What is a term loan?
A term loan is a specific amount of money granted over a period of time (usually he is 1 to 10 years) and repaid at an agreed-upon interest rate. This is a financial instrument intended to be provided as personal financial assistance to a public or corporate organization for a period of time. It forms a fixed-term relationship between the bank and the borrower, and both parties must bind the terms set in the contract. Features of Term Loan