BUSINESS LOAN
Spot loan calculation
A spot loan is for a business waiting on a specific receipt: the principal is repaid at maturity in one go, the interest by the period.
Cash flow
Only interest is paid through the term; at maturity the principal and the last period's interest close together. Bankacı shows the period interest and the maturity total separately.
When it fits
When a receivable, a harvest or a project payment has a known date, and a regular instalment is not wanted.
Frequently asked
Is total interest higher than on an instalment loan?
The principal never falls during the term, so at the same rate and term the total interest is higher; in return the cash burden in between is low.
When is the interest on a spot loan paid?
At maturity, in one sum together with the principal; there are no interim payments. Bankacı shows the amount due at maturity and the interest inside it.
How is the term entered?
As a drawdown date and a maturity date; the interest is computed on the number of days between them. Spot is a short-term product, which is why the day count matters.
See also: Instalment, spot, revolving and discount · Instalment business loan · Revolving credit calculation
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