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A term loan is a monetary loan that is repaid in regular payments over a set period of time. Term loans usually last between one and ten years, but may last as long as 30 years in some cases. A term loan usually involves an unfixed interest rate that will add additional balance to be repaid.. Usage. Term loans can be given on an individual basis, but are often used for small business loans.
long-term (lông′tûrm′, long′-), USA pronunciation adj. . covering a relatively long period of time: a long-term lease. maturing over or after a relatively long period of time: a long-term loan; a long-term bond. Stock Exchange (of a capital gain or loss) derived from the sale or exchange of an asset held for more than a specified time, as six months or one year.