A terminal load includes an insulating cylinder internally defining a receiving space having a locating surface, and having a front open end and a rear end provided with a notch; an insulating cap mounted to the front open end of the insulating cylinder; a circuit board mounted on the locating surface to rearwardly project a rear narrowed section from the notch; a connection terminal electrically connected with the circuit board to forward extend through the insulating cap; and a conductive cap having a top hole and fitted around the rear end of the insulating cylinder with the rear narrowed section of the circuit board extended through the top hole and clamped between two contacting arms at two opposite sides of the top hole. The terminal load with the above structure can be driven by punching to safely assemble to an outer housing, and the conductive cap ensures good conducting effect.