How to Pick the Right Tenure for a Personal Loan?
A personal loan is helpful to finance a variety of goals. These can range from debt consolidation to funding a relocation. You need not submit collateral against the loan since it’s unsecured. Moreover, you can get a personal loan online from a fintech company. You can enjoy all these benefits when you can repay the loan in time. For that, it’s essential to choose the appropriate tenure.
Ways to Pick the Right Tenure for a Personal Loan
● Consider the Amount You Need to Borrow
The loan amount to be borrowed depends on the goal that you need to finance. You can pick a suitable tenure based on the chosen loan amount to repay it. For instance, if you need to pay mobile phone bills, a small loan starting from ₹1,000 may be enough. You may be able to repay it in 90 days. On the other hand, if you want to finance heavy holiday expenses, a loan amount of ₹25,000-₹2,10,000 may be sufficient. The amount can be repaid in 180 days.
A loan amount of ₹50,000-₹2,58,000 can help finance rental deposits. You can expect to repay the loan in 270 days. A loan amount of ₹75,000-₹3,00,000 may be adequate to fund a medical emergency. You may be able to repay the loan in 360 days. On the other hand, purchasing a 2/4-wheeler would require more funds, for instance, a loan of ₹1,25,000–4,00,000. A suitable tenure for this loan can be 540 days. Personal loans online from a top fintech company are available for such short tenures.
● Consider Your Repayment Capacity
The better your repayment capacity, the faster you can pay off the EMIs. So, consider this factor to choose a suitable loan tenure. Your monthly salary can give you a good idea about your repayment capacity. The good news is that instant loan apps of fintech companies recommend different repayment tenures for different loan amounts and minimum salary eligibility. So, simply look at them to find the most suitable tenure.
How to Apply for a Personal Loan Online?
First, download the instant loan app of the chosen fintech company on your smartphone from Google Play Store or App Store. Then, select the product, personal loan and create your profile with your social media account. Enter the necessary details and upload the essential required documents. Then choose a suitable loan amount and tenure. The whole application process for the personal loan happens online and fast. Once your loan request is approved, the funds are disbursed to your bank account within a few minutes.
Conclusion
Follow the recommended ways to choose a suitable tenure for a personal loan. To get flexible tenures and quick disbursals, consider applying for the loan on an instant loan app of a reputed fintech company.