Which of the following statements about term loans is correct?

The correct statement regarding term loans is that they typically require immediate repayment. Term loans are often structured with specific repayment schedules that begin shortly after the loan is initiated. While some loans may have grace periods, the nature of term loans usually means that borrowers should start making payments on the loan principal and interest relatively quickly.

In contrast, other options such as longer repayment periods and fixed nature of the loans, while true for many term loans, do not universally define them. Term loans can indeed vary in duration, and it's common for them to be associated with both shorter and longer repayment terms. Additionally, the claim that they are non-repayable is inaccurate, as term loans require repayment according to the agreed schedule. Lastly, the idea that they are fixed loans not subject to market variability can apply to some term loans, but many are variable-rate loans that can fluctuate with market conditions. Thus, immediate repayment is a key characteristic of term loans.