Most of the conventional lending products are installment loan products. Loans like personal loans, car loans, home loans, mortgages, etc. are typically offered as installment loans. The other type of debt is a revolving debt. A credit card is an example of a revolving debt or open-ended credit.
Instalment loan is offered by Standard Chartered Bank in India and it is called as Business Instalment Loan. It is an Unsecured Loan are the primary source of business for almost every lender. Installment loans typically come with lower risks, when compared to non-installment loans. They are less-risky for both the lender and the borrower.
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.