Know more about long-term personal loans on Bajaj Markets
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.
Our Partners
|
Minimum Interest Rate
|
Maximum Loan Amount
|
Maximum Loan Tenure
|
|
---|---|---|---|---|
Bajaj Finance Limited |
10% p.a. |
₹35 Lakhs |
96 months |
|
CASHe |
27% p.a. |
₹4 Lakhs |
18 months |
|
Federal Bank |
11% p.a. |
₹5 Lakhs |
48 months |
|
Fibe |
14% p.a. |
₹5 Lakhs |
36 months |
|
Finnable |
15.95% p.a. |
₹10 Lakhs |
60 months |
|
IIFL Finance |
18% p.a. |
₹5 Lakhs |
42 months |
|
InCred |
16% p.a. |
₹10 Lakhs |
60 months |
|
Kissht |
14% p.a. |
₹4 Lakhs |
24 months |
|
Kotak Mahindra Bank |
10.99% p.a. |
₹40 Lakhs |
72 months |
|
KreditBee |
15% p.a. |
₹5 Lakhs |
24 months |
|
L&T Finance |
12% p.a. |
₹7 Lakhs |
48 months |
|
moneyview |
1.33% p.m. |
₹10 Lakhs |
60 months |
|
mPokket |
24% p.a. |
₹45,000 |
90 days |
|
Muthoot Finance |
14.50% p.a. |
₹15 Lakhs |
60 months |
|
Olyv |
18% p.a. |
₹1 Lakh |
12 months |
|
PaySense Partners |
15% p.a. |
₹5 Lakhs |
60 months |
|
Privo |
9.99% p.a. |
₹5 Lakhs |
60 months |
|
SMFG India Credit |
12% p.a. |
₹25 Lakhs |
60 months |
|
Upwards |
1.5% p.m. |
₹5 Lakhs |
36 months |
|
YES BANK |
12.50% p.a. |
₹50 Lakhs |
72 months |
|
Zype |
18% p.a. |
₹3 Lakhs |
12 months |
|
*Disclaimer: The interest rates and processing charges are subject to change at the discretion of the lender.
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
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
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
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 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
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
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.
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
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.
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.
As these loans have a longer repayment period, the interest charged and the EMI amount payable are usually lower compared to 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.
Yes, you can foreclose your loan according to the norms set by the lender.
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.
The longest tenure for personal loans is usually up to 8 years.
The longest term for a personal loan typically ranges from 3 to 8 years.