ENTREPRENEURSHIP

Detailed explanation-1: -In backward areas, term loans for expansion or setting up a new unit are available at Option A concessional terms. Explanation: Meaning of concessional terms: “concessional terms is the lower rate of interest for the development of the backward area."

Detailed explanation-2: -Eligibility Criteria for Applying for a Term Loan Minimum age of the applicant has to be 18, and maximum age has to be 65. The borrower needs to have a CIBIL score of 750 or above. The applicant needs to have a good repayment history and creditworthiness. Applicants shouldn’t have any history of default with any lender.

Detailed explanation-3: -The loan lender will inspect the applicant’s income documents, credit history, CIBIL score, age, and related parameters. Age is one of the most prominent determining factors when it comes to loan tenure.

Detailed explanation-4: -There are five aspects of a term loan: the loan value, interest rate, loan tenure, the repayment schedule, and whether the loan is secured or unsecured. The loan value of a this loan is fixed. This amount depends on the type of loan chosen as well as the eligibility of the borrower.

Detailed explanation-5: -There are three main classification found in Term Loans: short-term term loan, intermediate term loan, and long-term term loan.