What are the eligibility criteria for a BizBank account?
All entities registered in Singapore with ACRA are eligible!
- Business is registered in Singapore as Pte Ltd, LLP or LLC
- Business owner or director is a Singaporean or PR holder with min. 30% shareholding
- Active corporate bank account for at least 6 months
What are the eligibility criteria for a credit limit?
All entities registered in Singapore with ACRA are eligible!
- All Business must be registered in Singapore with ACRA
- Applicant must be the director of the business
- Applicant director has a shareholding of at least 30%
- Alternatively, the director and any guarantors have a combined shareholding of at least 30%
- Business must have a corporate bank account
- At least one guarantor must be Singaporean/PR
- No ongoing financial litigation on both personal and company level
- No ongoing bankruptcy on both personal and company level
What are the documents I need to provide for a credit limit assessment?
Documents required to fulfil the eligibility criteria :
- Financial reports: Latest 2 years financial report
- The latest financial year report should be within 18 months from loan application
- Bank statements: Latest 3 months bank statements for business loan assessment
- Debtors and creditors aging list: Optional based on SMEs loan application type and creditworthiness
- Director’s Identity Verification: Director’s IC copy to verify identity
- Director and all guarantors' CBS report with at least three months' validity
- GST Form F5: Last 8 quarters of GST form F5 returns
- Existing loan facilities: Details of existing SME financing facilities from other banks/FIs
- Names of the lenders, type of facilities, outstanding loan amount, outstanding tenure, interest rate, and monthly instalment
How will I give the required documents to BizBank for Credit Limit assessment?
You can manually upload the required financial documents in the financial information section or you can connect your accounting software like Xero, Quickbooks to BizBank Loan account
What is a CBS Report?
- A Credit Bureau Singapore (CBS) report is a record of your credit payment history. You can purchase yours for $6.42 from the CBS website here
- A CBS report is needed in order to get a credit limit from BizBank
Why does BizBank need a copy of my NRIC and full NRIC number?
- We require a copy of your NRIC in order to verify your identity. Failure to do so could pose a significant security risk of fraudulent activity because our services have money related offerings
- Without NRIC details submitted by an applicant, we will be unable to complete the account verification process for loan application and the applicant will not be entitled to apply for BizBank’s credit facility
Am I eligible for a BizBank Account if I have an outstanding loan?
- Yes, you are still eligible for a BizBank Account!
- However, dependent on the nature of your loan (loan amount, number of repayments left, etc), your BizBank Account may or may not be eligible for a credit limit
- Sign up for a complimentary credit assessment here!
Am I eligible for a credit limit, if I have an outstanding loan?
- Outstanding loans: Dependent on the nature of your loan (loan amount, number of repayments left, etc), your BizBank Account may or may not be eligible for a credit limit. You will be asked to share details of these loans during the credit assessment
- Outstanding litigations: Your BizBank Account can only be eligible for a credit limit if you are able to prove that the litigation has already been resolved. We will require documentation proof
Sign up for a complimentary credit assessment here!
How long will it take for my account to be approved?
- Following the successful submission of all required documents, our credit risk team will begin the credit assessment process
- As part of the assessment process, our credit risk will be making a thorough credit assessment and document verification. In the event that if the credit team needs some additional documents (aging list, invoices/contracts, financial statements, tenancy agreement etc), they will be calling the applicant, the assessment process may be delayed for a few days based on receiving these documents
How long is my credit line approved for?
The validity of the credit line is up to BizBank’s discretion but BizBank credit assessment conducts a credit review every 6 months
Can I increase my credit limit?
To increase your credit limit, you have to request a re-assessment of your credit limit after 3 months from your last credit limit approval date
- Past 3 months' corporate bank statements
- Up-to-date copy of your CBS
You can improve your chances of increasing your credit limit by:
- Adding additional guarantors
- Connecting your account with more software integrations (e.g. Shopify, Lazada, Xero)
- Making prompt repayment
How can I improve my credit score?
If your credit score is between EE to HH status, there are easy ways for you to improve it
- Always pay your bills on time: If you can’t pay it off all at once, then make sure you at least pay the minimum amount billed to you every month at the same intervals, on or before the due date
- Always check your credit bureau report: Sometimes, banks might not have updated your payment records or you might have some credit card annual fees charged to your account you’re not aware of being reflected as outstanding payments
- Do not apply for several loans within a short time frame: Fast and frequent borrowing screams to the banks and financial institutions that you might be a high default risk borrower, and will lower your credit score, because every time you apply for a loan, an enquiry is made against your report
- Stay committed to a plan to keep a good credit score: Pay your bills on time or arrange for a Giro to auto-credit your monthly payments so you will not miss out on any payment due dates
- Make sure your credit is always active: No credit assessment means no credit score, and no credit score means that banks can’t ascertain your payment conduct when assessing your loan application. If are a first-time borrower and have no existing credit records, your credit bureau report will reflect credit rating of CX, which means there is insufficient information to determine a credit score
- Try to limit the number of cards and credit limit you have: If you’ve a high total aggregated total credit limit from all your personal unsecured credit facilities, it will impact your credit score even if you don’t draw down on the limits. Reason is because you are considered a high credit risk as you can draw down at any time a large unsecured credit limit