A term loan provides borrowers with a lump sum of cash upfront in exchange for specific borrowing terms. Borrowers agree to pay their lenders a fixed amount over a certain repayment schedule with a fixed interest rate. The amount borrowed in EMIs must be repaid over the specified fixed tenor, as agreed upon when the loan was requested. Every term loan has a repayment plan, and the borrower is required to pay EMIs in accordance with that schedule.
The bank have various types of term loans with attractive interst rates and durations. Contact to nearest branch for more information.