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How about checking some pre-approved offers you might be eligible for?

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Personal Loan Duration

Personal loans are an effective method of financing purchases or endeavors that may exceed your financial capability at a particular point in time. They can also be used as a means of bailing oneself out of an unforeseen financial difficulty or medical emergency. Simply put, a personal loan is generally an unsecured loan solicited by an individual from a bank or financial institution to meet their own monetary requirements, be it anything. The loan amount is repaid in small amounts in the form of ‘Equated Monthly Installments’(EMI) over a period of time known as the tenure or term.

This term period ranges from a minimum of 12 months to a personal loan maximum tenure of 60 months. The personal loan tenure, amount, interest rate and EMI can vary depending on the borrower’s income, credit history, and needs. Additionally, these are the key factors for determining the loans’ parameters. In addition to these, the bank or financial institution may also take into account the borrower’s retirement age and employment status.

Since they are generally unsecured loans, none of the borrower’s assets can be auctioned off in case they default on repayment. This makes a slightly riskier investment for the lender and safer for the borrower. Despite this, they are rapidly becoming a very attractive means of personal financing as evidenced by the fact that the sector has grown at a CAGR of 17% in recent times and is responsible for a large portion of the annual incremental credit across major sectors over the past couple of years.

Personal loans require a great deal of thought, prior to their solicitation, as with all loans. There is a strong correlation between the tenure of your loan, the EMIs you’re going to pay, and the overall sum that is returned to the lender. For example, a long tenure would mean smaller EMIs - since the sum is spread across a greater period, but a longer tenure also means more accumulated interest, possibly resulting in you paying above and beyond the original borrowed sum. In contrast, a shorter tenure would mean higher EMIs, but also less accumulated interest. Thus, a fine balance needs to be settled between these three factors to ensure a payment plan that does not compromise your financial outlook.

When selecting an appropriate personal loan tenure, there are a number of additional factors that you must take into consideration.

Monthly Expenses

Having a clear picture of your monthly budget is key to formulating an apt repayment process. Charting out your current fixed and variable expenses and comparing them to your net monthly income will help you ascertain the balance amount that can be set aside for your EMIs.

Prospective Increases in Income

If you are due for a raise in your salary or are expecting an increase in income from new assets or enterprises, choosing a shorter-term period will save you money in the long run. While initial payments may stretch your budget, the interest accrued will contribute less to the total sum over a shorter period of time due to your ability to make higher monthly payments.

Existing Debts

Be sure to include any existing debts or obligations into your repayment plan. Picking a tenure that allows you to pay your existing obligation, in addition to the EMIs on your personal loan without placing a burden on your income would be a preferable way to approach this situation.

Personal Loan Interest Rates

This factor is dependent on the term period you select as longer tenures generally entail higher rates of interest. This is mainly due to such longer arrangements being viewed as higher risk investments with more chance for the borrower to default on payments. It is vital to find a balance through tenure with an interest rate that suits your ability to keep up with payments.

Selecting the correct personal loan tenure for you is an extremely important step in the loan application process, as it will determine the total amount you will have to repay as well as your fixed rate of interest. While the personal loan maximum tenure of 5 years may allow for reduced EMIs, the interest accrued over a longer period may add up to a significantly higher repayment sum. Conversely, picking a shorter tenure would compel you to pay a higher EMI which would eat up a larger portion of your monthly income. Hence, understanding your own repayment capability is the first step towards selecting an appropriate tenure.

A hassle-free way to do this is to use a personal loan EMI calculator and one such is available on the Finserv MARKETS. It’s extremely user friendly and can help you determine the combination of tenure and monthly payments that best suits your financial needs. Simply enter the principal amount, interest rate and personal loan duration of your choice to find out what your EMIs will be. Once you have determined your applicable EMI tenure, you can proceed with your application for a personal loan on Finserv MARKETS. You can avail of amounts as high as Rs. 25 lakhs at competitive rates. Have your application approved within 3 minutes and the amount disbursed to your bank account in just 24 hours.

Happy Customers of Finserv MARKETS

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