A type of personal loan repaid over a longer period of time, usually 3 to 7 years. These loans are commonly used by borrowers to fund large or major expenses like renovations or repairs, costs of higher education, debt consolidation or more.
Long-Term Loans

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What is a Long-Term Personal Loan?
Example EMI for Long-Term Personal Loan
Example EMI for Rs. 5 Lakh Personal Loan at 12% p.a.
| Tenure | EMI (Approx.) | Total Interest Payable | Total Amount Payable |
|---|---|---|---|
| 3 Years (36 months) | Rs. 16,600 | Rs. 97,600 | Rs. 5,97,600 |
| 5 Years (60 months) | Rs. 11,100 | Rs. 1,66,000 | Rs. 6,66,000 |
| 7 Years (84 months) | Rs. 8,800 | Rs. 2,39,200 | Rs. 7,39,200 |
As tenure increases, EMI becomes more affordable, but the total interest cost rises significantly.
Advantages of Long-Term Personal Loans
Eligibility Criteria for Long-Term Personal Loan
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.
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How to Apply for Long-Term Personal Loan on Paisabazaar
Applicants can follow the steps mentioned below to apply for a long-term personal loan through the Paisabazaar app:
Why Compare Long-Term Personal Loans on Paisabazaar
Paisabazaar provides borrowers with 30+ curated personal loan offers from leading banks and NBFCs in one place. Additionally, Paisabazaar offers multiple benefits as discussed below:
Tips to Choose the Right Long-Term Loan
Choosing the right long-term personal loan can help borrowers navigate their repayment journey smoothly. Borrowers can follow the tips mentioned below before finalising on a loan offer:
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Personal Loan Articles
View All ArticlesPaisabazaar is a loan aggregator and is authorized to provide services on behalf of its partners.
The APR (Annual Percentage Rate) of a personal loan is its annualised cost of borrowing, which includes the interest rate as well as the processing fees, documentation fees and other fees charged during the loan origination. The APR is expressed in the form of a percentage and thus, allows personal loan applicants to detect personal loan schemes offered at lower interest rates but with higher processing fees and/or other charges.
The APR of personal loans usually ranges between 11.29% to 35%. For example, assume that you have availed a personal loan of Rs. 5 lakhs @ 10.50% p.a. with a repayment tenure of 5 years. The processing fee charged for this loan is 1.5% of the loan amount, which amounts to Rs 7,500. Therefore, the total borrowing cost of your personal loan will be Rs 1,52,317 and its APR will be 11.16%.
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