Financial difficulties can strike without warning. It can be a medical emergency, an unexpected expense like home renovation, a wedding or education fees. In such situations, a personal loan can be a reliable way to manage urgent financial needs.
That said, borrowing money also brings responsibility. You will need to set aside a fixed amount every month to repay the loan on time. For this, you need to look for those banks that provide flexible repayment tenures so that it doesn't affect your financial situation.
Personal loan for 7 years
Personal loans are a type of unsecured loan that doesn't require you to pledge any assets in order to get funds. And this is the reason why personal loans usually have higher interest rates compared to secured loans. The longer the loan tenure, the easier it becomes to repay the loan because the monthly instalments are smaller.
Which bank gives a personal loan of 7 years?
There are various banks that provide flexible repayment tenures, but they are mostly up to 5 years.
Following are some banks that provide personal loan tenure of 7 years.
1. Union Bank of India: You can get an instant loan of up to Rs 50 lakh with quick disbursal, easy processing and a fixed rate of interest. The bank offers personal loans with a flexible repayment tenure of up to 7 years. The best part is that it is a collateral-free loan with zero prepayment charges.
2. Axis Bank: If you're looking for an instant personal loan with a repayment tenure of up to 7 years, Axis Bank is a reliable option. You can avail up to Rs 40 lakh at an interest rate ranging from 9.99% to 22% per annum.
3. Bank of India: The maximum limit to get a personal loan is Rs 25 lakhs with an interest rate starting from 10.85% p.a. The maximum repayment tenure is 84 months, which is 7 years.
Get personal loans of up to Rs 50 lakhs easily through Moneycontrol's trusted partnership with eight leading lenders. The entire process is 100% digital and you just need to select your preferred EMI plan, fill in your details and complete a quick online KYC. With interest rates starting as low as 10.5%, securing a loan is now quicker and more convenient than ever.
Documents required to apply for a personal loan for 7 years
1. Proof of identity: Either PAN card, passport, driving licence or voter ID card2. Proof of address: Passport, driving licence, Aadhaar card, electricity bill, telephone bill, or latest piped gas bill.
3. Proof of income: For salaried individuals, either the last 6-month salary slip or Form 16. For self-employed, either the last 3 years' ITR, profit & loss account, balance sheet, or capital account statement.
Personal loan interest rate
When you are applying for a personal loan for 7 years, you should consider various factors such as interest rate, credit score and repayment tenure.
A good credit score, usually 750 and above, increases your chances of getting the lowest interest rates and longer tenure options. Banks also consider your credit history to evaluate your repayment capacity. This gives lenders the surety that their money will be repaid without any default.
Banks also prefer giving loans to those people with a stable source of income and consistent employment history, as it shows a steady ability to make monthly payments.
If you are choosing a repayment tenure of 7 years, then this means that your monthly loan instalments make repayments easier. This longer tenure will result in paying more interest overall, which will lead to a higher total interest cost over time.
If you are seeking a loan with a longer repayment period, Moneycontrol, in partnership with eight trusted lenders, offers personal loans of up to Rs 50 lakhs through a fully digital application process.
Select an EMI plan that suits your budget, fill in your details, and complete online KYC, all from the comfort of your home. Interest rates start at an attractive 10.50% per annum.
The 7-year extended period also helps reduce your monthly EMIs, making it easier to manage repayments without straining your budget. The interest rates are also minimal. It is a convenient and flexible option. In order to get the best rates and terms available, ensure you maintain a good credit score and meet the eligibility criteria.
Disclaimer
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