BANKING GENERAL KNOWLEDGE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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3-4 Year
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4-5 Year
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1-3 Year
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2-5 Year
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Detailed explanation-1: -Personal loans having tenures of more than 1 year are usually considered as long term personal loans. However, some lenders may have different definitions for long term personal loans. Most banks and NBFC usually offer maximum loan tenure of 5 years for long term personal loans.
Detailed explanation-2: -Equipment loans typically come with a fixed term-generally around five years, though specific lenders may vary.
Detailed explanation-3: -The general repayment period for these loans can go up to a maximum of 7 years with some banks offering repayment periods slight higher than that.
Detailed explanation-4: -Equipment financing refers to a credit facility that helps you finance all the equipment and machinery related needs of your business. Using machinery loans you can buy, lease, upgrade or repair equipment quickly.