How To Get a 10-Year Personal Loan: Know in Detail

• A personal loan provides access to money for various purposes, including emergencies, education costs, wedding expenses, etc.
• Some lenders may offer a10-year personal loan, while others may have a shorter-duration loan.
• Documents required for a loan application normally include KYC, last three months' salary slips and bank statement, etc.

A personal loan provides access to money for pursuing personal goals. From medical emergencies to education costs to wedding expenses, there are a variety of purposes for which you can use this loan.If you are considering taking this loan, you have come to the right place. Through this blog, we answer some of the common questions pertaining to personal loan.

A personal loan is usually an unsecured borrowing, i.e. you need not give any security or collateral. You can avail yourself of this loan during times of urgent financial need. This makes it a convenient option during emergencies.

One of the common questions in people’s minds is about the loan tenure. Many are keen to know if a10-year personal loan is possible.The loan tenure is a factor of various parameters, including the lender’s guidelines. While some lenders may offer a10-year personal loan, others may have a shorter-duration loan.Did this get you thinking about what is better – a10-year personal loan or a shorter-duration loan? Usually, a shorter duration results in a reduced overall interest cost and savings over time
For instance you choose a 7-year personal loan over a10-year personal loan, it results in a comparatively quicker loan repayment.

The standard eligibility criteria include:

Age

You should typically be between 21 and 60 years old.

Steady Income

There should be a steady income according to the lender’s guidelines.

Credit Score

A good credit score, normally above 750, indicates creditworthiness. Note: The eligibility criteria may vary across lenders and differ on a case-by-case basis.

You should apply for your loan along with the following standard documents:

• KYC documents
• Last three months' salary slips.
• Last three months' bank statement.

Note: The above is an indicative list of documents. Check with your lender to know the documents needed in your case.

You can easily calculate the EMI amount for your personal loan by using an online calculator . Simply enter the personal loan amount, tenure, and interest rate to get your estimated EMI amount.Here's a tabulation of how the EMI amount changes with a change in interest rates for a 10-year personal loan of ₹5 lakh.Loan Amount, Interest Rate, Tenure, and EMI Breakdown

Here are some tips to increase the chances of a 10-year personal loan approval:

Income Stability

A stable job can improve your chances of getting a loan.

Credit Score

A strong credit score vouches for your credibility. Timely debt repayments help improve credit scores.

Reduced Debts

Repaying existing debts reduces the debt-to-income ratio, ultimately improving the chance of approval.

Complete Documentation

Complete and correct documentation also increases the chances of loan approval.

Favourable Terms

Evaluate the terms of various lenders and choose the lender offering competitive interest, flexible repayment, etc.

The loan application process is pretty straightforward and usually comprises the following standard steps:

• Step 1: Click on ‘Apply’ on the personal loan page of your lender.
• Step 2: Enter your mobile number linked to your Aadhaar. Next, register with the OTP received.
• Step 3: Fill out the application form.
• Step 4: Click on the ‘Proceed’ button.
• Step 5: Mention the loan amount and choose the relevant personal loan type.
• Step 6: Select the repayment tenure before proceeding.
• Step 7: Complete the KYC formalities and submit your application.

Note : Alternatively, you may visit your lender’s nearest branch to initiate the loan application process.

Emergencies come unannounced and may result in financial stress and anxiety. During such times, you may explore getting a personal loan. Besides emergencies, a personal loan has varied uses like planning for a vacation, meeting education expenses, etc.With their easy access, you can avail of a timely solution to reduce your financial burden and regain control of your finances.To streamline the loan application process, understand the requirements and gather the details required beforehand. Speak to an Aditya Birla Capital representative today. Also Read: How to Plan Your Vacations and Travel with the Help of a Personal Loan