Loan Tenure

An interest rate is one factor that makes people think twice about whether to take a loan or not. The interest rate calculator easily calculates the interest rate of a personal loan. A borrower can make use of the EMI calculator to get clarity on the percentage of interest and tenure applied to the personal loan amount.   

A personal loan is a credit amount sanctioned based on an interest rate that is to be paid till the loan tenure ends. Calculating interest is not a tedious task anymore, all thanks to the instant loan apps available for loan applications digitally. The loan interest rate calculator is one useful tool easily available on bank/finance provider websites and apps.

Prepayment of personal loans simply refers to repaying the loan either partially or completely before the designated tenure. The early payment can reduce the financial burden of paying EMIs.

Different financial companies have their own clauses in the personal loan document explaining what should be done when a borrower expires in the middle of the loan tenure. Generally, in such cases, the pending loan amount is paid by the legal heir of the family. In case, the deceased borrower has life insurance in his/her name, then the insurance company pays off the personal loan.

A personal loan is about raising the required finance to meet different needs at personal levels. Instead, plan a holiday soon with a safe finance option that comes in the form of a personal loan or a holiday loan. A personal loan for holiday can take care of different expenses involved in the trip, inclusive of ticket bookings, accommodation, transport, food, shopping etc. Holiday loans can be repaid easily in EMIs in a stipulated tenure.

Personal loan is an unsecured loan type available with a collateral-free feature. Hence, financial companies charge a higher rate of interest on personal loans to earn more profits in a shorter span of time. As personal loans do not demand any asset or property as a collateral so a fixed rate of interest is charged throughout the loan tenure.
 

When the financial need is large that’s when long-term loans are required. Long-term loans are considered to be ideal to procure a large loan amount whether to buy a property, expensive wedding, manage expenses for foreign education or pay for a major surgery. A long-term loan is usually measured with a repayment tenure longer than 3 years.

Personal loans are best known for their flexibility. Borrowers can take personal loans to support various financial needs. The loan tenure differentiates personal loans into two types – short and long-term personal loans. Loans with a higher amount are given a longer period to repay whereas short-term loans are cleared in a couple of years. Both types of personal loans have their own benefits for different borrowers.

Small cash loans are not enough to fulfill major financial purposes. That’s when long-term personal loans help to hold a prolonged financial need. Loans that range between 5 to 7 years are counted as personal

Paying off EMIs every month is a relief as you feel financially lighter when the loan ending tenure is near. There are times when making repayments on time can increase your credit score or show no change at all.

Loan is a borrowed money from an individual or a financial firm for a fixed tenure of repayment. There are different types of loans that are used for various monetary needs and life goals whether it is education fees

When you borrow any loan, whether a car loan, home loan or personal loan, you are liable to pay both the principal loan amount plus the interest charged. Interest is a cost or a fee paid for borrowing a specific amount of money for a fixed tenure.