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Know The Maximum & Minimum Tenure For Personal Loans
Are you finding it challenging to determine a suitable Personal Loan tenure? While applying for a loan, choosing an appropriate tenure is crucial. This is because a more extended duration increases the interest you pay. A shorter duration can potentially create a financial burden as the high EMIs are high. Read on to know the maximum and minimum Personal Loan tenure and factors to consider when choosing the Personal Loan tenure.
A Personal Loan is an unsecured form of credit that you can use to fulfil your urgent financial needs. It has no limitation on the end use of funds. The eligibility for a Personal Loan includes a CIBIL score over 700 and a stable job with a net salary of Rs. 30,000 or more to get a Personal Loan.
The maximum tenure for a Personal Loan is 60 months. It will allow you to have a low EMI amount, but the interest charged is higher. Simply put, as the tenure is longer, you pay more interest. However, a shorter tenure increases your EMI amount. So, planning is essential before opting for a short repayment tenure, as it can significantly increase your financial burden. You must choose a repayment plan that suits your budget and financial goals.
Some factors that you must consider while choosing a Personal Loan Tenure are mentioned below:
ALSO READ :- Check Your CIBIL Score Online To Get A Personal Loan
You can follow two ways to increase your Personal Loan Tenure:
1. Written Application: You can write an application and request your lender to increase your repayment tenure. Mention the reason and attach all the supporting documents and evidence. This would improve the chances of getting your request approved.
2. Transferring Loan Amount: Secondly, you can transfer the balance of your loan to a different lender. This will allow you to choose a longer tenure for repayment with the second lender.
Knowing the maximum and minimum Personal Loan tenure is essential before you apply for the loan. It lets you manage your monthly budget and achieve your financial goals. It is necessary to carefully evaluate your options based on monthly payments, interest rates, and future financial goals before opting for a Personal Loan. With a Personal Loan at Poonawalla Fincorp, you can get up to Rs. 30 Lakh with favourable terms. The interest rates start at just 9.99% per annum with a repayment tenure of up to 60 months, ensuring affordable EMIs. Before you apply for a Personal Loan, check CIBIL Score for Free.
1. What is the maximum personal loan tenure?
The maximum tenure for repaying a Personal Loan is 60 months.
2. What is the minimum tenure to repay a personal loan?
The minimum tenure of repaying a Personal Loan is 12 months.
3. How much can I get through a Personal loan?
You can get up to Rs. 30 Lakh through a personal loan, and the interest rates start at just 9.99%.
4. What minimum CIBIL score is required to get a personal Loan?
You must have a minimum CIBIL score of 700 to be eligible. However, a score of 750 will increase your chances of getting more favourable terms on your credit.
We take utmost care to provide information based on internal data and reliable sources. However, this article and associated web pages provide generic information for reference purposes only. Readers must make an informed decision by reviewing the products offered and the terms and conditions. Personal Loan disbursal is at the sole discretion of Poonawalla Fincorp.
*Terms and Conditions apply
Our team of expert writers and editors are passionate about providing authentic and valuable information on finance. Our aim is to simplify financial and finance-related concepts. We strive to help our readers become more aware and empowered to make informed financial decisions.
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