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All about Long & Short Term Loan

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All about Long & Short Term Loan

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  1. Housing Finance

  2. All about Long & Short Term Loan?

  3. Long term loan: Long term loan are defined as loans whose period extends for more than three years. • But, long term loans sometimes extend for more than ten years and can be as long as twenty years. • A long term loan is backed by a security. A security for a long term loan can be a property; equipment or some other asset (Home Loan, Loan against Property), but there has to be something which secures a long term loan.

  4. The rate of interest of a long term has to be fixed according to magnitude of the loan amount, length of repayment period, record of a regular income source and security assessment is done before disbursing a loan. What are the advantages of a long term loan? Most important aspect of long term Housing Financeis the cheaper rate at which they are available compared to other loan.

  5. Short term loan: • Short term loan are meant for shorter repayment duration and are not meant for long term obligation. • These loans are meant for a smaller amount as you need to pay it quickly. • The loans are meant for educational expenses, Home Loan, auto repairs and clearing smaller debts. • Higher rate of interests • A detailed introspection of credit history of the borrower • Short term loan are meant for smaller amount. • [Source: http://loanwalle.com/blog/all-about-long-short-term-loan/]

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