Unexpected expenses often require additional financial support, and a long-term loan can be an ideal solution for larger, unplanned costs. Unlike short-term loans, long-term loans provide higher amounts with flexible repayment options through smaller EMIs, ensuring minimal strain on your monthly budget. Common types include personal loans, home loans, and car loans, typically with repayment terms exceeding five years. With a seamless long-term loan application process, you can access funds quickly to meet various financial needs while benefiting from manageable repayment terms.
What is a long-term personal loan?
Long-term personal loans are financing options with a longer repayment tenure. These loans can often be used for any reason including home renovations, higher education, urgent medical care, wedding expenses, etc. Bajaj Finance offers long-term personal loans with flexible payback terms of up to 8 years.
Features and benefits of a long-term personal loan
Depending on the lender, long-term personal loans have several benefits. As the name rightly suggests, borrows can make the most of a longer repayment tenure and thereby ensure that the monthly EMI outflow remains in check.
Take a look at some of the key benefits of a long-term personal loan from Bajaj Finance:
- Flexible tenures
You can manage your loan easily as you have between 12 months and 96 months to repay it. You can also use a personal loan EMI calculator to quickly compute your monthly EMIs and know the monthly instalment outflow before applying.
- 3 unique variants
You may select from our 3 unique variants of personal loans including Term Loan, Flexi Term Loan, and Flexi Hybrid Term Loan options. A Term Loan is a regular personal loan where the sum borrowed is repaid in the form of fixed EMIs over pre-decided tenure. The Flexi Term Loan works pretty much like the Term Loan but customers get the added benefit of borrowing from a pre-sanctioned limit and prepaying as per their convenience at no additional charge. With a Flexi Hybrid Term Loan, borrowers get all the benefits of the Flexi Term Loan and additionally they can defer the principal repayment for a part of the overall tenure to reduce the initial EMIs.
- Funds of up to Rs. 55 lakh
Loans ranging from Rs. 40000 to Rs. 55 lakh can help you cover large and minor expenses.
- No guarantor or collateral required
It is not necessary to provide collateral, such as gold jewellery or property documents, or to have a guarantor while applying for a personal loan.
- Money in your account in 24 hours*
Your bank account will be credited with the loan amount within 24 hours* of the approval.
- No hidden charges
Our personal loan interest rates are detailed on website as well as in our loan documents. Please spend some time reading through these thoroughly before submitting your application.
Advantages of long-term personal loan
- Predictable repayment: Fixed interest rates provide stability, aiding budgeting and financial planning.
- Flexibility: Access to substantial funds for various purposes like home renovations, education, or education.
- Credit Score improvement: Consistent, timely payments contribute positively to credit history.
- Emergency preparedness: A financial safety net for unexpected expenses or emergencies.
- No collateral required: The unsecured nature eliminates the need for asset pledges, reducing risk for borrowers.
Disadvantages of long-term personal loan
- Risk of over-borrowing: Longer terms may encourage borrowing more than necessary.
- Tied to debt for longer: Commitment for an extended duration limits financial flexibility.
- Economic changes: Vulnerability to economic fluctuations and changes in personal financial situations.
- Accumulated interest: Compound interest can significantly increase the overall repayment amount.
- Dependency on income stability: Relies on consistent income over an extended period.
Why choose a Long-term loan?
A long-term loan is an excellent choice for managing significant expenses while ensuring financial stability. With flexible repayment tenures and smaller EMIs, it reduces the burden on your monthly budget. The long-term loan application process is hassle-free and often 100% online, enabling quick access to funds. Whether for home renovation, education, or medical emergencies, these loans provide the financial support you need with minimal stress. Plus, they come with competitive interest rates and tailored repayment options for added convenience.
Eligibility criteria for a long term personal loan
The eligibility criteria for a long-term personal loan can vary from lender to lender. Anyone can apply for Bajaj Finance Personal Loan, as long as they meet the basic requirements listed below:
- Nationality: India
- Age: 21 years to 80 years
- Employed with: Public, private, or MNC
- CIBIL score: 685 or higher
- Monthly salary: Starting Rs. 25,001, based on the city you live in
*You should be 80 years or younger, at the end of the loan tenure.
Documents required for a long term personal loan
If you meet all Documents Required for Personal Loan , you will be required to submit a set of documents to complete the application process. Those are listed below:
- KYC documents: Aadhaar/ PAN card/ passport/ voter’s ID
- Employee ID card
- Salary slips for the last 3 months
- Bank account statements for the previous 3 months
Fees and charges for a long-term personal loan
There are certain fees and charges to consider if you are thinking about getting a personal loan. Foreclosure fees, processing fees, bounce fees, and part-prepayment fees are a few examples. While opting for a low interest rate personal loan can help reduce overall borrowing costs, it’s important to review all applicable charges before applying.
How to apply for a long term personal loan with Bajaj Finance Limited?
Applying for a long-term loan is a simple and hassle-free process. With an entirely digital application, you can quickly access the required funds from the comfort of your home. Follow these steps to complete your loan application effortlessly:
- Click on ‘APPLY’ at the top of this page to open our online personal loan application form.
- Enter your 10-digit mobile number and the OTP sent to your phone.
- Fill in the application form with your basic loan details, such as your full name, PAN, date of birth, and PIN code.
- Now, click on ‘PROCEED’ to visit the loan selection page.
- Enter the loan amount that you need. Choose from our three personal loan variants – Term, Flexi Term, and Flexi Hybrid Term Loan.
- Choose the repayment tenure – you can select tenure options of 12 months to 96 months and click on ‘PROCEED’.
- Complete your KYC and submit your application.
Our representative will guide you on the next steps. The loan amount will be transferred to your bank account on the successful verification of your documents
*Terms and conditions apply.
