Long-Term Loans

Name: Long-Term Loans
Brand: Paisabazaar
Rating: 4.2 (2839 reviews)

Personal loans having tenures of more than 1 year are usually considered as long term personal loans. However, some lenders may have different definitions for long term personal loans. Most banks and NBFC usually offer maximum loan tenure of 5 years for long term personal loans. However, some lenders also offer longer tenures of up to 7 years.

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Customer Rating

4.2_/5

2839 Reviews

51M+Satisfied Customers

65+Lending Partners

800+Cities across India

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Wide Choice

Curated offers from 30+ lenders

Quick Disbursal

Money in your account instantly

SmartMatch

Offers ranked according to eligibility

Digital Process

Hassle-free & paperless

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HDFC Bank

10 Second Disbursal*100% Digital Process*Quick Disbursal

Max. Loan Amt.Upto ₹25L

Rate of Interest9.99% - 12.5%

Tenure upto1-5 Years

Processing Fee₹ 6,500

Axis Bank

Low Processing fee

Max. Loan Amt.Upto ₹25L

Rate of Interest9.99% - 17.15%

Tenure uptoUpto 6 Years

Processing FeeUpto 2%

Kotak Mahindra Bank

Lowest Income requirement100% Digital Process*

Max. Loan Amt.Upto ₹25L

Rate of Interest9.98% - 17.2%

Tenure upto1-5 Years

Processing Fee1.1% - 1.5%

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How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

Features of Long Term Personal Loans

Long term personal loan interest rates usually start from 9.98% p.a. onwards. However, some public sector banks might offer long term personal loans at lower interest rates. These loans do not come with end-usage restrictions except for speculation. The applicants are not required to submit any collateral or security. Some lenders also offer pre-approved instant personal loans to their select customers having good credit profile.

Advantages of Long Term Personal Loans

The longer repayment tenure reduces the EMI for the borrowers. This helps the borrower to continue with their expenses, both unavoidable as well as discretionary, and investments for their long term financial goals

Most lenders usually prefer the personal loan applicants to have EMI/NMI (Net Monthly Income) ratio within 55-60%. Both existing EMIs as well as the EMI of the proposed personal loan is considered while calculating this ratio. Thus, reduced EMI due to longer tenure would increase the chances of availing personal loan for the applicant.

Reduced EMI/NMI ratio due to lower EMIs would increase the chances of timely EMI repayments. Timely loan repayments would help in building/improving the credit score of the borrower and thereby, improve their future loan and credit card eligibility.

Lower EMI/NMI ratio increases EMI affordability, thereby, helping them to avail higher loan amount.

As most lenders offer personal loan tenures between 1 year and 5 years, applicants opting for long term personal loans have a wider range of lenders to choose from.

Disadvantages of Long Term Personal Loans

The applicants availing long term personal loans have to incur higher interest cost over the loan tenure.

Long term personal loans would block the borrowers’ EMI/NMI ratio for longer period, thereby impacting their eligibility for additional loans for longer period.

The best way to reduce the adverse impacts of long term personal loans is to make prepayments (part/full), whenever possible. Making prepayments would help in reducing the overall interest cost and increase your eligibility for availing other loans during the tenure of your personal loan.

Eligibility Criteria for Applicants availing Long Term Personal Loans

The eligibility criteria for long term personal loans can vary across lenders. However, the undermentioned list would give you a fair idea about personal loan eligibility criteria required for availing long term personal loans.

Minimum age: Usually 21 years

Minimum monthly income: Rs 15,000 or above (for most lenders)

The applicants with credit scores of 750 and above usually have higher chances of availing personal loans at lower interest rates. However, some lenders might also offer longer term personal loans to applicants with lower credit scores at higher interest rates.

Salaried individuals employed with government or public sector companies have higher chances of availing long term personal loans. They are followed by salaried individuals working with MNCs or reputed private sector organizations.

Self-employed individuals are required to have business vintage of at least 3 years

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Documents Required for Loan Application

ID Proof- PAN Card/Voter ID/Aadhar Card/Driving License/Passport

Address Proof- Aadhar card/electricity bills/gas connection bills/Voter ID/Driving License/Passport/copy of ration card

Form 16/ITR for past 3 years

Salary slips for past 3 months

Bank account statement for last 6 months

How Can I Apply for a Personal Loan Online?

Get up to ₹40 Lakh in 5 Simple Steps

Step 1: Enter your mobile number in the application form

Step 2: Provide your personal details

Step 3: Enter OTP to verify your mobile number

Step 4: Select the loan purpose and loan amount

Step 5: Compare offers and apply for the best-suited loan

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What our customers say
Highly recommended platform
I applied for a personal loan for medical emergency through Paisabazaar and got amazing service like nowhere else. The team was extremely cooperative and followed up with me until I had my loan amount in my account. My loan was disbursed within 24 hours. It is indeed an excellent platform for taking loans.
Sunil YadavOct 29, 2025
Instant loan disbursal
I applied for a personal loan through Paisabazaar and got my loan disbursed in no less than 24 hours. The team was extremely cooperative, guided me through the entire process and followed up with me until I had my loan amount in my account. I highly recommend this platform to everyone looking for an urgent loan.
Neha JainOct 29, 2025
Excellent platform
Excellent platform for personal loan comparison! Their EMI calculator helped me pick the best tenure & my monthly emi.
Manish KumarOct 23, 2025
Got personal loan instant
I was a medical emergency & need funds instantly I applied for loan at Paisabazaar & see I have a pre approved offers & apply to it & amount disbursed in 48 hours thanks to paisabazaar teams
Mansi SharmaOct 17, 2025
Got loan yesterday
I got a loan of 2 lakh from Paisabazaar. Until now, I didn't know that it was so easy to get loan through Paisabazaar. They helped me with all documents and process and my loan was sanctioned yesterday itself.
Priyanka SharmaOct 15, 2025
Got personal loan in a few minutes
I had pre-approved offers. When I applied through Paisabazaar, I got my personal loan approved within a few minutes. The process was very hassle-free and the team was extremely cooperative.
Preeti SinghSep 26, 2025
Cibil kam tha fir bhi loan dila diya
Mera cibil kam tha fir bhi paisabazaar walo ne loan dila diya mujhe jo bohot jaruri tha.
Pawan SehrawatSep 25, 2025
Personal loan quick approved
My personal loan was quick approved on Paisabazaar. Everything was online and I was not required to submit any more documents.
Vivaan ShahSep 24, 2025
Loan Approved in on day
I confused between HDFC & Axis personal loans, but Paisabazaar showed me all the offers side by side. I apply in 10 minutes and got approval the next day!
Rahul MehtaSep 23, 2025
Personal loan mila yahaan se
Mujhko personal loan mila yahaan se bina koi dikkat hue. Maine toh online apply kiya aur 3 lakh ka loan mila 2 saal ke liye.
Pankaj SinhaSep 22, 2025
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