Term Loans

A term loan is a monetary loan that is repaid in regular payments over a set period of time. Term loans usually last between one and ten years, but may last as long as 30 years in some cases.

What is a Term Loan?

A term loan is a monetary loan that is repaid in regular payments over a set period of time. Term loans usually last between one and ten years, but may last as long as 30 years in some cases. A term loan in Chennai usually involves an unfixed interest rate that will add additional balance to be repaid.

It is for equipment, real estate or working capital paid off between one and 25 years. The term loan in Chennai carries a fixed or variable interest rate, monthly or quarterly repayment schedule, and set maturity date. The loan requires collateral and a rigorous approval process to reduce the risk of repayment.

Types of Term Loans

An intermediate-term loan runs less than three years, is paid in monthly installments from a company’s cash flow and may have balloon payments. Repayment is tied to the useful life of the asset financed. A long-term loan runs for three to 25 years, is collateralized by a company’s assets and requires monthly or quarterly payments from profits or cash flow. The term loan in Chennai limits other financial commitments the company may take on, including other debts, dividends or principals’ salaries, and can require an amount of profit to be set aside for loan repayment.

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What are the Documents required for Term Loan?

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FAQs

Short-term loans are approved within 1-2 business days. Once approved, if you are eligible you will need to sign your Promissory Note electronically through DocuSign or visit the Scholarships & Financial Aid office to sign a promissory note. After the promissory note has been signed, your loan will enter a three business day Right to Cancel period after which your loan will be disbursed to your student billing account. If the loan is for something other than optional fees on your billing account, funds will be refunded to you within 2-3 business days after the disclosure period if you have set up direct deposit properly.
Repayment periods vary from one to twelve months, depending on the loan amount requested and your financial resources available to repay the loan.
Repayment periods vary from one to twelve months, depending on the loan amount requested and your financial resources available to repay the loan.
  • An Indian citizen
  • Above 18 years of age
  • Employed, self-employed or businessman.
  • Ability to repay loan amount
How does a term loan work?
A term loan is for equipment, real estate or working capital paid off between one and 25 years. The loan carries a fixed or variable interest rate, monthly or quarterly repayment schedule, and set maturity date. The loan requires collateral and a rigorous approval process to reduce the risk of repayment.
What is a 'Term Loan'?
A term loan is a loan from a bank for a specific amount that has a specified repayment schedule and a fixed or floating interest rate. For example, many banks have term-loan programs that can offer small businesses the cash they need to operate from month to month. Often, a small business uses the cash from a term loan to purchase fixed assets such as equipment for its production process.
What is the difference between demand loan and term loan?
Demand loans are short term loans that are typically in that they do not have fixed dates for repayment and carry a floating interest rate which varies according to the prime lending rate. They can be “called” for repayment by the lending institution at any time. Demand loans may be unsecured or secured.
What is time or term?
A term is a period of duration, time or occurrence, in relation to an event. To differentiate an interval or duration, common phrases are used to distinguish the observance of length are near-term or short-term, medium-term or mid-term and long-term
What is a term loan in real estate?
A loan for equipment, real estate and working capital that’s paid off like a mortgage for between one year and ten years . Term loans are your basic vanilla commercial loan. They typically carry fixed interest rates, and monthly or quarterly repayment schedules and include a set maturity date.
What is a straight term loan?
A loan in which only interest is paid during the term of the loan with the entire principal amount due with the final interest payment. Also called a term loan.

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