Unforeseen expenses? Medical emergencies? Big-ticket purchase that comes your way? And short on cash? In such a case, a personal loan is the best way to cater all your financial needs. Personal loans are a true savior during your financial crisis. It can fulfill a set of expenses including holiday, marriage, home renovation, higher studies, and many more. The best words we can use to describe a personal loan are easy, quick & seamless. Buddy Loan always assures super-fast and convenient loans that are sanctioned within minutes. But when you apply for a loan, you might come across a few terms like short term loans and long-term personal loans. If you are looking for a longer tenure to maintain the monthly cash flow with ease, then go for long term personal loans. With long term loans, you can have a longer tenure which ranges between 6 months to 5 years. The best part of long-term loans is the minimal paperwork, no-collateral, and fast processing which makes it the go-to financing option for millennials. Before you proceed, understand the eligibility criteria, documentation, pros and cons of long-term personal loans.
What Are Long Term Personal Loans?
Long term personal loans have a tenure of greater than 12 months and you can use this loan for multiple expenses including higher education, marriage, home renovation and many more.
Pros of Long-term Personal Loan
- One of the most important advantages of long-term loans is you don’t have to pledge anything to avail a loan. You can get the loan without committing anything.
- Freedom of spending. Use of this loan is not restricted which indicates that you can use the amount as per your requirement vacation, wedding, medical emergencies, or any other expenditure.
- Higher loans with lower EMIs. At Buddy Loan, you can avail a loan up to Rs. 15 Lakh interest rate starting at 11.99% p.a. Flexible tenure ranges between 6 months to 5 years.
- A long-term personal loan with lower EMIs gives you a great chance to improve your credit health. Timely repayment and financial discipline can improve your score.
Cons of Long-term Personal Loan
- Long term loans may have slightly higher interest rate
- Faulting in repayments may lead you towards late penalty charges
- If you have low credit score, then interest rate may go high
Long Term Loan Eligibility Criteria
- The applicant should be a resident of India
- Borrower should have a proper source of income
- Require a co-applicant to sign the loan application
Documents Required for Long Term Personal Loan in India
- Proof of residence
- Identity proof - Voter/PAN/Passport
- Income proof of borrower and guarantor
- Salary slips and bank account statements
The process of availing a long-term personal loan is very easy with Buddy Loan. Fill up the application form, upload the necessary documents and submit. Once your application is verified, the loan amount will be instantly disbursed to the borrower's bank account. And there are no prepayment charges for long term loans. If you are in urgent need of cash, apply for a long-term personal loan now.
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Previously, personal loans were offered by banks that too in a manual procedure.
Visiting the bank, standing in a queue, going through multiple procedures, excess documentation, difficult application, and then delay in approval were the parts of availing a personal loan.
In recent times, lenders have changed the way of lending completely.
At Buddy Loan, you can apply for a loan online while enjoying a smooth seamless experience.
With a simple and swift online application, you can easily meet all your financial needs.
Get loan online in three easy steps, check them below - Step 1: Fill Up The Online Application Download the Buddy Loan application or visit the website where you need to provide your personal information (basic details including age, city, monthly income), employment type (salaried, self-employed, or business professional), and purpose of the loan (medical emergency, wedding, home improvement, education, or others) to process your loan application with ease and convenience.
A travel loan is a relatively new concept in the field of banking and financial sector.
In the domain of personal loans, there is a category of loans given for the purpose of travelling.
This loan is for domestic or foreign travel.
With the era of globalization and liberal markets, backpackers and couples, family vacations across continents have increased.This familiarity with the entire market area of the world by the tourism and hospitality sector has made it possible for banks to start creating travel loans.
To enable the possibility of people with fewer funds to take EMI loans and pay sums of money for a long trip abroad easily, many private banks, namely, HDFC, Axis, ICICI, Tata Capital, Bajaj Finserv have started giving out these loans.Standard rates on these loans include a processing fee, prepayment charges and of course the varying interest rates based on the CIBIL score.
They are given out, for salaried, eligible customers in short periods of time, sometimes as short as 10 seconds.The amount, Interest rates and durationLoan ranging from Rs 1000 to 15 lakhs are generally disbursed.
