Personal Loan for 8 Years

A personal loan can be a practical solution for meeting various financial requirements, such as managing unexpected expenses or funding life goals. On Bajaj Markets, lenders offer personal loans with attractive features, including loan amounts of up to ₹35 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% p.a., these loans can be budget-friendly. The application process is seamless, requiring minimal documentation and offering quick disbursal.

An 8-year loan tenure offers a long-term financial commitment, providing ample time to repay while keeping monthly instalments affordable. This extended tenure is particularly beneficial for meeting significant financial goals that require a larger sum, such as renovating your home, covering substantial medical expenses, or funding international travel.

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 at an interest rate of 9.99% p.a. for an 8-year tenure, the calculator will show:

• EMI: ₹31,867

• Total Interest Payable: ₹10,59,259

• Total Amount Payable (Principal + Interest): ₹30,59,259

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 loan:

• Easier monthly payments with lower EMIs

• Convenient borrowing of high loan amounts

• Flexible tenure options for comfortable repayment

• Multipurpose loan with no collateral needed

• Immediate availability of substantial funds

Longer repayment tenures for personal loans help maintain financial stability during major expenses. However, long-term loans also carry certain drawbacks, such as:

• Increased interest payments throughout the loan period

• Extended financial obligation over time

• Prepayment or foreclosure charges (if applicable)

• Impact on credit score in the case of default

• Rigid eligibility requirement

Here is an overview of the interest rates and charges for 8-year personal loans offered by lenders on Bajaj Markets:

Disclaimer: The details mentioned are subject to change at the lender’s discretion.

Several factors influence the interest rate on a personal loan. Here are some of them:

• Credit Score

Your credit score shows how reliable you are at borrowing and repaying money. A higher score usually means you are more likely to get a lower interest rate because lenders see you as less risky.

• Income and Job Stability

Lenders want to see that you have a steady income and a stable job. This helps them feel confident that you can repay the loan on time, which may result in a lower interest rate.

• Debt-to-Income Ratio

This is the amount of debt you have compared to your income. If your debt is low and your income is high, you are seen as a lower risk, and you may receive a better interest rate.

• Repayment History

Your past record of repaying loans or credit cards matters. If you have made payments on time, lenders are more likely to trust you and offer you a lower interest rate.

• Loan Amount and Tenure

The amount and how long you plan to take to repay it can affect the interest rate. A larger loan or a longer term may carry more risk for the lender, which could lead to a higher rate.

Choosing an 8-year tenure results in lower monthly EMIs. This makes repayment more manageable, as the monthly outflow remains relatively small.

Here is an example to assess the loan amount. For an 8-year tenure at a 10% p.a. interest rate, the table below shows how the EMI varies with different loan amounts:

Disclaimer: Note that these are approximate values and are meant only for illustration. For actual EMI values, reach out to your lender.

The following are some key actions you have to take to secure a loan with a minimum interest rate: 

• Boost your credit score

• Maintain a clean repayment history

• Negotiate terms with your lender

• Review offers from multiple lenders

• Consider applying with a co-applicant