What is a long-term loan?

A long-term loan is a personal loan where the loan amount is higher than your salary. The lender decides the loan amount as on your account details.

Can I get a long-term loan for bad credit?

If your Income is higher compared to the loan amount, in that case, you can apply for the personal loan with a lower credit score also.

Can I get tenure for 10 years on a personal loan?

Generally, the tenure for a long-term loan, especially for a personal loan, is five to seven years. In special cases, it can be longer. But the final approval is done after verifying your documents.

Is a long-term loan a better option for financial needs?

Whenever you need a higher amount, you can apply for a personal loan, especially with a longer tenure. It will help you have better financial planning for multiple reasons.

How can I apply for a long term personal loan?

You can go through different steps where you have to enter all your details, including documents. With the submission of the application form, you can get instructions from the executives. With the approval and disbursal, you will get the loan amount directly into your account.

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Long Term Loans

Manage financial requirements with Long Term Personal Loans

Have you faced a situation like a cash crunch where you have no way to manage cash, especially when there is a sudden emergence of cash? In such situations, long-term loans become beneficial with flexible repayment options through multiple EMIs. You can apply for a personal loan for multiple needs, especially for what you need cash like travelling, shopping, home renovation, medical bills, etc. With fast approval, minimal documentation, easy repayment, flexible tenure, and others, you can borrow a personal loan. With all the time, i.e., 24X7 accessibility and availability, you can apply for the loan and you can finalise the approval process shortly. So, just pick up your phone and apply for the personal loan right now.

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Features and Benefits of Long Term Loans

Fast Approval

Based on your income and credit score, the fast approval for the personal loan becomes a time saver. The loan amount is shortly approved.

Competitive Interest

With a competitive interest, a personal loan always becomes beneficial, especially when you have urgent requirements for emergencies.

Minimal Documentation

The loan application is easy, where there are no lengthy documentation, taking a longer time. It is easy with easy approval.

Easy Repayment in EMI

You can repay in multiple EMIs, which makes your repayment easy and imparts flexibility while borrowing and repaying the loan amount.

Enhance Credit Score

The credit score with a personal loan is enhanced, especially when you start borrowing frequently. A higher credit score always helps in the future.

No-Collateral

No collateral is required while borrowing, especially when you are applying for a loan based on your higher income and credit score.

How to calculate a personal loan on EMI

While applying for a personal loan on EMI, calculate the interest as per the tenure and rate of interest to strengthen your financial planning. So, to calculate the personal loan EMI, you can use the APR calculator available on the website. It works with the algorithm and the formula used for the EMI is “EMI = [P x R x (1+R)^N] / [(1+R)^N-1]”.

Where

P is the principal amount
R is the rate of Interest.
N is the tenure in months.

So to calculate the EMI, you must have an idea of the rate of interest, the principal amount, tenure in number of months and processing fees as well. Using the EMI calculator, you can enter all these details and get the EMI amount.

The benefits of using the EMI calculator are as follows

It gives an explicit idea for the repayment
You will be able to plan for repayment accordingly
No hidden charges will be there. If any, you can find them easily.

Eligibility For Long-Term Loans

The eligibility criteria for a long-term loan can be decided based on the creditworthiness of the customers, especially the income through salary or business. Various factors affect the eligibility criteria of the long-term loan, are nationality, age, residential status, income and credit score of the customers. So, the factors affecting eligibility criteria are as follows.

Age	It should be maximum 65 years old or minimum 18 years old.
Income	The minimum income must be at least 35000/ month
Credit Score	The credit score must be at least 700. A higher credit score makes the approval easy.
Nationality	Indian
Documents	Aadhar, PAN, Salary slip, Rent agreement, utility bills, bank statement, ITR, etc.
Terms of employment	The customers applying for a long-term loan must have a job in a private limited company / registered company / government organisation.

Document Required For Long Term Loans

The documents required for a long-term personal loan are based on the types of customers, where you must have a salary slip along with the Aadhar and PAN. Whereas, for a self-employed person, you must have a bank statement, ITR, and other business records. So, the documents required for a long-term personal loan are as follows.

Documents Required for the Customers as a Salaried Person	Aadhar Card, PAN, Salary Slip, Bank Statement, Residential Certificate, utility bills, rent agreements and others.
Documents Needed for Self-Employed	Aadhar, PAN, GST, Registration/ ITR, A three-month Bank statement, Utility Bills, Business Registration Certificate and others.

How to apply for long term loan

To apply for a long-term personal loan, you must follow the steps chronologically, where at first you have to click the apply now button, which will take you to the application form. Enter all the details there as per the column. Once the application is submitted, you will get the approval as on your creditworthiness, especially the income and credit score. So the steps to apply for the personal loan are as follows.

Go to the application page by clicking Apply Now
With all the details, fill out the application form
Get an instance response from the executives
Get the approval with the EMIs and tenure.
Get the disbursal directly in your loan amount.
As per the tenure, repay through EMIs