Personal Loan Tenure: Which Bank Gives Maximum Tenure For Personal Loan
02 May, 2025 | 18:12 IST
When going for a personal loan, one of the most important factors to consider is the repayment tenure. It directly affects your monthly EMIs, the total interest you’ll pay, and your overall financial burden.
A longer tenure lowers your monthly EMIs but increases the total interest paid over time. In contrast, a shorter tenure means higher EMIs but a lower overall interest amount.
For example, if you take a Rs 5 lakh personal loan for 3 years at a 12 percent annual interest rate, your EMI will be Rs 16,607, and you will pay a total interest of Rs 97,843. The total repayment will be Rs 5,97,843.
If you extend the tenure to 5 years, your EMI reduces to Rs 11,122, but the total interest increases to Rs 1,67,305. This means your total repayment will be Rs 6,67,305.
Choosing a longer tenure makes monthly payments more manageable but increases the overall cost of the loan. A shorter tenure helps save on interest but requires higher monthly payments.
If you are looking for a personal loan, platforms like Moneycontrol offer fully digital loans up to Rs 50 lakhs with an easy application process and interest rates starting from 10.5 percent per annum, depending on your employment status.
Which bank gives maximum tenure for personal loan?
Several banks offer personal loans and each bank has its own maximum tenure. Here are the maximum tenures offered by leading banks in India:
Axis Bank: The maximum personal loan amount provided by Axis Bank is Rs 40 lakh. The interest rate starts from 11.25 percent per annum with a processing fee of up to 2 percent of the loan amount plus GST. The minimum loan tenure Axis Bank offer for personal loan is Rs 12 months and maximum tenure is 84 months, which is 1 to 7 years
Bank of India: The maximum limit to get a personal loan is Rs 25 lakhs with an interest rate starting from 10.85 percent per annum. The maximum repayment tenure is 84 months, which is 7 years.
HDFC Bank: It provides a personal loan starting from Rs 50,000 to a maximum amount of Rs 40 lakh. The interest rate ranges from 10.9 percent to 21 percent. The repayment tenure varies from a minimum of 12 months to a maximum of 60 months, which is between 1 year and 5 years.
ICICI Bank: The bank provides personal loans with a minimum amount of Rs 1 lakh and a maximum of Rs 50 lakh. The interest rate starts from 10.85 percent to 16.65 percent. The repayment tenure for a personal loan ranges from a minimum of 12 months to a maximum of 72 months, which is between 1 year and 5 months.
Federal Bank: Any person with a minimum salary of Rs 25,000 can apply for a personal loan. The interest rates for personal loans range from 10.49 percent to 17.99 percent per annum. The maximum repayment tenure of a personal loan is 5 years, which is 60 months.
IndusInd Bank: A person can take a personal loan at a minimum amount of Rs 35,000 up to Rs 5 lakh with an interest rate ranging from 12 percent to 21 percent. The minimum repayment tenure for a personal loan is 12 months and goes up to a maximum of 48 months, which is between 1 year and 4 years.
Kotak Mahindra Bank: The bank offers personal loans at a minimum amount of Rs 50,000 and a maximum of up to Rs 35 lakh. The interest rate starts from 10.99 percent and the bank charges a processing fee of up to 5 percent of the loan amount plus applicable fees. The minimum repayment tenure is between 1 year and 7 years, which is between 12 months and 84 months.
Punjab National Bank: It provides personal loans at a minimum amount of Rs 25,000 up to Rs 20 lakh with an interest rate ranging from 11.40 percent to 16.95 percent. The minimum repayment tenure is 12 months and can be extended up to 84 months, which is between 1 year and 5 years.
Bank of Baroda: It offers personal loans starting from Rs 50,000 to Rs 20 lakh. The interest rate starts at 9.70 percent per annum. The minimum repayment tenure for a personal loan is 12 months and the maximum repayment tenure is 84 months, which is between 1 year and 7 years.
Canara Bank: The bank offers personal loans with amounts ranging from Rs 1 lakh to a maximum of Rs 10 lakh, at interest rates between 10.70 percent and 16.15 percent per annum. The repayment period starts from a minimum of 12 months and goes up to 84 months, which is between 1 year and 7 years.
Repayment tenure is crucial when choosing a personal loan, as it impacts your monthly EMIs, total interest, and overall financial burden.
Moneycontrol has teamed up with seven lenders to offer fast, fully digital loans up to Rs 50 lakhs. The application process is easy to follow: enter your details, complete the KYC verification, and choose an EMI plan. Interest rates can start as low as 10.5% per year, depending on your employment status.
Your loan tenure can make or break your EMI plan. Learn how choosing the right duration impacts your monthly payments, total interest, and overall financial health.
Disclaimer
This piece/article was written by an external partner and does not reflect the work of Moneycontrol's editorial team. It may include references to products and services offered by Moneycontrol.
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