Minimum And Maximum Tenure For Personal Loan

Do you consider taking a personal loan but are unsure how long it will take to repay it? Before applying, it is essential to know the loan tenure. This blog will provide information on personal loans, including the shortest and longest terms, eligibility requirements, documentation requirements, loan amounts, and other details that salaried individuals need.

What is a personal loan? 

Personal loans are a temporary option for salaried people. It is fast and loose in processing, and it is not subject to collateral. The income, work stability, and eligibility determine the loan. Personal loans come in handy when there is an urgent bill or a once-in-a-lifetime financial requirement.

Why Are Personal Loans Popular?

Salaried individuals prefer personal loans because they are readily available. The approval process is fast, and the documentation required is minimal. Because these loans are not collateralized, borrowers have quicker access to funds than with secured loans. Their flexibility in the amount and the repayment period is also a good fit for short-term financial requirements.

Advantages of Personal Loans

• Instant access to non-collateralized funds. 
• Few records have to be made. 
• Adjustable loan values.
• Sold in most cities in India. 
• Developed to suit people on salaries and an easy process of approval.

Common Uses of Personal Loans

Personal loans are versatile and can help with:

1. Meet urgent medical bills within a short time.
2. Finance takes a journey at the expense of savings.
3. Repair or improvement of funds.
4. Make payments for short courses or tuition fees.
5. Have several smaller debts combined into a one-time, manageable loan.

Tips for Choosing the Right Personal Loan

• Evaluate your financial requirements and apply. 
• Select a payment time frame that you will be comfortable with. 
• Ready your documents to be approved within a shorter period of time. 
• Familiarize yourself with the processing costs and any other additional costs. 
• Borrowing should be reduced to the necessary level to reduce the pressure of repayment.

What is loan tenure? 

Loan tenure meaning is the number of years that a borrower is expected to take to repay a loan. It is among the most significant sections in any loan. It determines the repayment term, affects your budgets, and helps you understand how long it will take to repay the borrowed amount.

Personal Loan Minimum Tenure

Our personal loans have the lowest minimum tenure of 3 months. That is why you will be able to pay your loan within 2 months, depending on your financial situation and intentions.

Maximum Tenure Offered Under Personal Loan

The maximum tenure offered under personal loan is  12 months. All the loans have to be paid back during this period. Our extensions are not provided beyond 6 months, keeping the payments short and easy.

Loan Amounts We Offer

We offer personal loans ranging from ?5,000 to ?1.2 lakh. Whether you need a small loan for quick expenses or a larger amount for urgent needs, our loans give you flexibility.

Eligibility Criteria

To apply for a personal loan, you must meet the following criteria:

1. Age: 21 to 56 years

2. Employment: Salaried individuals only

3. Documents Required:

• PAN Card
• Aadhaar Card
• Salary Slip
• Address Proof (Electricity Bill or LPG Bill)

Cities We Cover

We offer personal loans in Tier 1, Tier 2, and Tier 3 cities. This makes it easy for salaried individuals in India to access our services.

Conclusion 

For salaried individuals with urgent or temporary financial needs, personal loans offer a convenient and flexible solution. It's critical to comprehend the length of the loan. Borrowers are free to select the repayment period that best suits their financial situation, with options ranging from two months to six months. Simple paperwork is all that is needed for the application process. This makes obtaining money when needed quick and simple. 

                          FAQ: Minimum and maximum tenure for personal loan

1. How long must a personal loan be for? 

A personal loan has a minimum term of two months. Depending on your needs, you can repay your loan during this time.

2. How long can a personal loan be extended? 

A personal loan has a maximum term of six months. Within this period, all loans must be paid back.

3. Who can apply for a personal loan? 

Only salaried individuals aged  21 to 56 are eligible for personal loans from us. Basic documents like your PAN card, Aadhaar card, pay stub, and proof of address, like an LPG or electricity bill, are also required

4. Which loan amounts am I eligible for? 

From 5,000 to 1.2 lakh, we provide personal loans. This provides flexibility for both modest and pressing financial requirements.