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All about Long & Short Term Loan - PowerPoint PPT Presentation

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All about Long & Short Term Loan

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Housing Finance

All about Long & Short Term Loan?

  • 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.

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.

  • 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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