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A personal loan’s duration usually ranges from 3 months to a maximum tenure of 60 months. The tenure you opt for plays a significant role in determining your EMI payouts.


Usually, a long tenure could translate to smaller EMIs. This is because the sum to be repaid spans across a greater period, but a longer tenure also means accumulated interest amount, 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 implement a payment plan that does not affect your finances. 

Here is a list of lending partners available on Bajaj Markets with their respective repayment tenures to help you compare and choose.


Maximum Tenure

Bajaj Finance

6 years

Axis Bank

5 years

PaySense Partners

5 years


3 years


1 year


2 years

SMFG India Credit

5 years

Muthoot Finance

5 years


5 years


90 days

IIFL Finance

42 months


3 years


3 years

L&T Finance

4 years


5 years


9 months

Kotak Mahindra Bank

5 years


5 years

Factors to Consider while Selecting Personal Loan Duration

Here are some factors to take into consideration when choosing your personal loan tenure:

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 Increase 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 in your repayment plan. Picking a tenure that allows you to pay your existing liabilities, 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

Longer tenures generally result in higher personal loan interest rates. This is mainly due to such longer arrangements being viewed as high-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.

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Ways to Increase the Personal Loan Tenure

There are two effective ways to increase your personal loan tenure:

  • Option 1 - You may request your bank/NBFC to extend the tenure by submitting a written application. Herein, mention the reasons for the request and provide supporting evidence to strengthen your case. Your lender will evaluate the application before approving the request.

  • Option 2 - Transfer your personal loan balance to another lender. When you transfer the personal loan balance to another bank/NBFC, you can opt for a longer loan repayment tenure.

  • Understanding your own repayment capability is the first step towards selecting an appropriate tenure.


A hassle-free way to do this is to use the personal loan EMI calculator, available on Bajaj Markets. It’s an extremely user-friendly tool that can help you determine the EMI amount that you will need to pay. Once you have determined your preferred repayment tenure, you can proceed with your personal loan application on Bajaj Markets.


Yes, you can get a 5-year personal loan. Leading lenders on Bajaj Markets offer the best personal loan offers for the tenure with much ease.

You can extend your personal loan tenure by writing an application to your current lender or getting a balance transfer.

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