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What is the maximum and minimum tenure for personal loans?

The article from Moneycontrol discusses the tenure options for personal loans in India. Personal loans can have tenures ranging from a minimum of 12 months to a maximum that can extend up to 72 months or even longer, depending on the lender's policies. Typically, banks and NBFCs offer flexibility in loan terms to cater to different repayment capacities and financial needs of borrowers. Shorter tenures result in higher monthly payments but lower total interest paid, whereas longer tenures reduce the monthly burden but increase the total interest cost over the life of the loan. The choice of tenure impacts the EMI (Equated Monthly Installment) amount, the total interest paid, and the overall cost of the loan. Lenders assess the borrower's creditworthiness, income stability, and other financial commitments before deciding on the loan tenure.

Read the Full moneycontrol.com Article at:
[ https://www.moneycontrol.com/news/business/personal-finance/what-is-the-maximum-and-minimum-tenure-for-personal-loans-12879760.html ]