Before applying for a personal loan, most of the person asked me about the loan tenure. It is a genuine question. You should know the personal loan minimum & maximum tenure. Different lenders offer different types of loan duration.
We will search for the answer to what is the personal loan maximum tenure. Keep reading…
Different Lenders Personal Loan with Tenure
|NBFCs||Interest Rate (p.a.)||Tenure||Salary Required||Loan Amount|
|WeRize||16% to 21%||1 year to 3 years||Rs. 12,000 net Salary||Rs. 50,000 to 5 lakh|
|Axis Bank||10.49% to 22%||1 year to 5 years||Rs. 15,000 net Salary||Up To 40 Lakh|
|HDFC Bank||10.75% to 21%||1 year to 5 years||Rs. 40,000 net Salary||Up To 40 Lakh|
|Bandhan Bank||10.50% to 20.65%||1 year to 5 years||Rs. 20,000 net Salary||Up To 25 Lakh|
|Indusind bank||10.49%||1 year to 5 years||Rs. 25,000 net Salary||Up to 25 lakh|
|Upward||9% to 32%||1 year to 5 years||Rs. 21,000 net Salary||Up to5 lakh|
|Faircent||12% to 28%||1 year to 3 years||Rs. 25,000 net Salary||Rs. 50,000 to 10 lakh|
|Paysense||16% to 24%||1 year to 5 years||Rs. 18,000 net Salary||Rs. 70,000 to 7.5 lakh|
The Minimum Personal Loan Tenure
Most lender offers a minimum personal loan tenure of 12 months. But for low amount personal loans the minimum loan duration is 3 to 6 months. Some popular NBFC companies such as Kreditbee, MoneyView, Cashe & MoneyTap give repayment tenure of up to 6 months.
The short-term loan tenure EMI is higher compared to longer tenure. But there is a benefit also. You have to pay a lower interest rate as you choose short-duration repayment tenure.
The Maximum Personal Loan Tenure
In most cases, lenders give you the option to choose a maximum personal loan tenure is 5 years. Also, it can be extended up to 7 years. When you are taking a higher loan amount, banks give you longer repayment tenure.
But the longer tenure means you are paying interest rates for a long time. Also, you are taking one benefit which is lower EMI. Maximum loan tenure gives you a lower EMI option. But you should not take long tenure because of the interest rate.
Remember Important Tips Before Choose Personal Loan Tenure
A personal loan is a great choice for instant cash. It’s an easy way to take a loan. But most of the time we fall under the trap. So, you should remember some important tips before choosing personal loan tenure:
Calculate EMI: When your loan is approved, lenders tell you about your monthly EMI. Generally, most people cannot calculate EMI with monthly income. If your monthly income is Rs. 20,000, your loan amount will be under Rs. 10,000 which is called debt-to-income ratio.
Interest Rate: Before loan approval, you should check about interest rate. The higher interest rate comes with a higher monthly EMI. So, try to get a personal loan with a lower interest rate. 24hr Loan gives you a competitive interest rate on the personal loan segment.
Credit Score: CIBIL score will tell you about your loan track & trustworthiness with other lenders. If you always make loan repayment on time, your credit score will be good. Also, you will get an extra benefit which is a low interest rate. A good credit score gives you a lower interest rate on a personal loan. It will help to reduce your monthly EMI.
Higher Loan: In most cases, people take a higher loan. You should take a loan based on your needs. If you take a higher loan, you have to pay more with interest. So, try to take a minimum loan that will also maintain the debt-to-income ratio.
FAQs (Frequently Asked Questions)
Can I take a personal loan for 15 years?
The answer is No. Most lender gives you a maximum 7 years loan repayment tenure. So, you cannot get 15 years tenure.
Can I take a personal loan for 20 years?
Lenders do not provide a personal loan with 20 years tenure. Your minimum loan duration could be 3 months to a maximum loan duration of 72 months.
What is the loan tenure of a 3 Lakhs personal loan?
Banks/NBFC companies offer up to 36 months repayment tenure of 3 lakh loans. But sometimes you can extend it up to 48 months.
What is the benefit of longer repayment tenure?
The longer repayment tenure gives you the benefit of a lower monthly EMI. You can pay the low EMI and it will help you to maintain other expenses.