Business Term Loan
Business term loans is standard bank’s hybrid solution that allows the business to use the loan as a short term to long term funding solution.
The minimum term to repay the loan is 24 months and the maximum term is 60 months.
The unique part about this loan is that the interest rate is linked to the prime lending rate and when the prime lending rate is adjusted, it does not affect your monthly payments but affects the repayment terms only.
This loan can be used to purchase fixed assets or used to acquire new businesses.
Business Revolving Credit
A business revolving credit works like an overdraft facility. It can be used as a cashflow management tool for working capital
The minimum repayment term is 60 months.
The interest rate is also linked to the prime lending rate and you are able to access the money that has been paid back as soon as 15% or more is paid back.
Fixed Repayment Business Loan
A Fixed repayment business loan is standard bank’s long term loan. It is used to finance fixed assets, acquiring other businesses or during the expansion phase of a growing business.
This loan can be repaid between 36 to 120 months
Interest rates are linked to the prime lending rate, but just like that of the business term loans, should they change, your monthly repayments will remain constant and only the length of the repayment period will change/adjust.
Business overdraft is short term credit used for operational costs or working capital that needs to be financed quickly. This can also be used to cover costs of unforeseen circumstances that need to be quickly financed while you are waiting for cash from your customers/clients.
Bank overdrafts do not have a minimum monthly repayment terms and the limits on the overdraft is usually based on your affordability. The overdraft is paid when money gets back into your business current account.