What are the Types of Term Loans?

What are the Types of Term Loans?

Based on the loan tenor, term loans are broadly classified into short-term and long-term loans. Short-term loans are for a short tenor (4-5 years). On the other hand, long-term loans are a long tenor (10-15 years). Based on the needs of your business, you can either opt for a short-term or a long-term loan.