Micro Overdrafts

Your business’s annual turnover is up to SGD 20 million.

Overdrafts

Your business’s annual turnover is more than SGD 1 million.

Micro Overdrafts

Minimum and maximum Micro Overdraft limits that can be applied are SGD 10K and SGD 150K respectively.

Overdrafts

On the other hand, the minimum Overdraft limit that can be applied is SGD 200K. 

Above is subject to GLDB’s credit assessment and approval. For now, we only support SGD drawdowns for Overdrafts.

There is no fixed tenor or repayment schedule. 

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Interests only apply to the amount you have utilised i.e. you pay interest only on the amount you use.

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Interest rate for your Overdraft may be a fixed rate or floating rate (based on GLDB’s prime rate plus a margin). Interest rates are determined based on your credit standing or collateral (if any provided).

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A facility fee at 1.00% flat of the credit limit granted will be charged upfront.

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A late fee of SGD 50 applies to every instance when the Overdraft limit goes into excess.

Micro Overdrafts 

For applications,

The below documents are mandatory: 

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Company’s Financial Statements (latest 2 years)

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Bank statements from Company’s Main Operating Account (latest 12 months)

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Company’s Tax Assessment (latest 2 years)

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Company’s Goods and Services Tax Assessment (“GST”) returns (latest 2 years, if applicable)

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Personal Guarantor Credit Bureau Consent

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Personal Guarantor Income Tax Notice of Assessment (latest 2 years)

Overdrafts 

For applications,

The below documents are mandatory: 

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Audited Financial Statement (latest 3 years) 

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Consent for Credit Bureau Search (if personal guarantees apply)