हिंदी में पढ़े
Term loans are referred to loan facilities having specific repayment tenures. In case of personal loans, term loans are loans offered by lenders for specific repayment tenures at fixed or floating rates of interest. Personal loans offered in the form of term loans can be further classified on the basis of tenure, type of interest rates, etc.
According to the Type of Interest Rates
- Fixed Rates: Fixed rate personal loans remain fixed throughout the loan tenure, irrespective of the changes in the repo rate. The fixed interest rates are slightly higher than the floating rates. However, the individuals availing personal loans at fixed interest rates have higher certainty in financial planning as their EMI outflows would not get impacted by the changes in interest rate regimes.
| Lenders | Rate of Interest (p.a.) | |
| SBI | 11%-15% | |
| HDFC Bank | 10.50% onwards | Apply Now |
| ICICI Bank | 10.75% onwards | Apply Now |
| Tata Capital | 10.99% onwards | Apply Now |
| Axis Bank | 10.49% onwards | Apply Now |
| Federal Bank | 11.49%-14.49% | Apply Now |
Note: Rates as of 26th May 2023
- Floating Rates: Personal loans offered at floating rates are subject to periodic changes as per the changes in the repo rate or other external benchmarks used by the respective lenders. The changes in their interest rates would depend on the reset date set for the borrowers.
| Lenders | Rate of Interest (p.a.) |
| Bank of Baroda | 10.90%-18.25% |
| UCO Bank | 12.45%-12.85% |
| Union Bank of India | 11.40%-15.50% |
| Punjab National Bank | 10.40% – 16.95% |
| Punjab & Sind Bank | 11.15%-12.75% |
| Bank of Maharashtra | 10.00%-12.80% |
Note: Rates as of 26th May 2023
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According to the Loan Tenure
- Long Term Personal Loans: These loans are offered for tenures of more than 1 year with no end-usage restriction. Due to its longer repayment tenure, the applicants availing long term loans have to pay lower EMIs, which in turn reduces their EMI/NMI ratio and hence increases the chances of timely loan repayments. However, the interest cost incurred over the loan tenure is higher.
- Short Term Loans: Short term personal loans are usually referred to personal loans offered for tenures of 1 year or less. Shorter tenures result in lower interest cost but higher EMIs. Hence, these loans are ideal for those seeking lower loan amounts. Lenders offering short term personal loans usually uses digital channels, which result in quicker loan disbursal to the applicants.
Small Ticket Personal Loans
Small ticket personal loans are the loans offered for loan amount of Rs 1 lakh or less. Such loans are also known as small loans or low-value personal loans. Major lenders usually offer personal loans for loan amounts starting from Rs 1 lakh. Therefore, consumers have to approach micro finance companies for such smaller loan amounts. But, with new-age fintech platforms and NBFCs, the consumers can now avail small ticket personal loans for loan amounts as low as Rs 1,000.
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