Q1. What is the maximum term loan amount I can get?

Ans: Based on your credit score, financial history, and type of business, you can get amounts ranging from ₹50,000 to ₹5,00,000.

Q2. How long does it take to get the loan?

Ans: No one likes long approval times, which is why here at My Mudra, we approve loans within 24-48 hours.

Q3. How do I calculate my EMI?

Ans: In order to calculate the EMI on your term loan, you can use the term loan calculator on My Mudra’s website.

Q4. What happens if I miss an EMI?

Ans: Missing an EMI can negatively impact your credit score; the best option is to pay your EMI on time.

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What Is Term Loan? - Meaning, Types & Features

Learn what is term loan, its meaning, types, features, interest rates, and differences between short term loans and long term loans with examples.

Anjali Singh

Assistant Manager

Published Date:Jun 4, 2025

Updated Date:Jun 6, 2025

Frequently Asked Questions

Anjali Singh

Assistant Manager

Hey there, I'm Anjali Singh. With over 6 years of experience in finance, I specialize in creating content on banking, loans, and financial planning. My goal is to simplify complex financial topics and help readers make informed decisions through my articles.

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