Primary Difference Between Short And Long Term Loans

A term loan is a credit option which comes with a pre-set term or tenure to make the repayments with fixed EMIs per month. You can avail term loan to meet both personal and professional funding needs. Be it for a short or a long tenure; you can use the funds for multiple purposes to expand your enterprise.

The advances are available as both long term and short term loans. While a short term variant comes with a tenure of up to 5 years, long term loans can be availed for a more extended period ranging between 15 and 20 years. Bajaj Finserv brings both these options for your convenience.

Another variant of credit that you can avail is instant short term loan. You can meet immediate financing needs without any hassle and clear off the credit within a short period.
 

Short Term Loan Versus Long Term Loan
 

Short term loans are usually collateral-free and attract high interest rate compared to secured loans. Contrarily, long term loans like loan against property can be availed by mortgaging your property. It comes with a longer repayment tenure and affordable interest rates. If you need to borrow a large amount for bigger expenses, go for a loan against property from Bajaj Finserv.

Availing a start-up loan is easier than ever today. All you need to do is meet the eligibility criteria, apply for the loan with an online form and submit all documents to get immediate approval and quick disbursal from Bajaj Finserv.
 

Follow the Procedure to Get Term Loan:

  • Estimate the loan amount

    Long term loans like Loan Against Property from Bajaj Finserv come with higher amounts up to Rs. 3.5 crore. The loan amount to avail should, however, be strictly based on your needs. Calculate your financial requirement as per the expenses to be met.

  • Qualify as per the eligibility conditions

    Loan against property comes with easy-to meet eligibility criteria like meeting the age requirements and earning the required income per month. Check the eligibility of a self-employed and salaried individual and get approval on your application successfully.

  • Apply for the loan

    To avail the loan, apply for it via a simple online procedure. Fill up the online application form.

  • Complete documentation process

    Once you have applied, you will receive a confirmation call from our representatives. Keep the required documents handy like -

    • Mortgage documents
    • Identity proof
    • Address proof
    • Proof of income or certificate of practice, as applicable

    With Bajaj Finserv, you also enjoy doorstep document collection facility by our representatives.

    Also Read: What is Factoring

  • Receive quick approval and disbursal at ease

    Get quick approval within 48 hours of submitting the documents. Bajaj Finserv also provides the fastest disbursal of term loans within four days from the day of approval.

    Utilise these long term loans to meet several financial needs like wedding expenses, cost of business expansion, medical emergencies, debt consolidation and more. Get this loan at the best rate of interest and charges from Bajaj Finserv.