Get Long Term Personal Loan with Quick Disbursal
When in need of financial assistance for long-term purposes, a Long-Term Personal Loan can be a viable solution. These loans offer borrowers the flexibility to repay the borrowed amount over an extended period, usually ranging from several months to several years. One of their advantages is the quick disbursal process, allowing borrowers to access the funds they need in a timely manner. Whether it's for debt consolidation, home renovation, education expenses, or any other significant financial commitment, a Long-Term Personal Loan can provide the necessary funds with a convenient repayment schedule.
Long-Term Personal Loan EMI Calculator
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Long-Term Personal Loan Interest Rates
| Personal Loan Interest Rates | 9.99%* p.a. onwards |
| Loan Amount | ₹1 Lakh to ₹30 Lakh |
| Loan Processing Fees | Up to 2% plus applicable taxes |
| Lowest EMI Per Month* | Starting from ₹2,124* per Lakh for 60 months |
| Loan Tenure | 12-60 months |
| Pre-Payment/Foreclosure Charges | 0%* If paid from own sources |
| Late Payment Charges | 3% per month |
| Cheque Bounce Charges | ₹500 per bounce plus applicable taxes |
| Stamp Duty | At actuals (as per state) |
| No Other Hidden Charges | |
Eligibility Criteria for Long-Term Personal Loan
When applying for a Long-Term Personal Loan, lenders typically have specific eligibility criteria that borrowers must meet. While these criteria may vary among lenders, some standard requirements include the following:
- Age: Borrowers must usually be within a specific age range, typically between 22 to 57 years old.
- Income: Lenders assess the borrower's income to ensure their ability to repay the loan. A minimum income threshold is often set, which may vary depending on the lender.
- Employment Stability: Lenders prefer borrowers with a stable employment history, typically requiring a minimum work experience of 1-2 years.
- Credit History: Lenders evaluate the borrower's credit history to assess their repayment behavior. A good credit score increases the chances of loan approval.
- Debt-to-Income Ratio: Lenders consider the borrower's existing debt obligations in relation to their income to determine their capacity to manage additional debt.
Meeting these eligibility criteria increases the likelihood of loan approval, but it's important to note that each lender may have its own specific requirements.
Documents Required for Long-Term Personal Loan
When applying for a Long-Term Personal Loan, borrowers are typically required to provide certain documents to complete the application process. While specific document requirements may vary among lenders, some standard documents include:
- Identification Proof: Borrowers need to submit a copy of their valid government-issued identification, such as a passport, driver's license, or Aadhaar card.
- Address Proof: Lenders may ask for proof of residence, which can be provided through documents like utility bills, rental agreements, or bank statements.
- Income Proof: Borrowers need to provide documents that verify their income, such as salary slips, bank statements, or income tax returns.
- Employment Proof: Lenders may require employment proof, such as employment letters, appointment letters, or business ownership documents.
- Bank Statements: Borrowers may need to provide bank statements to demonstrate their financial history and repayment capacity.
It's essential to check with the specific lender for their exact document requirements before applying for a Long-Term Personal Loan.
Reasons to Choose a Long-Term Personal Loan
A Long-Term Personal Loan offers several compelling reasons for individuals to consider it as a financing option. Here are some key reasons to choose a Long-Term Personal Loan:
- Lower Monthly Payments: Longer tenures result in manageable monthly installments.
- Funding Large Expenses: Suitable for significant expenses like education or home renovations.
- Repayment Flexibility: Choose a tenure that aligns with your financial capabilities.
- Debt Consolidation: Combine multiple debts into a single loan for simplified repayment.
- Build Credit History: Timely repayment helps establish a positive credit history.
Opting for a Long-Term Personal Loan enables individuals to meet their financial goals while enjoying the benefits of lower monthly payments, funding flexibility, debt consolidation, and credit-building opportunities.
Features & Benefits of Long-Term Personal Loan
A Long-Term Personal Loan offers borrowers several benefits:
- Higher loan amounts for various financial needs.
- Extended repayment periods for affordable monthly installments.
- Competitive interest rates for lower overall interest costs.
- Flexibility in usage for different purposes.
- Improved financial planning with fixed monthly installments.
- Opportunity to improve credit score through timely repayments.
- Quick disbursal for prompt access to funds.
By considering these benefits, individuals can make informed decisions when choosing a Long-Term Personal Loan.
Apply for Long Term Personal Loan within 5 Minutes
To apply for Long-Term Personal Loan within 5 minutes with Poonawalla Fincorp, follow these steps:
- Click here to "Apply Now".
- Provide your personal information, such as name, contact details, and PAN number.
- Enter the loan amount you require and select the desired repayment tenure.
- Upload the necessary documents, such as identity proof, address proof, and income documents.
- Review the loan terms and conditions, including the interest rate and any applicable fees.
- Submit the application after verifying the details.
- Wait for the loan application to be processed and approved.
- If approved, the loan amount will be disbursed to your bank account within a short period.
Applying for an Instant Long-Term Personal Loan with us is quick and convenient, allowing you to meet your financial needs efficiently. Ensure that you provide accurate information and submit all required documents for a smooth application process.
Frequently Asked Questions
Loan term varies depending on the lender but can typically range from 1 to 5 years.
These loans are loans with extended repayment periods, usually beyond 3 years, allowing borrowers to repay the loan over a longer duration.
Interest rates on Long-Term Loans are generally higher than that on short-term loans due to the extended repayment period.
Personal Loans have predetermined loan terms, typically ranging from 1 to 5 years.
Yes, the income of the applicant is a crucial factor as it determines the borrower's repayment capacity and influences the loan sanctioning process for Long-Term Loans.
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