Review: MariBank | Mari Business Loan (Credit Line) – Do I Need a Business Credit Line?
For business owners, having quick and easy access to cash is crucial for various needs such as purchasing inventory or paying staff and suppliers.
For small and medium-sized enterprises (‘SMEs’), it is common to experience changes in business direction, which can lead some to find themselves with larger-than-needed loans due to traditional bulk disbursements. Having a business credit line generally gives the flexibility to adjust to business needs and get the right amount of funding without long lock-ins.
First look | Mari Business Loan (Credit Line) - Standby Credit Line
MariBank has designed their loan product as a Standby Credit Line, to give SMEs ready cash for their business needs. As the name suggests, this is a Standby Credit Line that SMEs can draw upon whenever they need that extra working capital to manage any sudden order surges or help to finance urgent payments.Let’s take a look at some of the features below:
Features:
- Up to S$200,0001 Standby Credit Line
- No processing fee, account fees and early repayment fees
- Interest Rates: From 0.5% simple interest per month (EIR from 8.98% p.a.)2
- Repayment Periods: Option for 3, 6, 9 or 12 months
Comparison | How does a Business Credit Line compare to an Overdraft Facility?
Overdrafts are best for quick, short-term borrowing directly linked to your checking account, often with higher fees and interest rates.
Mari Business Loan (Credit Line) on the other hand offers more flexibility with the ability to borrow and repay over time, usually with lower interest rates and fees but potentially more structured requirements for access.
Let’s take a look at a comparison table below:
| Mari Business Loan (Credit Line) | Business overdraft facility (other banks)3 | ||
Loan Amount, Loan Tenor | $30k, 3 months | $30k, 3 months | ||
Processing fee / facility fee | 0% | $0 | 0.5% | $150 |
Annual Fee | 0% | $0 | 1.5% | $450 |
Interest Rate | 0.5% simple interest per month (EIR 8.98% p.a.)2 | $450 | ~10% p.a. | ~$750 |
Total Cost | | $450 | | $1350 |
Early Repayment Fee | N/A | $0 | N/A | $0 |
Drawdown | - | Anytime (Subject to available Credit Limit) | - | Anytime (Subject to available Credit Limit) |
Repayment | - | Principal + Interest monthly instalments (3, 6, 9, 12 months) | - | No fixed instalment |
Table 1: Comparison of Mari Business Loan (Credit Line) vs. other Bank’s Business Overdraft Facility.
While Mari Business Loan (Credit Line) still offers competitive interest rates in the market, its standout advantage is the absence of processing and annual fees, which significantly reduces the overall cost as highlighted above. This benefit is particularly valuable for businesses who need funds on an ad hoc basis, as it allows for more flexible financial planning.
While both Mari Business Loan (Credit Line) and overdraft facilities have similar drawdown availability and no early repayment fees, Mari Business Loan (Credit Line) eliminates account opening fees, further enhancing cost savings.
It essentially provides a convenient Standby Credit Line to manage short term liquidity gaps you may encounter, making it a cost competitive advantage when it comes to similar credit facilities.
Eligibility | So who can apply for a Mari Business Loan (Credit Line)?
As long as your business entity is incorporated for at least 6 months, and falls within any of the following structures, you are able to apply for a Mari Business Loan (Credit Line).
- Sole Proprietorship, Partnership, Limited Liability Partnership
- Fully owned by a Singaporean or Permanent Resident - Private Limited Company
- All Director(s) and major shareholder(s) with equal to or more than 25% shareholding need to be Singaporean(s) and/or Permanent Resident(s)
How to apply for a Mari Business Loan (Credit Line)?
On a closer look, the MariBank app has a very simple and intuitive user interface. The application process is relatively straightforward and fuss-free as well. You can apply for a Mari Business Loan (Credit Line) in just 4 simple steps:
- First, download the MariBank app via official App Stores and sign up for a MariBank account.
- Select the business banking product that you want to apply for and use the referral code “SMTMB004” – do note that a Mari Business Account will be opened for all successful Mari Business Loan (Credit Line) applicants as a loan servicing account. If you are a Shopee seller, do also click on “Link with Shopee Shop” to enjoy potential exclusive Shopee seller benefits.
- Login to Singpass to retrieve and verify your data.
- Complete the onboarding form and submit your application. In most cases you will receive your application outcome within 1 - 2 days.
MariBank has made it convenient and simple for businesses to leverage on a flexible Standby Credit Line for your business expansion needs, or even just for daily working capital and paying off more urgent invoices. It’s definitely on our watch list of up and coming business loan products, and they’ve even recently won “Winner of Best SME Digital Lending Solution” in the Global SME Banking Innovation Awards 2024.
We highly recommend applying for a Mari Business Loan (Credit Line) to help you stay ready with the funds you may need for your upcoming business plans.
You may also find out more via the MariBank website, or reach out to their customer service team directly.
1 Subject to Terms and Conditions Governing Mari Business Loan (Credit Line).
2 The interest rate indicated is the lowest published rate and may differ from what is offered to you. We will inform you of the interest, and corresponding monthly instalment applicable via the MariBank app at the time of each loan drawdown request. Effective interest rate is calculated based on a 3 month loan tenor.
3 May be subject to any terms and conditions imposed as well as pricing mechanisms adopted by other banks. Information is accurate as at the date of publication.
Deposits Insurance Scheme
Singapore dollar deposits of non-bank depositors are insured by the Singapore Deposit Insurance Corporation, for up to S$100,000 in aggregate per depositor per Scheme member by law. Foreign currency deposits, dual currency investments, structured deposits and other investment products are not insured.
MariBank official website: https://www.maribank.sg/
MariBank customer service:
- 24-hour hotline: +65 6995 8688
- Email: help@maribank.sg
MariBank is a separate entity from, and is not associated with the business of, SMART TOWKAY VENTURES Pte. Ltd. MariBank holds a banking licence and is regulated by the Monetary Authority of Singapore. Mari Business Loan (Credit Line) and Mari Business Account are provided by MariBank.
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