Term Cash Loans
Is there any difference between ‘Cash Credit’ & ‘Term Loan’ ?
cash credit means it is an over draft facility given to you for operating your account to a limit, say, you get a over draft of facility of rs.1000/- from a bank. you can deposit and withdraw cash or transfer funds to the extent of Rs.1000/- for a limited period.
Term loan denotes an amount sanctioned to you to be repayable in equal monthly instalments including interest for period over 3 years.