BANKING AFFAIRS

Detailed explanation-1: -It will assure financial institutions of timely repayments. Although the maximum tenor offered under a personal loan is five years, one should also know the minimum duration to service this collateral-free credit.

Detailed explanation-2: -A planned requirement with repayment period of 1 to 5 years becomes intermediate Term Loan.

Detailed explanation-3: -Long term loans refer to those loans which have repayment tenure of 3 years and above. Thus, long term personal loans are unsecured personal loans which have repayment tenure of more than 3 years. At Fullerton India, we offer personal loans with flexible repayment tenures of up to 5 years.

Detailed explanation-4: -The maximum tenure for personal loans differs from lender to lender to ensure that the borrowers can choose as per their financial situation and goals. However, on average, the maximum tenure for personal loans goes up to 42 months, allowing borrowers to repay the loan through lower monthly EMIs.

Detailed explanation-5: -Personal loans having tenures of more than 1 year are usually considered as long term personal loans. However, some lenders may have different definitions for long term personal loans. Most banks and NBFC usually offer maximum loan tenure of 5 years for long term personal loans.