Being in the commercial kitchen equipment business, we know that setting up a kitchen is a hefty investment. Equipping your kitchen with the right equipment is just a small part of the spending equation as there are other areas such as renovation, interior design and rental requiring a significant budget as well. We believe that having a properly designed kitchen is integral to the success of all F&B businesses out there.
That is why when you purchase from us, we also provide the option of hire purchase. We have the best rate in town at only 2.98% per annum.
Hire purchase, also known as installment plan, is an arrangement where you're "hiring" or "renting" a property of the bank. To put it simply, the ownership of the particular good still belongs to the bank until all installments are paid up. Thus, it is the user's responsibility to maintain and insure the good within the time frame stipulated in the agreement.
It is only when everything is paid up, that the legal ownership of the good is transferred from the bank to you.
Typically, these installments include:
1) an interest component (what the bank charges for the “loan”)
2) a principle component (part payment of the total “loan” amount)
Of all the types of loans available, hire-purchase has the most affordable interest rate of 3.65% to 4.55%. This makes it the go-to choice when purchasing high-value items.
By opting for our hire-purchase plans, you will be able to enjoy these benefits.
For starters, it will help encourage aggregated investment for your business. This would in turn lead to your business being able to sustain growth and eventually scale up. Last but not least, it allows you to utilize bank facilities to earn more money.