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Long-term personal loans are ideal for individuals facing significant financial commitments, as they allow borrowers to spread repayments over an extended period through manageable monthly instalments. This approach makes it easier to fund major expenses while maintaining financial stability. The repayment periods for long-term personal loans usually exceed 3 years.

Interest Rates of Long-term Personal Loans offered by Different Lenders

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Minimum Interest Rate
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Maximum Loan Amount
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Maximum Loan Tenure
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Bajaj Finance Limited

10% p.a.

₹35 Lakhs

96 months

4.7
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CASHe

27% p.a.

₹4 Lakhs

18 months

4.4
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Federal Bank

11% p.a.

₹5 Lakhs

48 months

4
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Fibe

14% p.a.

₹5 Lakhs

36 months

4
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Finnable

15.95% p.a.

₹10 Lakhs

60 months

4
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IIFL Finance

18% p.a.

₹5 Lakhs

42 months

4.1
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InCred

16% p.a.

₹10 Lakhs

60 months

4.3
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Kissht

14% p.a.

₹4 Lakhs

24 months

4.2
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Kotak Mahindra Bank

10.99% p.a.

₹40 Lakhs

72 months

4.2
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KreditBee

15% p.a.

₹5 Lakhs

24 months

4.1
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L&T Finance

12% p.a.

₹7 Lakhs

48 months

4.6
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moneyview

1.33% p.m.

₹10 Lakhs

60 months

4.2
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mPokket

24% p.a.

₹45,000

90 days

4.1
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Muthoot Finance

14.50% p.a.

₹15 Lakhs

60 months

4
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Olyv

18% p.a.

₹1 Lakh

12 months

4.1
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PaySense Partners

15% p.a.

₹5 Lakhs

60 months

4.3
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Privo

9.99% p.a.

₹5 Lakhs

60 months

4.5
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SMFG India Credit

12% p.a.

₹25 Lakhs

60 months

4.2
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Upwards

1.5% p.m.

₹5 Lakhs

36 months

4.3
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YES BANK

12.50% p.a.

₹50 Lakhs

72 months

4.2
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Zype

18% p.a.

₹3 Lakhs

12 months

4
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*Disclaimer: The interest rates and processing charges are subject to change at the discretion of the lender.

Eligibility Criteria for Applicants to Get Long-term Personal Loans

Here are a few crucial parameters that loan providers usually require you to meet to be eligible for such loans:

  • You must be between 18 and 65 years 

  • You need to have a regular income source

  • You must be an Indian citizen

  • You must have a good credit score and a healthy financial history

Features of Long-term Personal Loans

Interest Rates

The interest rates are an important feature for long-term personal loans, and they generally start from 9.99% per annum. However, the actual rates depend on your creditworthiness. With a good credit re Read Moreport, you can secure better interest rates. Read Less

No Restrictions on End-Use

Another important feature of long-term personal loans is its flexibility. There are no restrictions on how you use the loan amount, except for any dicey purposes like investing in any risky projects, g Read Moreambling etc. You can use the funds for several purposes like covering expenses for any medical emergency, renovating home, wedding, settling any previous loans, etc. Read Less

No Collateral Required

Long-term personal loans are unsecured, and hence don't require any collateral. Collaterals is an asset that the borrower pledges as a security to get the loan. If you don't have any valuable property Read Moreto offer as a collateral, this feature might feel like a relief. However, your income stability and credit scores thus become important considerations by lenders during loan approval decisions. Read Less

Pre-approved Loans for Eligible Borrowers

Pre-approved loans are instant loans offered to certain customers  who have good credit profiles. With pre-approved loans the process becomes easier and hassle-free. You will find this feature helpful Read Morewhen you are in any urgent need of funds. Read Less

Suitable for Large Expenses

Whether you need to fund a major life event, cover medical treatments, or spend on large purchases, these loans allow you to repay the amount in flexible EMIs over an extended period.This flexibility i Read Moren tenure and repayment structure help you handle big financial commitments. Read Less

Advantages of Long-term Personal Loans

Here are a few essential benefits of getting these loans:

  • Longer repayment tenure reduces your EMI amount, thereby helping you easily manage your monthly expenses

  • Smaller EMIs result in a low Debt-to-Income (DTI) ratio, enabling you to repay the loan easily without any defaults

  • Opting for a long-term loan provides flexibility and maintains liquidity to help you manage other financial requirements

  • Suitable for bigger expenses like medical emergencies, home renovation, or education, offering more financial breathing room

  • Some lenders offer competitive interest rates for long-term loans, making them more affordable in the long run

 

It is essential to keep in mind that the longer the tenure, the higher the interest outgo. This can have an impact on the aggregate cost of your loan. Ensure to take this into account prior to applying for such a loan.

Disadvantages of Long-term Personal Loans

Take a look at some of the limitations that come with such personal loans:

  • Long-term personal loans often lead to higher overall interest costs due to extended repayment periods

  • Qualifying for these loans may be challenging for those with a low CIBIL score

  • The overall cost increases with additional charges like late payment, or prepayment penalties, etc

  • Taking a loan with a long tenure can negatively impact the credit utilisation ratio

  • Since the loan is spread over a longer period, the total interest paid increases significantly, even if the monthly EMIs are lower

Documents required for a long term personal loan

keep these basic documents handy when applying for the loan:

  • Copy of permanent address proof: Anyone of the following

  • Aadhaar card

  • Passport

  • Rental agreement, etc.

  • Copy of ID proof: Any one of the following

    • PAN card

    • Aadhaar card

    • Passport

    • Voter ID, etc.

  • Copy of an income proof document

  • Latest bank statements

  • Your salary slips

 

The paperwork required can vary based on the lender.

Disclaimer

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.

FAQs

How are long-term personal loans better than short-term loans?

As these loans have a longer repayment period, the interest charged and the EMI amount payable are usually lower compared to short-term loans.

How does the rate of interest on personal loans with long tenures compare against that for short-term loans?

When you secure a long-term personal loan, your interest rate can be lower as the repayment tenure is long. However, the interest payable is higher since you are servicing the loan for longer.

Is there an option of pre-closure for a personal loan with a long tenure?

Yes, you can foreclose your loan according to the norms set by the lender.

Can a person with a poor credit score get a long-term personal loan?

For applicants with a poor credit score, it is important to apply with a guarantor who has an excellent credit profile. This makes it easier to get approval.

Can I get a personal loan for 10 years?

The longest tenure for personal loans is usually up to 8 years.

What is the longest term for a personal loan?

The longest term for a personal loan typically ranges from 3 to 8 years.

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