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Personal Loan Tenure

Personal Loan Tenure

The personal loan tenure is the time gap between the date of loan disbursal and the date of the last EMI payment, it is the duration for which money is provided by the lenders. The minimum repayment period is 12 Months, and the maximum is 84 Months generally given by select lenders.

The personal loan tenure depends on the borrower’s income, credit history, and other needs and factors. But there must be a correlation between loan tenure and EMIs.

Key Factors to Consider for Selecting Personal Loan Tenure

There are various important things affecting personal loan tenure, before selecting the appropriate option for you, Let’s clarify major things.

Comparison of Tenure between Banks, NBFCs and Fintechs

To select the best loan tenure you need to analyze various alternatives. Many banks, NBFCs, and Fintechs are providing good loan tenure. See the below tables to check loan tenure as of August 2022

BANKS NAME

LOAN TENURE (in months)

IndusInd Bank

12 to 60 months

ICICI Bank

12 to 72 months

Yes Bank

12 to 60 months

Axis Bank

12 to 60 months

SBI Bank

Up to 72 months

HDFC Bank

12 to 60 months

Punjab National Bank

Up to 72 months

Indian Overseas Bank

Up to 60 months

IDBI Bank

12 to 60 months

RBL Bank

12 to 60 months

Bank Of Baroda

Up to 84 months

Union Bank Of India

Up to 60 months

Banks usually provide loans for a longer tenure to make comfortable EMI payments. They avoid providing loans for a very short duration. Banks’ procedures are more rigid than NBFCs and Fintechs.

NBFCs

Loan Tenure (in months)

Muthoot Finance

Up to 60 months

TATA Capital

Up to 72 months

Bajaj FinServ

12-60 months

Money Tap

2 to 36 months

StashFin

2 to 36 months

Dhani Loans

3 to 24 months

HBD Financial Services

12 to 60 months

EarlySalary

Up to 60 months

PaySense

3 to 60 months

MoneyView

Up to 60 months

KreditBee

2 to 10 months

Non-Banking Financial Institutions (NBFCs) policies are more lenient than the Banks’ guidelines. Many NBFCs provides loans for short tenure or for a lower loan amount.

FINTECH’s

Loan Tenure (In months)

Kissht

6 to 24 months

CASHe

Up to 18 months

mPokket

1 to 3 months

SmartCoin

3 to 9 months

Kreditzy

1 to 12 months

NAVI Loan

3 months to 72 months

SalaryDost

6 to 12 months

There are many fintechs that are providing personal loans with competitive interest rates for a short or long tenure. In case you have a bad CIBIL score, you can try to get a loan online from these fintech companies.

Because of flexible policies and fewer formalities people generally prefer to get a personal loan from Fintechs with an attractive loan tenure.

Some FAQs from customers regarding Personal Loan Tenure

1. How can I select the right personal loan tenure?

2. What is the importance of choosing the right loan tenure?

By setting the right tenure you can pay your EMI comfortably, these are the importance:-

3. What happens if I repay the complete loan before tenure?

Yes, you can pay off your loan completely before the completion of your tenure. But, you may have to pay pre-payment charges. First, you calculate, If pre-payment is convenient for you, you can go for it.

4. Is it possible to get a personal loan for more than 5 years?

Mostly Banks, NBFCs, and Fintechs provide personal loans for 5 years. But some lenders are providing loans for more than 5 years (up to 7 years).

5. How can I enhance my personal loan tenure?

Point To Remember

 

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