Term Loan
A term loan gives borrowers a big sum of money upfront in exchange for certain borrowing terms. Term loans are often intended for well-established small firms with stable financial accounts. The borrower commits to a specific repayment schedule with a fixed or fluctuating interest rate in exchange for a predetermined quantity of cash. To lower payment amounts and the total cost of the loan, term loans may require significant down deposits.
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Our Process
Secured loans are term loans. The asset purchased with the term loan amount will act as the principal security, while the company’s other assets will function as collateral security. Regardless of the firm’s financial status, the loan must be repaid within the specified time frame.
The loan interest rate is determined after assessing the credit risk of the proposal, the loan amount, and the loan length. A minimum lending rate will apply to the interest rate. The rate is negotiated between borrowers and lenders at the time the loan is distributed.
- KYC documentation
- Application form duly completed and signed by the customer
- Relevant financial documents.
- Bank account statement over the previous six months
- Form 60/PAN card
- Business Validation
- Application submission containing personal, company, and financial information.
- Upload the digital files.
- Receive approval notification and disbursement within 72 hours.
What are the requirements for a company term loan?
- A company must have been in operation for at least six months.
- The quarterly revenue should be greater than Rs. 90,000.
- The applicant must be at least 21 years old.
- The applicant must be an Indian citizen.