Personal Loan

Personal Loan Amount and Repayment Tenure

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What is The Typical Personal Loan Amount And Repayment Tenure?

Since the sanctioned personal loan amount has no end-use restriction, such advances are the best go-to option during financial crisis. The loan can be used to meet diverse expenses that include planning a wedding, pursuing higher studies, and renovating a property.

Availing this unsecured loan is convenient considering that it does not require the mortgaging of any collateral and has a streamlined application process. All that you need to do is meet the simple loan eligibility criteria and documentation to avail this credit and benefit from multiple lucrative features.

Amount of a Personal Loan

You can get an online personal loan of up to Rs.25 lakh, which is approved instantly within minutes. Such advances come with a host of lucrative features that include –

  • Quick disbursal
  • Zero hidden charges
  • Convenient application process
  • Pre-approved offers

Bajaj Finserv also offers the unique flexi loan facility with their personal loan, under which you pay interest only on the utilised amount and not on the total principal. You can pay interest-only EMIs on the used credit amount and repay the principal as per your convenience.

The Tenure of the Loan

Bajaj Finserv offers you with a flexible loan repayment tenure ranging from 12 to 60 months. It helps you choose an amortisation period that best suits your current financial stability. Thus you can select a –

  • Shorter tenure resulting in a higher EMI in case you are financially stable.
  • Longer tenure resulting in lower EMI in case you are facing a monetary deficit.

However, prior to settling for a loan tenure, make sure that you use the personal loan calculator to compute the instalments. This requires you to enter a few essential details like small loan amount, personal loan interest rates, and then change the tenure as per your convenience. It will help you arrive upon a tenure that best suits your repayment capability.

Considering the host of benefits that personal loans bring along with its comfortable repayment structure, you can avail the funds to cover multiple expenses. However, make sure to look into your present financial obligations before you settle for a loan amount.