Instalment loan is a loan that has a set number of scheduled payments for a certain period of time. The term can be for a few months or can go for as long as 30 years.
Instalment loan is offered by Standard Chartered Bank in India and it is called as Business Instalment Loan. It is an Unsecured Loan that is provided to small and medium scale enterprises with access to funds to meet working capital requirements or to extend the business.
The features of business instalment loan is:
The following people are eligible for availing Business Instalment Loan:
Attractive interest rates are offered depending on the loan amount, credit assessment and other parameters. The details will be provided by the sales officer. The interest rate starts from 17.5% per annum.
The documents required for applying for Business Instalment Loan are as follows:
The prepayments is not allowed in the first 1 year of the loan. The loan can be prepaid after one year and you will be charged a 5% pre-closure fee on the outstanding amount at the time of closure. Service tax will be additionally applicable.