Finance

What is Micro Business Loan in Singapore – Know All About It?

Singapore – Know All Points

Singapore is one of the most developed countries located in the Asia Continent. The official name of Singapore is the Republic of Singapore. The country is more specifically is located in the southeast of the Asia continent. The area of the Country is 728.6 km2 and the population of the country is 56.9 lakhs as per the data for the year 2020. Singapore is a developed country the people of Singapore are well educated and aware of almost everything. The people of Singapore are well educated and a large no. people are entrepreneurs and industrialists and the people of Singapore are highly interested in knowing about micro business loan singapore.

What is Micro Business Loan?

The small business that is usually small startups and very small setups that are engaged in the activity of trading, manufacturing, and service is termed micro-businesses. As these businesses are small and they lack the funds, so to support micro-businesses there is a special loan for these businesses in countries like Singapore called micro business loan singapore. More precisely, micro business loans are also known as micro-enterprise loans and are often known as MEL. A loan like MEL is a working capital loan that helps small entrepreneurs to get the loan up to 50,00,000. The tenure of MEL loans is up to 120 months and the interest rate on the products can go up to 35%.

Summary

Micro Business Loans are also known as Microenterprise loans that are often termed as MEL. These loans have the motive to encourage small entrepreneurs.