OxProp Capital’s B2B Business Loan offers property-backed business loans, making it a great avenue for SMEs to acquire loans. The interest rates are kept low as your property will be used as a security, reducing the risk borne by OxProp Capital. The interest rates hovers around 7% which is lower than the market average of 8.75% for personal loan interest. The loans are customisable and OxProp Capital can loan up to 80% of your housing value.
|Summary of OxProp Capital's B2B Business Loan
|Able to give out loans for individuals with poor credit rating
|Receive funds within one to two weeks
|Loan up to 80% of home value
|Fixed rates loans
|Around 7% interest rate
Table of Contents
- What Makes OxProp Capital B2B Business Loan Stand Out to SME?
- Other Charges and Fees
- Who Can Apply?
- How Can You Apply?
What Makes OxProp Capital B2B Business Loan Stand Out to SMEs in Singapore?
OxProp Capital is a strong contender for SME loans in Singapore. Compared to traditional business loans in Singapore, there are less credit requirements and red tape. A traditional financial institute (FI) will look at your credit history, spending patterns, number of loans among other factors. SMEs that are new, or does not fit the FIs requirements will have to contend with smaller loan amounts, higher loan interest rates or be rejected from the loan. OxProp Capital comes in to serve these clients’ needs.
OxProp Capital has a faster processing time as compared to traditional FIs. A business loan process can usually take up to one month or more. It uses advanced analytics and proprietary technology to streamline the borrowing process, reducing processing time to one to two weeks.
Though OxProp Capital's interest rates are higher than what their competitors are offering, it stands out by being able to fulfill larger loan amounts. Loans are capped at S$15 million and the loan amount can easily reach six-digit figures due to the property prices in Singapore.
Other Charges and Fees
There will be a legal fee and processing when you borrow from OxProp. This amount is similar to what is typically observed in a bank.
There will be a 2% fee incurred if the loan is cancelled or pre-paid. This can be avoided if the borrower does not cancel the loan or settle the debt in advance. Loan defaulters can expect to pay 15% p.a. on any part of the facility that is not paid on the due date.
Who Can Apply?
As mentioned, OxProp Capital does not specify any eligibility requirement for their loans. SMEs and even individual borrowers can head over to OxProp’s website to apply for a loan. All you need is your basic personal information, monthly income and loan amount.
The minimum financing amount is S$200,000 and loan duration is typically for a year (can be extended).
How Can You Apply?
To apply for a loan, all you need to do is to submit an application via the “Apply Now” button on ValueChampion’s webpage and a representative will get in touch with you. This is when you can discuss customising your loan and submit the required documents for the application. After all that is done, you will need to head down to OxProp’s office to sign the offer and your loan will be disbursed to you.