Personal Loan Duration

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. 

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.

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.