What Is Term Loan
Term Loans are loans offered to businesses for their expansion, capital expenditure and for fixed assets. These are generally short-term loans, having a tenure of up to 5 years. These short-term finance options are structured in a way that it meets your business finance needs. Depending on the lender, your repayments can be scheduled to match your available cash flow.
Term loans can also be sanctioned for the project or non-project loan. Project loans are sanctioned for setting up a new unit or for expansion of existing units whereas non-project loans are those extended for the acquisition of fixed assets, like a machinery, factory, etc.
Benefits of term loan
• Low-cost credit
• Financing as per cash-flow
• Customized products to meet your requirements
• Products offered across leading lenders
• Short-term finance, having a tenure up to 5 years
• Flexible loan offering, repayment can be scheduled as per cash-flow
• Hassle-free documentation and quick turnaround time
Typically, lenders pull out your credit records and have a look at your credit history before approving your loan application. They sanction your loan application only if you have a good credit rating. There are some private lenders that might offer short-term loans to those having bad credit. This could be an option for those looking for credit but are being turned down by conventional lenders due to their bad credit rating.
Apply for Term Loan in India
If you are looking for a Term Loan and are unsure about how to apply, then CreditMantri can guide you. You can check your eligibility and apply for a loan by signing up with CreditMantri. It is quick, simple and above all, free.
CreditMantri matches your credit and demographic profile to the lender's lending criteria and presents you a shortlist of only those lenders willing to lend to you based on your unique credit profile. In effect, we pre-screen your application to make sure you are likely to qualify as per the lender's credit criteria. Hence, the chances of your loan application getting approved are higher.
Click here to sign up and apply for loans and credit cards, the CreditMantri way!