Multiple banks. Different interest rates. Call it a "conflict of interest".
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    We found 31 Term Loan

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    11.49% - 15.99% Fixed
    0.5%
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Customer Reviews
    10.99% - 14.49% Fixed
    0
    30L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Ad
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    Fees & Charges
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    Customer Reviews
    12% - 18% Fixed
    Up to 1.5% One time fee
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free INSTANT DECISION
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    Customer Reviews
    11.99% - 19.50% Fixed
    0 One time fee
    20L Max
    1-6 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Customer Reviews
    13.99% - 16.99% Fixed
    1% - 2% One time fee
    20L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless Approval Option Available
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    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.00% - 17.99% Fixed
    2.25% (min. ₹1149) One time fee
    20L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    10.85% - 11.85% Floating
    0.5% One time fee
    50 K - 10 L
    1-5 Years
    Response Time Within 30 minutes
    Guarantor Required Paperless approval option available
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    Eligibility Criteria
    10.99% - 19.8% Fixed
    Up to 2.5% One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
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    Eligibility Criteria
    Customer Reviews
    11.99% - 19% Fixed
    Up to ₹3000 One time fee
    25L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free Paperless approval option available
    What you'll love
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    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    17.25% - 37% Fixed
    1.5% to 6.0% One time fee
    15L Max
    1-4 Years
    Response Time Within 30 minutes
    Paperless approval option available
    What you'll love
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    11.49% - 20.15% Fixed
    Up to 2%
    15L Max
    1-5 years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
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    Fees & Charges
    Good to Know
    Eligibility Criteria
    Customer Reviews
    11.5% - 13.25% Fixed
    0 One time fee
    30L Max
    1-5 Years
    Response Time Within 30 minutes
    Rs.1,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
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    Term Loan is Rated as "Great!" by 75920 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Personal Loan BYTES FROM OUR KITCHEN

    What is a Term Loan?

    A term loan is a simply a loan that is given for a fixed duration of time and must be repaid in regular instalments. These loans usually extended for a longer duration of time which may range from 1 year to 10 or 30 years. Rate of interest charged under these loans may be on a fixed or floating basis, which will vary with market fluctuations. Term loans are mostly used as small business loans but can also be taken on an individual basis as well.

    Features of Term Loan

    The features of term loans are as follows:

    • Term loans are Secured Loans. The asset that is purchased using the term loan amount, will serve as a primary security and other assets of the company will be serving as collateral security.
    • The loan has to be repaid within the fixed term regardless of the firm’s financial situation.
    • The interest rate on the loan is charged after evaluating the credit risk of the proposal, the loan amount and tenure for which the loan is taken. The interest rate will be subject to a minimum lending rate. The rate is negotiated between borrowers and lenders at the time of distributing the loan.
    • The term loan’s maturity lies between 5 -10 years. The repayment of the loan is made in instalments. The tenure can be rescheduled to help borrowers deal with the financial emergencies.
    • The lender will ask the borrower not to raise additional loans and to repay the existing loans and maintain a minimum asset base.
    • Term loans can be converted into equity according to the terms and conditions that have been laid out by the lender.
    • Financial institutions impose a penalty on the defaults.
    • Commitment fee is charged on the unutilized loan amount.
    • The principal loan amount is to be repaid after the initial grace period of 1 – 2 years.
    • Commercial banks’ term loan are repayable in equal quarterly instalments whereas financial institutions’ term loan are repayable in equal semi-annual instalments.
    • Servicing burden of the loan declines over time. The interest will be less and the principal repayment will remain constant.

    Advantages of Term Loans

    • The loan is cheap for the borrower.
    • The interest that the borrower pays on the term loan is tax deductible and hence can avail tax benefit on the interest paid.
    • The term loans are negotiable and hence the terms and conditions of the loan are not rigid.
    • The term loans represent debt financing and the interest of the equity shareholder is not weakened.
    • The lender will have a collateral security and hence the loan is not a huge risk to the financial institution.
    • Since the borrower will be making regular payments towards the principal loan amount and interest, the lender will have a regular and steady income.
    • Since the loan can be converted to equity, the lender can get the right to control the affairs of the business or firm.

    Disadvantages of Term Loans

    • If the borrower fails to make the repayments, the lender will question the borrower’s liquidity position and the company’s existence will be at stake.
    • Debt financing increases the financial risk of the company. It adversely affects the benefits of the shareholders.
    • In addition to the collateral security, the borrower will have to tend to the restrictive covenants imposed by the lenders. The borrower will have to close the existing loans and must maintain the asset base and not take another loans. This causes unnecessary interference in the firm’s functioning.
    • Since the terms and conditions are negotiable, there is chance that it might affect the interest of the lender.
    • The lender of term loan will have no control over the company’s affairs and it leads to the lender asking the borrower to convert the loan to equity.

    Term loans offered in India

    Following are some of the lenders that offer Term loans in India:

    IDBI Bank Offer Term Loan

    Terms loans are sanctioned for project loan. The loan is used to set up a new unit or to expand the existing units. The loan amount can also be used to buy plant, machinery, building, etc. interest rate is normally floating rate based and it also depends on the creditworthiness of the borrower, credit rating, risk involves, tenure of the loan and other relevant factors.

    Union Bank of India Offer Term Loan

    Union Bank of India offers term loans to help you acquire capital goods or asset creation for your firm for a long term basis. You can also swap the high cost debts availed from other banks or lenders. The loan can be taken under Deferred Payment Guarantee basis. The maximum tenure is up to 84 months. The loan can also be availed in foreign currency.

    United Bank of India Offer Term Loan

    Term loans are offered to fund capital expenditure for setting new units and expanding the existing units and for modernisation of the project.

    HDFC Bank Offer Term Loan

    Term loans are offered to business for tenure of 5 years for expanding their business, for capital expenditure and for fixed assets. Short term finance option is also available to meet the borrower’s individual needs. The repayments are matched to the borrower’s available cash flow.

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  • Term Loan Reviews

    • ICICI Bank Personal Loan
      "Its GOOD"
      0.5 3.0/5 "Satisfactory"
      I have cancelled ICICI personal loan because I was holding my salary account with Standard Chartered bank. Hence I thought to process the loan with existing bank to make process easier. Therefore I didn't avail the personal loan from ICICI but it is good.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Bankbazaaar.com is really good one and am using it for the second time, also I took some insurance policies with them before. Online portal of the Bankbazaar.com is easy to access, also comparison can be done on immediate basis.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Standard Chartered Bank Personal Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      Experience was good with the Standard chartered bank to get the personal loan. Service aspects are really good. The loan amount got disbursed to my account within a week of time. Services are really fine one for me but the branches are lesser one with them. Rate of interest was not at all the constraint, also I can say it was good one.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Overall good"
      0.5 4.0/5 "Great!"
      The overall experience was nice at Bankbazaar. I received a immediate response and the process was quick as well. I did not get the loan account number from the bank and I called this portal but at that point of time they could not help me with the bank contact. They need to have a proper tab on the aggregation and all the details of the banks should be made more transparent.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 22, 2017
    • Standard Chartered Bank Personal Loan
      "Be more clear in details"
      0.5 4.0/5 "Great!"
      The overall experience was good and quick. But there was a lacking of clarity as I did not know the loan account number for a long time and there was no point of contact as well. The rate of interest was of 11.99% with a zero processing fees. SCB needs to be more transparent in the personal loan details.
      Was this review helpful? 0
      , navi mumbai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Financial advisor"
      0.5 4.0/5 "Great!"
      I got good response from Bank Bazaar, As soon as posted my loan request I got a response on the same day from them, to submit the documents to the bank. I came to know about Bank Bazaar through Google search. Everything fine, but would be great, if the provide proactive response to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Financial advisor"
      0.5 4.0/5 "Great!"
      I got good response from Bank Bazaar, As soon as posted my loan request I got a response on the same day from them, to submit the documents to the bank. I came to know about Bank Bazaar through Google search. Everything fine, but would be great if they provide service to the customer.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • ICICI Bank Personal Loan
      "Response part has to be improved."
      0.5 3.0/5 "Satisfactory"
      I am unhappy with ICICI banking service, without my intimation ICICI closed my personal loan application. I tried reaching the bank, but unable to contact them. I have submitted all of my documents to ICICI but no response. They should improve on the response part and they should provide a better service too.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Provide follow ups"
      0.5 3.0/5 "Satisfactory"
      There was a initial response from Bankbazaar after I registered my details on the website. They contacted me and processed my information. The website is good and it is easy to navigate through the details. It would have been better if there were follow up calls were continuous and they co-ordinate more with the banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • Capital First Personal Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      After me applying with Capital first for the personal loan. I got no response from them to inform me about the documentation process or to check on my requirement. So I could not proceed with them, later they cancelled my application. Not a good experience in all.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
    • HDFC Bank Personal Loan
      "Hassle free experience"
      0.5 4.0/5 "Great!"
      HDFC done very fast personal loan process, within two to three days they have sanctioned the loan and they have fulfilled my requirement. I was looking for Rs.10 lakhs of loan amount, HDFC offered me the same for the tenure of five years and with the interest rate around 11% its good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "One stop solution"
      0.5 4.0/5 "Great!"
      Bank Bazaar is providing immediate action on customer's request, I could find various offers on the site. It make my job easier. I got very good response when I approached Bank Bazaar for the personal loan. Even I felt the user interface of Bank Bazaar is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Tata capital Personal Loan
      "Dissatisfed service"
      0.5 2.0/5 "Expected more"
      TATA Capital could not processed my loan, their customer service is good. I have requested the amount of Rs.10 lakhs but they ready to sanction amount of Rs.4 lakhs, I felt its not sufficient hence I asked them to close the application, but their interest rate is nominal.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 22, 2017
    • Axis Bank Personal Loan
      "Excellent deal on the ROI"
      0.5 4.0/5 "Great!"
      My personal loan is from Axis Bank and it was a smooth process for me. The documentation was on time and the disbursement as well. The interest rate is around 11.39% which is one of the best rates currently in the market. The processing charges was normal too. There is a part payment facility which can be used after a month.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I got a promotional mail and I have downloaded the bank bazaar mobile application. I have applied personal loan through the mobile application. I received a call within 5 minutes from the bank bazaar executives. The mobile application with bank bazaar is really easy to use and customer friendly. The service with bank bazaar has satisfied me.
      Was this review helpful? 0
      , guntur
      Reviewed on Jun 22, 2017
    • ICICI Bank Personal Loan
      "Reduce the processing fee"
      0.5 4.0/5 "Great!"
      I have closed the personal loan with the ICICI bank and the interest rate was around 13.45%. Customer service was really good, also they have cleared my doubts and confusion. Break up is clear with the ICICI bank and the processing charges were really huge.
      Was this review helpful? 0
      , guwahati
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Satisfactory"
      0.5 4.0/5 "Great!"
      The services at Bankbazaar was very much satisfactory. It was a quick response and I am happy with the website. It would have been better if there are more than one bank offered as I was given only one bank. If there are multiple banks I will have options to choose from.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • ICICI Bank Personal Loan
      "Average Service"
      0.5 2.0/5 "Expected more"
      The ICICI bank executive gave a call and told that I need to have minimum salary of 25k, but I am getting only 20k that was reason I haven't proceed with ICICI personal loan. The rate of Interest is nominal when compared with others. The customer service and the response was average with ICICI bank.
      Was this review helpful? 0
      , guntur
      Reviewed on Jun 22, 2017
    • Standard Chartered Bank Personal Loan
      "High on ROI & charges"
      0.5 3.0/5 "Satisfactory"
      The response was on time from Standard Chartered Bank after I applied for a personal loan. The team informed me about the details and the process. I did not go ahead because they offered me a higher rate of interest and the other charges was high too. I was offered a rate of 12%.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 22, 2017
    • Bank Bazaar Customer Support
      "Excellent services"
      0.5 5.0/5 "Blown Away!"
      Bankbazaar was top in the customer services as they were immediate to respond to my application. The website is good and it is created well so anybody can access it with ease. The details are very informative and there were a number of follow up calls too.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 22, 2017
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