What is a long-term loan?

What is a long-term loan?

All you need to know about long-term borrowing. Check your pre-approved offer and get started.
Loan Types

Loan Types

FAQs

FAQs

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Video

Rs. 40,000 - Rs. 55 lakh

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Unexpected expenses often need extra money support, and a long-term loan can be perfect for larger, unplanned costs. Unlike short-term loans, long-term loans give you higher amounts with flexible repayment through smaller EMIs, keeping your monthly budget stress-free. Want to see what you qualify for? Check your pre-approved loan offer in just 2 steps.


Common types include personal loans, home loans, and car loans, usually with repayment terms over five years. With an easy long-term loan application process, you can get funds in 24 hours* to meet various money needs while enjoying manageable repayment terms.


What is a long-term personal loan?

Long-term personal loans are money options with longer repayment tenure. You can use these loans for any reason - 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.

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Features and benefits of a long-term personal loan

Long-term personal loans have several benefits. You get a longer repayment time, which means your monthly EMI stays manageable.

  • Flexible tenures

    You can manage your loan easily with up to 96 months to repay it. Use a personal loan EMI calculator to quickly compute your monthly EMIs and know your monthly payment before applying.

  • Unique variants

    • Term Loan: Regular personal loan where you repay in fixed EMIs over decided time
    • Flexi Term Loan: Like Term Loan but you can borrow from pre-approved limit and prepay at no extra charge
    • Flexi Hybrid Term Loan: All Flexi Term benefits plus you can delay principal repayment for part of the tenure to reduce initial EMIs

    Read more about Flexi Term Loan and Flexi Hybrid Term Loan.

  • Funds of up to Rs. 55 lakh

    High loan amounts can help you meet a variety of different expenses, and you can use the longer tenure to repay as per your budget.

  • No guarantor or collateral required

    You don't need to provide collateral like gold jewellery or property papers, or have a guarantor when applying.


    Why this helps: No risk to your assets and simpler application process.

  • Money in your account in 24 hours*

    Your bank account gets the loan amount within 24 hours* of approval.

  • No hidden charges

    Our personal loan interest rates are clearly shown on our website and in loan documents. Please read these carefully before applying.

Advantages of long-term personal loan

  • Predictable repayment: Fixed interest rates help with budgeting and planning
  • Flexibility: Access to big amounts for various purposes like home renovations or education
  • Credit score improvement: Regular, on-time payments help your credit history
  • Emergency preparedness: Financial safety net for unexpected costs
  • No collateral required: Unsecured nature means no asset risk

Disadvantages of long-term personal loan

  • Risk of over-borrowing: Longer terms may encourage borrowing more than needed
  • Tied to debt longer: Commitment for extended time limits financial flexibility
  • Economic changes: Vulnerable to economic changes and personal financial shifts
  • More total interest: Compound interest can significantly increase total repayment amount
  • Income dependency: Relies on steady income over extended period

*Terms and conditions apply

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Why choose a long-term loan?

  • A long-term loan is excellent for managing big expenses while ensuring financial stability. With flexible repayment time and smaller EMIs, it reduces burden on your monthly budget. The application process is hassle-free and often 100% online, enabling quick access to funds.


    Pro-tip: Whether for home renovation, education, or medical emergencies, these loans provide financial support with minimal stress, competitive interest rates, and tailored repayment options.

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Eligibility criteria for a long term personal loan

  • Anyone can apply for Bajaj Finserv Personal Loan, as long as they meet these basic requirements:


    • Nationality: Indian
    • Age: 21 years to 80 years.
    • Employed with: Public, private, or MNC.
    • CIBIL Score: 650 or higher.
    • Customer profile: Self-employed or Salaried

    *You should be 80 years or younger, at the end of the loan tenure.


    Check out the Documents Required for Personal Loan before applying.

Check your eligibility for personal loan using just mobile number and OTP – 100% online process. 


There are certain fees to consider when getting a personal loan - foreclosure fees, processing fees, bounce fees, and part-prepayment fees. While choosing a low interest rate personal loan can help reduce overall borrowing costs, review all applicable charges before applying.

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Key offerings: 3 loan types

  • Flexi Hybrid Term Loan
  • Flexi Term (Dropline) Loan
  • Term Loan

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    You can pay interest-only EMIs for up to 36 months, after which, the EMI will consist of both, the principal and the interest. EMI is applicable only on the withdrawn amount.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Withdraw and prepay – no extra charges
    You can withdraw from your limit and prepay as many times as you want, without extra charges.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest on the loan amount you withdraw.

  • Flexi facility charges
    Flexi facility charges applicable based on your loan amount.

  • Amount disbursed in one go
    The entire loan amount is disbursed at the start.

  • Instalment pattern
    Fixed EMIs that cover both the principal and interest.

  • Flexi facility charges
    No Flexi facility charges.

Personal loan interest rate and applicable charges

Type of fee

Applicable charges

Rate of interest per annum

10% to 30% p.a.

Processing fees

Up to 3.93% of the loan amount (inclusive of applicable taxes).

Flexi Facility Charge

Term Loan – Not applicable

Flexi Loans –Up To Rs 1,999 To Up To Rs 18,999/- (Inclusive Of Applicable Taxes)

Will be deducted upfront from loan amount.

Bounce charges

Rs. 700 to Rs. 1,200/- per bounce

“Bounce charges” shall mean charges for (i) dishonor of any payment instrument; or (ii) non-payment of instalment (s) on their respective due dates due to dishonor of payment mandate or non-registration of the payment mandate or any other reason.

Part-prepayment charges

Full Pre-payment:

  • Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount as on the date of full pre-payment

  • Flexi Term (Dropline) Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

  • Flexi Hybrid Term Loan: Up to 4.72% (Inclusive of applicable taxes) on the outstanding loan amount, as on the date of full prepayment.

Part Pre-payment

  • Up to 4.72% (Inclusive of applicable taxes) of the principal amount of Loan prepaid on the date of such part Pre-Payment.

  • Not Applicable for Flexi Term (Dropline) Loan and Flexi Hybrid Term Loan.

Penal charge

Delay in payment of instalment(s) shall attract Penal Charge at the rate of up to 36% per annum per instalment from the respective due date until the date of receipt of the full instalment(s) amount.

Stamp duty (as per respective state)

Payable as per state laws and deducted upfront from loan amount.

Annual maintenance charges

Term Loan: Not applicable

Flexi Term (Dropline) Loan:

Up to 0.295% (Inclusive of applicable taxes) of the Dropline limit (as per the repayment schedule) on the date of levy of such charges.


Flexi Hybrid Term Loan:

Up to 0.472% (Inclusive Of Applicable Taxes) Of The Dropline Limit During Initial Tenure. Up to 0.295% (Inclusive Of Applicable Taxes) Of Dropline Limit During Subsequent Tenure

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Bajaj Finance Limited has the sole and absolute discretion, without assigning any reason to accept or reject any application. Terms and conditions apply*.
For customer support, call Personal Loan IVR: 7757 000 000