A term loan facility is a good option for companies that need to buy new machinery and equipment. A tenor of term loan is usually for 2 to 5 years and the amount of the loan is hypothecated to the bank, financial institution or finance company. The obligation of repayment of the loan is to the bank and the borrower can only use the amount of money for a particular purpose. This product covers all kind of heavy machineries, construction equipment and all non-passenger vehicles like cranes, load boomers, excavators, pull scraper etc.