Term Loan

Overview

 

A term loan is probably the most common form of business loan, so it’s pretty easy to understand. You borrow a fixed amount of money – often for a specific purchase you’re making for your business – and pay the loan back over a fixed term, most often at a fixed interest rate.

Maximum Loan Amount 

RM50,000 to RM2,000,000

Loan Term 

1-5 years

Interest Rates4%-10%

Speed

2- 3 Weeks

How Does Term Loans Work

 

A term loan is what most people think of when they think of business lending. They are loans with a set repayment time, set number of payments, and have a fixed or variable interest rate. There is a great number of term loans available for small businesses depending on the business needs, credit rating, cash flows, and many other factors. The terms of the loans vary greatly from 1 year to 5 years with monthly payments, and everything in between. Term loans are provided by both banks and non-bank alternative lenders.

 

You can use a small business term loan to meet virtually any business need, including specific purchases such as equipment or inventory, working capital, paying back other debts, opening a new branch, meeting tax obligations, or meeting pretty much any other small business need.

 

Getting a traditional term loan isn’t always easy – especially if your credit record is poor or if you don’t have collateral. In fact, collateral may be a requirement for a term loan and you risk losing your collateral if you don’t pay back the loan.

 

If you apply for a small business term loan, be sure to ask if there are any prepayment penalties or other fees you should be aware of. Go over the exact terms with the lender so you can arrive at a monthly payment that you know you can afford.

Cost 

 

Let’s say you borrow RM100,000 with a 10% interest rate a year that needs to be paid back in 5 years. That means you’d pay back the loan with monthly payments of about RM2,500.00, which will stay the same over the life of the loan. This structure means you will have predictable monthly payments and know exactly when the loan will be paid back.

Who Qualifies

 

Most businesses can qualify for a term loan, but the interest rate, length of the term, and maximum loan size depends on your business revenues and credit report. Since traditional term loans have longer repayment periods than, say, a short-term loan, your credit score will be a more important factor.

5 Why Apply with us

  1. We same as the Banker, but Banker just represents their bank, they only can help you to apply the loan from their own bank, and we do not belong to any bank.

  2. And most importantly, you save a lot of time and the hassle going from bank to bank and hence, we are the one stop centre for you.

  3. If you have applied a loan by yourself and it get rejected, we give you a second chance as we know the appetite and requirements for each bank and financial institutions.

  4. SMI Funding directly using through our network, based on your documents, qualification, nature of business, and other information, find out that which Commercial Bank having higher approval rate chances (Maybank, RHB, Ambank, Standard Chartered & etc) 90% approval rate helped the company successfully get the fund.

  5. Our consultant are commission based, hence they need to work closely with you and the banks until your loan is approved. If not, they won't get a single cent. We charge services charge based on the loan approved. No approval, no commission to be paid. Mean you are gurantee NO RISK

 
 
 
 
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