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Term Loan
A loan from a bank for a specific amount that has a specified repayment schedule and a floating interest rate called Term Loan. Term loans are a lump-sum disbursement with payback over a specified period of time. It's important to structure a term loan so that debt repayment matches your business cash flow.
Term Loans are the counter parts of Fixed Deposits in the Bank. Banks lend money in this mode when the repayment is sought to be made in fixed, pre-determined installments. This type of loan is normally given to the borrowers for acquiring long term assets i.e. assets which will benefit the borrower over a long period (exceeding at least one year). Purchases of plant and machinery, constructing building for factory, setting up new projects fall in this category. Financing for purchase of automobiles, consumer durables, real estate and creation of infra structure also falls in this category.
When most people think of a typical bank loan, they think of a term loan. A term loan has a fixed length, often with amortization of principal. Amortization is the repayment of a loan with periodic payments of both principal and interest calculated to payoff the loan within a certain amount of time.
Short-Term Loans,
typically lines of credit, working capital loans, or accounts receivable loans, usually reach maturity within one year or less.
Long-Term Loans
usually last one to seven years, although it is not uncommon for long-term loans to mature after 10 or 20 years.
We arrange easy Term Loan based on the criteria set down by the paying Banks and Financial Institutions. We deal with all major Banks and Financial Institutioins which include Punjab National Bank, ICICI Bank, HDFC Bank, Axis Bank (formerly UTI Bank), HSBC, Citibank, ABN Amro, Kotak, IDBI and many others. All these Banks compete to give their Best Rates and you get the advantage of getting our services of managing and negotiating all for your benefits. We do it fast as well. We do it for you in just three steps :
- Analyze Your Loan Requirement by just discussing with you.
- Get & Compare offers from all Banks and Financial Institutions by just getting best interest rates and negotiating the terms beneficial to you.
- Go with the Lowest Bidder.
Eligibility Criteria
- You must be at least 21 years of age when the loan is sanctioned.
- The loan must terminate before or when you turn 65 years of age or before retirement, whichever is earlier.
- You must be employed or self-employed with a regular source of income.
The loan amount sanctioned depends on a host of factors. You can get loans up to 60% of market value of residential properties and 50% market value of commercial properties. The loan can be used by proprietors, self employed professionals, partnership firms and private limited companies.
Required Documents
- Completed Application Form
- Passport size Photograph
- Proof of Identity - PAN Card/ Voters ID/ Passport/ Driving License
- Proof of Residence - Recent Telephone Bill/ Electricity Bill/ Property Tax Receipt/ Passport/ Voters ID
- Proof of Business Address in respect of Businessmen/ Industrialists
- Sale Deed, Agreement of Sale, Letter of Allotment, Non Encumbrance Certificate, Land/Building Tax paid receipt etc. (as applicable and subject to satisfaction report from our empanelled lawyer)
- Copy of Approved Plan and Approval from the Local Body
- Statement of Bank Account/ Pass Book for last 6 months
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