About CIMB
CIMB Group Holdings Berhad is a Malaysian bank with headquarters in Kuala Lumpur. CIMB has a retail branch network with over 1080 branches across the region.
CIMB employs over 40,000 people located in 18 countries who cover the ASEAN region and other major global financial centres. A full service bank, it has activities in consumer banking, wholesale banking and other banking areas and its core markets include Malaysia, Indonesia, Singapore and Thailand.
CIMB has a dual banking model and operates Islamic banking through CIMB Islamic.
CIMB group’s presence is also complemented by partnerships including Dawewoo securities and others.
Address:
50 Raffles Place #01-02. Singapore Land Tower Singapore 048623
CIMB Business Loans
CIMB has a number of financing products specially structured for Businesses in Singapore, some of the financing products they offer are
1. CIMB Working Capital Loans
This product is for businesses that have been registered an operating in Singapore for at least 6 months. Offered Jointly by the Singapore Government and CIMB Bank and administered by Enterprise Singapore. This is a flexible and affordable financing product.
The maximum loan period can be up to 5 years and the loan amount is up to S$1,000,000 under the Enhanced Budget Scheme announced in 2020. The rate for the CIMB Working Capital Loan starts at 3% effective per annum and an example of the repayment is below
| CIMB Working Capital Loans | |||
| Principle Sum | Effective Interest | Loan Tenure (Years) | Monthly Installment |
|---|---|---|---|
| S$ 100,000 | 3% | 5 | $1796.87 |
| S$ 200,000 | 3% | 5 | $3593.74 |
| S$ 500,000 | 3% | 5 | $8984.35 |
| S$ 1,000,000 | 3% | 5 | $17,968.69 |
| No Early Repayment Penalty | |||
*IMPORTANT NOTE* - The above amounts are obtained from a loan amortization calculation by Equity Capital Solution. The figures above are subject to change and might not be identical with the actual offer by CIMB.
2. CIMB Temporary Bridging Loan
CIMB’s Temporary Bridging Loan is an initiative between the Singapore Government and CIMB to help SME’s and Businesses in Singapore. This product is for businesses that have been registered in Singapore and are operating with at least 30% Singaporean or Permanent Resident shareholding.
The Temporary Bridging Loan can stretch up to 5 years. The interest rate is largely similar to the Working Capital Loan at 3%
| CIMB Working Capital Loans | |||
| Principle Sum | Effective Interest | Loan Tenure (Years) | Monthly Installment |
|---|---|---|---|
| S$ 100,000 | 3% | 5 | $1796.87 |
| S$ 200,000 | 3% | 5 | $3593.74 |
| S$ 500,000 | 3% | 5 | $8984.35 |
| S$ 1,000,000 | 3% | 5 | $17,968.69 |
| No Early Repayment Penalty | |||
*IMPORTANT NOTE* - The above amounts are obtained from a loan amortization calculation by Equity Capital Solution. The figures above are subject to change and might not be identical with the actual offer by CIMB.
The application process is quick and easy, documentation required includes 6 months bank statements and financials of the company as well as identification copies of the guarantors.
The loan can also be paid off at any time and the interest recalculated to the day of payment. This means that business owners who are looking for financing for projects can pay off the loan when the project has been completed.
3. CIMB Business Term Loans
CIMB Business Term Loan is a financing product offered directly by CIMB bank. Companies registered and operating in Singapore with at least 30% Singaporean or Permanent Resident shareholding are eligible for the loan. CIMB’s Business Term Loan can provide the necessary capital that a business needs for operations and for expansion. The maximum tenure can be up to 5 years and the interest rate can be tailored to the SME or Business, according to risk level.
The application process usually takes from 1 to 2 weeks and loan amounts can be from S$100,000 to S$500,000
4. CIMB Business First Loan
CIMB offers the Business First Loan, a groundbreaking initiative by CIMB to support newly incorporated startups. New businesses that are not able to obtain financing because they do not meet the mandatory incorporation length can apply for the Business First Loan.
Businesses just need to be registered and Incorporated in Singapore, and only 1 month latest bank statements are required together with identification documentation.
Loan Amounts can range from between S$20,000 – S$100,000 with a tenure from between 1 to 4 years available.
Other Criteria for the Business First Loan includes the following
- Must not be older than 3 years old
- Must not have more than 10 employees or a S$1 million in annual turnover
- Must have at least 30% of shares held by a Singapore Citizen or PR
- Must have at least one guarantor who is Singaporean or Singapore PR between the ages 21 and 62
5. CIMB Micro Loan
The CIMB Micro Loan is a joint initiative by the Singapore Government and CIMB. It allows businesses who are starting to grow to obtain working capital for cashflow or for business expansion.
The CIMB Micro Loan provides for loans up to S$100,000 with a tenure of 4 years. There is no early repayment penalty so this makes this attractive for SME’s and Businesses in Singapore. Businesses have to be incorporated in Singapore and be operating for at least 6 months.
The low interest rate allows SME’s and Businesses to utilize this financing product to thrive and grow. Should Businesses require greater loan amounts, they can look towards the CIMB Working Capital Loan or Temporary Bridging loan for greater funds.
Equity is a online business financing resource in Singapore. We provide free and easily accessible information on business loans in Singapore. We have extensive experience structuring both bespoke and turnkey financing solutions for both Singapore and companies overseas. Let us find you a financing solution quickly, easily and at a low cost.
How It Works
- Make a Free Enquiry.
- An Equity financing specialist will reach out to you for some simple details.
- We work together with you for the documentation.
- You relax and we do the heavy lifting for you.
- We contact you when its approved for signing down the loan.
