Overview
A term loan is a credit facility that is repaid over
a specified fixed period of time (normally between 6
months and 60 months). The facility does not include
a revolving credit option; the principal debt, once
paid, cannot be borrowed again and the full amount
has to be repaid in installments over a given period
of time.
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"can
be used as an alternative to overdraft
financing" |
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Features and Benefits
- Can be used as an alternative to overdraft
financing
- Provides needs for cash for your business. Funds
are transferred directly to your operating account
for easy access after the loan has been approved.
- Capital repayment is done monthly (simply
transferring funds from your operating account, or
you also deposit cash towards the loan)
- Payment of interest is also monthly
Qualifying Criteria
- Application Letter
- Passport
- Registration Documents
- Financial Statements
- Business Plan with Cashflow projections for new
businesses
- Security in the form of one of the following:
- Life cover policy with a surrender value
- Investment
- Property with a lease
- Surety
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Contract proceeds to be ceded
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