Business Loans in SG: How to Get the Best Rates (Without the Headache)

Let’s be real—scoring a great business loan in Singapore can feel like trying to order kopi at a hipster café: too many options, confusing terms, and suddenly you’re paying way more than you expected.

But here’s the good news: you can land a killer loan rate without selling your soul (or your kopi franchise). Here’s how:

Business Loan Rates in SG: The Cold, Hard Truth

Interest rates here swing from "Wow, that’s reasonable!" (3%) to "Wait, is this legal?" (13%). Most hover around 7-12% p.a.—but the real magic word is EIR (Effective Interest Rate).

Why? Because like a "value meal" that secretly charges extra for chilli, EIR includes all those sneaky fees banks don’t highlight upfront. 

Always check EIR—or regret it later.

 4 Hacks to Snag the Lowest Rates

Good news: you can hack the system (legally, of course) and improve your chances of securing the best loan deals. Here’s how:

1. Shop Like a Kiasu Aunty at Sheng Siong

Don’t settle for the first loan offer that slides into your inbox. Don’t grab the first offer. Compare lenders like you’re hunting for the best bak kwa deal before CNY.

2. Boost Your Credit Score (No, You Can’t Photoshop It)

Banks treat a score below 75/100 like expired kaya—insta-reject. Pay bills on time, keep debts low, and watch your options improve.

The Credit Bureau of Singapore (CBS) tracks your score, so keeping it clean means more attractive loan offers.

3. Meet All Eligibility Criteria—No Half-Past-Six Applications

Most lenders require businesses to be at least 30% owned by a Singaporean or PR and have an annual revenue of at least $300,000. Miss these, and your loan application is as good as rejected—like a fake branded bag at Customs.

4. Stop Swiping Right on Every Loan—It’s Not Tinder

Applying for multiple loans at once makes lenders nervous. Every time you apply, your credit report gets pinged. Too many pings, and banks start thinking you’re drowning in debt. Not a good look.

Tinder rules apply: swipe selectively.

Why Devise is Your Loan-Wingman

Now, if all this sounds like too much work, don’t worry—Devise is here to do the heavy lifting. Think of it as your ultra-efficient, super-reliable loan broker bestie. Here’s how they make life easier:

1. A One-Stop Loan Comparison Hub

Instead of opening 50 browser tabs, just hop onto Devise’s platform to compare all loan options at a glance. It’s like a buffet where you only see the good stuff—no shady dishes included.

2. A Lifeline for Bad Credit

Got rejected because of a meh credit score? No problem. Devise connects you with lenders who might still be willing to work with you—because hey, everyone deserves a second chance.

3. One Application to Rule Them All

With Devise, you submit one loan application, and multiple lenders review it. That means no spammy rejections, no awkward follow-ups, and no hit to your credit score.

Efficiency level: 1000%.

Final Thoughts

Hunting for the best business loan doesn’t have to feel like a scavenger hunt. With the right strategies—and a little help from Devise—you can land the best rates without the stress. Now, go forth and secure that funding! And maybe, just maybe, get that second café outlet you’ve been dreaming of.

For more info, check out our guide or drop us a message—we’d love to help (or just chat about business and kopi).