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A Term Loan is a type of loan that provides a lump sum of cash to the borrower for a fixed period of time and interest rate.

Term Loan

In India, a term loan refers to a type of loan where the borrower receives a lump sum amount from a financial institution or a bank, which is to be repaid over a specified period in fixed installments.

These loans are typically used for long-term financing needs such as business expansion, capital expenditure, or acquisition of assets.

Term loans in India often come with a fixed or floating interest rate, and the repayment period can vary depending on the agreement between the lender and the borrower, ranging from a few years to several decades.

The terms and conditions, including interest rates, repayment schedule, and collateral requirements, are usually negotiated between the borrower and the lending institution.

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Following are the procedure steps:

1. Assessment of Loan Requirement:

The first step is for the borrower to assess their funding requirements and determine the amount of loan needed, as well as the purpose of the loan (such as business expansion, equipment purchase, etc.).

2. Selection of Lender:

Once the loan requirement is determined, the borrower selects a suitable lender based on factors such as interest rates, repayment terms, loan amount, reputation, and eligibility criteria.

3. Loan Application:

The borrower submits a loan application to the chosen lender. The application typically includes details such as the purpose of the loan, amount required, repayment schedule, financial statements, business plan (if applicable), and any collateral offered.

4. Credit Appraisal:

The lender conducts a thorough credit appraisal process to assess the borrower's creditworthiness.

This may involve evaluating the borrower's financial statements, credit history, repayment capacity, business plan (for business loans), and collateral offered.

5. Documentation:

Upon approval of the loan, the borrower is required to complete the necessary documentation. This includes signing the loan agreement, providing any additional documents requested by the lender, and completing other formalities such as KYC (Know Your Customer) compliance.

6. Collateral:

Depending on the lender's policies and the borrower's creditworthiness, collateral may be required to secure the loan. Collateral could include property, equipment, securities, or other assets that can be pledged as security for the loan.

7. Disbursement:

Once all documentation is in order and any required collateral is provided, the lender disburses the loan amount to the borrower's account or as per the agreed terms. Disbursement may be made in full or in installments, depending on the nature of the loan.

8. Repayment:

The borrower is required to repay the loan according to the agreed-upon schedule, which typically includes regular installment payments of principal and interest. Failure to repay the loan as per the terms and conditions may result in penalties or legal action by the lender.

Why choose Livanity for Term Loan?

Livanity is a one-stop solution for all your financial needs. Here, we try to provide you best services that are hassle-free and quick in nature. For Term Loan, we provide you a comparative analysis of what different banks are offering. We also assist you in your final decision.

Here are a few reasons for you to apply for a Term Loan at Livanity:

Fast assistance:

At Livanity, you can contact us at any official working hours of the day.

Customer needs in forefront:

Your needs are our priority. We promise to deliver you with services that are best on our capabilities. By handpicking Term Loan offers based on customer profile, we try to give you the most personalized experience.

Compare Offers Online:

With more than 100 lenders as partners, you can compare the different offers of financial institutions to make the right decision. In fact, we help you find the best lender as per your eligibility requirements. There is a personalized relationship lender for every customer who helps him/her select the bank of his/her choice.

Real-time customer support:

Our customer support team is fast and efficient to clear all your doubts regarding loan eligibility, procedures, offers, documentation and repayment options. We even contact with the respective lender on behalf of you.

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