progress without financial hiccups. In an industry where delays are costly, having immediate access to funds can be a game-changer. 

For loans, businesses in the construction industry can consider these options:
 

• Trade Financing: A trade loan enables your companies to manage working capital gaps and unlock funds for procurement of building materials, thereby putting less pressure on cash flow.
   
• Project Loan: Under Enterprise Singapore, this government-assisted scheme enables the fulfilment of domestic* or overseas projects if you are looking to expand and venture into new markets. 

*For a limited time, domestic projects within the Building & Construction (B&C) industry are eligible for financial support under the EFS-Project Loan program. 

Manufacturing

Singapore's manufacturing domain, known for its advanced tech and high-value outputs, demands a robust financial backbone to sustain and expand. 

Loans tailored for manufacturers are a lifeline, providing the agility to manage working capital needs and ensuring the supply chain remains robust and resource-efficient.

Businesses in the manufacturing industry can consider these financing options:
 

• Trade Financing: This loan option is helpful for manufacturers who need to procure raw materials without straining their cash reserves. This affords businesses the ability to continue their supply chain operations, minimising any possible disruptions.
   
• SME Fixed Assets: Under Enterprise Singapore, this risk-sharing scheme by the government would be suitable for companies looking to upgrade or automate their processes. This can help finance the investment of domestic and overseas fixed assets. Learn more about small business loans. 

Real Estate

Singapore's real estate market is a dynamic landscape where time is often of the essence. For investors, real estate loans are a flexible financial tool to capitalise on opportunities. 

These loans provide quick access to funds, allowing investors to purchase properties, complete renovations, or bridge financial gaps. This agility is crucial in a market where delays can mean missed chances or increased costs.

Those managing real estate investments can consider this financing option:
 

• Commercial Property Loan: This property loan helps with the ease of purchasing or refinancing your desired commercial or industrial properties. It is specially tailored for working capital or expansion needs, with flexibility in loan tenure of up to 25 years. Learn more about commercial property loans.

To enquire about your eligibility for a business loan, connect with a consultant at RHB today.

For Personal: Loans for Individuals

Discover financing and wealth opportunities with our secured loans for individuals. These financial solutions are designed to be readily accessible when you need them most.     

Insurance Premium Financing

Insurance loans allow you to manage your cash flow more efficiently by financing the premiums of your insurance policies. This is particularly beneficial if you wish to maintain liquidity for other expenditures. 
 

Home Loan Purchasing

When purchasing property, a home loan can be a strategic move, which allows you to afford your dream home. Choose from a wide range of rate options, including variable rate, fixed rate, and SORA rate. 

Portfolio Financing

A portfolio financing loan allows you to invest in diverse assets without the need to liquidate your investments. It is an excellent strategy for safeguarding your portfolio’s value while leveraging it to secure additional funding to grow your assets. 

Why Choose RHB for your Business & Personal Loans

At RHB, you can look forward to the following perks tied to our loans: 

• Get a loan in different foreign currencies 
   
• Receive advance payment from RHB before collecting payment
   
• Choose from flexible lending packages and repayment periods
   
• Enjoy competitive interest rates

Empowering Your Business with RHB

RHB is a reliable partner that understands your needs in great detail—whether you are managing a business in the construction, real estate, or manufacturing industry, or you are looking to get a personal loan for your home, insurance, or future investments—we are able to personalise our financing solutions to meet your specific needs.

Learn more about our business and personal solutions. For professional advice, connect with our consultants today.     

The information presented in this article is accurate as of date of publication.