Equipment & Machinery Loan

Yes. Hire purchase financing from SingFinance covers used industrial machinery as well as new, provided the asset’s condition and remaining useful life support the tenure. An indicative valuation from a licensed plant and machinery valuer may be required before approval.

Yes. Early settlement is available on hire purchase facilities with SingFinance, and the settlement figure reflects a rebate on unearned interest. Ask your Relationship Manager for the exact amount before you commit to the date.

The financed equipment must be insured for its full value against loss and damage, with SingFinance noted as the financier’s interest on the policy. Cover has to stay in place for the full tenure of the facility.

Businesses looking to release capital from equipment they own outright should raise it with a Relationship Manager on 6438 7060, who will work through the asset and what can be structured against it.

Your repayment obligation continues. Damage and loss are covered by the insurance policy on the asset, which is why cover is required for the full tenure. Tell your Relationship Manager as soon as it happens so the claim and the facility are handled together.

Ownership of the equipment passes to your business once the final installment under the hire purchase agreement is paid and the facility is discharged. SingFinance releases its interest in the asset and you own it outright.