Personal Loan for 8 Years

An 8-year personal loan can be a practical solution for meeting various financial requirements, such as managing unexpected expenses or funding life goals. On Bajaj Markets, Bajaj Finance offers personal loans with attractive features, including loan amounts of up to ₹55 Lakhs to cover your needs comprehensively.  

You can repay the loan over a flexible tenure of up to 96 months (8 years), ensuring affordability and ease of repayment. With interest rates starting at 10.00% p.a., these loans can be budget-friendly. The application process is seamless, requiring minimal documentation and offering quick disbursal.

A Personal Loan EMI Calculator is an online tool that estimates the monthly instalments (EMIs) based on the loan amount, interest rate, and repayment tenure. It is user-friendly and helps borrowers plan their repayments effectively. Here are the steps to use an EMI calculator:

1. Enter the loan amount you wish to borrow

2. Input the applicable interest rate (e.g., 10% p.a.)

3. Select the repayment tenure, such as 96 months (8 years)

4. Click ‘Calculate’ to view the EMI amount along with other details, such as the total interest payable, principal amount, and the total payable amount

Example

If you borrow ₹20 Lakhs personal loan at an interest rate of 10.00% p.a. for an 8-year tenure, the calculator will show:

• EMI: ₹30,348

• Total Interest Payable: ₹9,13,439

• Total Amount Payable (Principal + Interest): ₹29,13,439

This example demonstrates how the calculator helps you understand repayment obligations clearly, ensuring better financial planning.

Here are some important benefits of selecting a long-term personal loan on Bajaj Markets:

• Lower EMIs

With reduced monthly instalments, you can manage repayments more comfortably. This ensures minimal strain on your monthly personal finances.

• Higher Loan Amounts

You can borrow amounts of up to ₹55 Lakhs to meet substantial financial needs. This makes it suitable for both large and small-scale requirements.

• Flexible Tenure Options

Repayment terms extend up to 96 months, allowing you to choose a duration that aligns with your financial plan. A longer tenure helps lower EMIs, while shorter terms save on interest.

• No Collateral, No Restrictions

These loans are unsecured, so you do not need to provide collateral. Additionally, you have the freedom to use the funds for varied purposes without restrictions.

• Quick Disbursal

Once approved, the loan amount is transferred to your bank account within minutes. This ensures you get timely access to funds when needed most.

Eligibility criteria for an 8-year personal loan are set by lenders to ensure you can repay over a longer tenure. On Bajaj Markets, the eligibility requirements include: 

• Nationality: You are required to be an Indian citizen

• Age: You need to be at least 18 years old

• Employment: You can be either a salaried or self-employed individual

• Income: A minimum monthly income of ₹25,000 is required

• Work Experience: At least 6 months of work experience is necessary

• Credit Score: A minimum CIBIL score of 685 is required

Applying for an 8-year personal loan is an easy online process that can be completed in a few steps. Once verified and approved, the funds are quickly transferred to your bank account. These steps include: 

1. Click on the ‘Apply For Loan’ option on this page 

2. Choose your profession from the dropdown options 

3. Enter your mobile number and PIN code 

4. Accept the terms and conditions after reading carefully 

5. Click on ‘Proceed’ 

6. Enter or choose the following details- including PAN, Name as per PAN card, Date of birth, Employer category, Employer/company name, Net monthly salary, Email ID, Gender, and Salary credit mode (usually via bank transfer)

7. Click on ‘Submit’ 

8. Review and select loan offers based on your eligibility 

9. Provide any additional details if requested 

After your application is approved and you accept the offer, the loan funds will be transferred straight to your bank account.