![]() ![]() ![]() It is a fact that most of the new business doesn’t cross the 1-year threshold. EasyFind SG is one of those whose annual revenue limit is very low. But this criterion is different for all banks, there are some banks or institutional lenders for whom this amount is a lot less. Most banks prefer businesses that generate more than S$300,000 of revenue annually. No, right? Well, the same goes for banks as well. So, will you be willing to take the risk of lending that amount of money despite knowing the fact he won’t be able to pay you? Suppose that someone has asked you to lend them a big amount of cash and you also happen to know that a certain person has a low monthly income. Let’s take the example of making it easier for you. So, what does your annual revenue have to do with your SME Loan Singapore? Well, it has everything to do with that. So, right after your credit score, banks check the annual revenue generated by your business. The bank will just request you for a collateral or a guarantor for the loan. if it’s CC or below, that wouldn’t mean that you won’t be able to get the loan. On the other hand, if you don’t have a good credit score i.e. This way you will have a general idea about how good your credit score is if its AA or BB then you would get it quite easily. ![]() If you want you can also check your credit score by purchasing it from Credit Bureau Singapore. So, if you have a good credit score then it would be quite easy for you to get the loan. So, what’s the importance of a credit score? Well, by looking at a credit a bank or an institutional lender checks their chances of getting the money back. At any bank you go to for a loan, the first thing they will check is how good your credit score is! This is the first criteria when it comes to getting your sme loan singapore to get approved. Just as it has been mentioned above that there are few criteria that one needs to fulfill to be eligible for a business loan. So, what are these criteria? How to Qualify for Business Loan There are a few criteria that you need to fulfill to be able to qualify for a business loan. Now, any bank wouldn’t just hand you the sum of money you need just like that. Now, this amount of money needs to be returned along with interest by the borrower within a certain discussed period.
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