About Term Loan?
A Loan is the purchase of the present use of money with the promise to repay the amount in the future according to a pre-arranged schedule and at a specified rate of interest. A Monetary Loan that has to be repaid in regular payments over a set period of time is referred to as a Term Loan.Term loans are generally provided as Working Capital for acquiring income producing assets ( Machinery, Equipment, inventory) that grnerat the cash flows for repayment of the Loan.
Term Loans are also a source of long term debt. In India, they are generally obtained for Financing large Expansion,Modernisation or Diversification Projects.
- Documents Required
- Benefits of Trem loan
- Intrest Rates
- EMI Cal
» 2 passport size photographs. » PAN Card of the student and the Parent/ Guardian. » Borrower's Bank account statement for the last six months. » Income tax Returns/ IT assessment order, of last 2 yrs. » Brief statement of assets and liabilities, of the Co-borrower. » Proof of Income.
» Fixed Rate-Enjoy the peace of mind of fixed monthly repayments. » Variable Rate-Linked to base rates (Rates can rise of fall). » Repayment Holidays-Improve your cashflow by making no loan repayments or repaying only interest for a fixed term after drawing down your loan. » Repayment style-Choose from capital and interest,capital only or interest only. » Flexibility-Individuals can have a term loan but they are usually used for Small Business Loans. It is an attractiv loan for new or expanding enterprises,as they have time to repay the loan amount and it is assumed that they will increase their profit over time.
|Trem Loan Rate of Interest|
|Banks||Interest Rate||Banks||Interest Rate|
|ICICI Bank||11.50% - 17%||HDFC Bank||12.00% - 14.25%|
|State Bank Of India||9.95%||LIC Housing||10.25%|
|India Bulls||10.15%-10.75%||Allahabad Bank||10.20%-10.45%|
|Union Bank of India||10.25%||UCO Bank||10.20%|
|Punjab National Bank||10.25%||OBC||10.25%|