Types of Term Loans and the Differences Between Them

A term loan is a credit option which comes with a pre-set term or tenor in which to complete the repayment, with a fixed EMI. You can avail of a term loan to meet both personal and professional funding needs.

These financial instruments are available as both long-term and short-term loans. While a short-term variant comes with a tenor of up to 5 years, long-term loans can be availed for a more extended period ranging up to 20 years. Bajaj Finserv brings both these options to the table, for your convenience.

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

Short-term Loans Versus Long-term Loans
 

Short-term loans are usually collateral-free and come with a higher interest rate as compared to secured loans. Long-term loans like a loan against property can be availed by mortgaging an asset you own, such as a residential or commercial building. These come with a longer repayment tenor and affordable interest rates. If you need to borrow a large amount for bigger expenses, choose a loan against property from Bajaj Finserv.

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

Here’s How You Can Get a Term Loan:

  • education loan

    Estimate the amount you require

    Long-term loans like loan against property from Bajaj Finserv come with a high sanction, but the amount you avail should be based on your needs.

  • education loan online

    Meet the eligibility criteria

    The Bajaj Finserv Loan Against Property comes with easy-to meet eligibility criteria and basic income requirements. Check the respective eligibility criteria for self-employed and salaried individuals and get approval on your application successfully.

  • Apply for the loan

    To avail the loan, simply fill up the online application form.

  • Complete the documentation process

    Once you have applied, you will receive a confirmation call from our representative. Keep the required documents handy, which include –

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

    With Bajaj Finserv, you can also get the benefit of doorstep document collection by our representative.

    Also Read: What is Factoring

  • Get money in bank quickly

    Once your documents have been processed and approved, you will receive the funds in your account within 72 hours*.

    Utilise long-term loans like a loan against property to meet large financial needs like wedding expenses, cost of business expansion, medical emergencies, debt consolidation and more. Get this loan at a nominal rate of interest from Bajaj Finserv.