Let's explore the procedures of long-term personal loans.

Let's explore the procedures of long-term personal loans.

Personal loans are unsecured loans which can be available to any eligible person. These loans can be used for multiple purpose, like higher education, medical bills, home renovation, higher studies & many more. With minimal documents, you can get the approval in no time. Long-term personal loans are those loans which have a tenure period of 3 years or above. It benefits you because the EMI amount will be low only in the long term.

But meanwhile, you will be paying more interest and other related fees. With the help of a personal EMI calculator, you can check on your monthly due. It will help you to make changes in loan amount advancely and plan your finances accordingly.

Eligibility for long-term personal loans

Long-term loans need basic eligibility, but interest rates and loan amount changes from one to another.

  • You must be an Indian citizen aged between 21 to 60 years at the time of applying.
  • Your monthly income should be more than Rs.18,000. Whether salaried or self-employed, If you have a steady income source, you are good to go.
  • You must have issued all required documents to apply for a loan.

You can apply instantly online, too, with simple procedures. You have to fill up an online application and upload the required documents to get the approval. Once the bank verifies your details and completes KYC, the lenders will transfer the loan amount directly to your account within 24 - 48 hours.

Documents needed for applying

The basic required documents are below but documentation may vary from lenders to lenders. So check with your lender before proceeding with your loan application.

  • PAN card number.
  • Valid address proof such as Aadhaar card, driving licence, passport etc.
  • The last three months' salary slips for salaried and income statements for self-employed.
  • Six-month bank statement of salary account.
  • e-NACH is mandatory.

You can compare various offers provided by the bank before applying. Long-term loans will be more comfortable as it gives a flexible repaying mode with low monthly dues.

If you have a credit score below 600, getting approved by a reliable source for a long-term loan is challenging. You might have a chance of getting approved with higher interest rates and short tenure. Be sure about the genuinity of the lender to avoid any fraud. Even if you get approved with terms and conditions not favouring you, with a proper repayment plan, you can make a massive difference in your credit score. Thus, it implies your credibility too.


Long-term loans can be helpful when you require a considerable amount and are not in a situation to pay it back soon. Eventually, you can choose long-term loans and try to pay them back more quickly whenever possible. It will help you to avoid paying huge interest. Make a decision wisely and manage your payments to avoid any financial strains. Then you can be debt-free quickly.

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