Long-Term Finance
Term Personal Loan for Big Goals
Plan your major expenses with a structured term personal loan. Get a lump sum amount with a fixed repayment schedule over longer tenures up to 60 months.
Fixed EMI StructureUp to ₹40 LakhsTenure up to 60 Months
25+ Happy Users
Trusted by hundreds across India
Loan Details
Term Personal Loan EMI Calculator
Calculate your EMI and total interest for a term personal loan with flexible repayment options.
Instant Approval
No Hidden Charges
100% Digital Process
Representative Example:
Borrow ₹5,00,000 over 12 months at 25.8% APR. Total repayment: ₹5,72,597.07 with monthly EMIs of ₹47,716.42.
EMI Calculator
₹5,00,000
12
25.8%
Monthly EMI
₹47,716.42
Total Interest
₹72,597.07
What is a Term Personal Loan?
A term personal loan is a standard unsecured loan where the entire sanctioned amount is disbursed upfront and repaid through fixed monthly EMIs over a predetermined tenure.
Repayment is structured with fixed EMIs over a tenure of 12 to 60 months. The interest rate (10.5%–22% p.a.) remains fixed throughout the tenure, making budgeting straightforward and predictable.
Basic requirements:
- Age between 21 and 60 years
- Minimum monthly income of ₹20,000
- CIBIL score of 700+ for best rates
- At least 2 years of work experience
Term personal loans are best suited for one-time expenses like weddings, home renovation, or debt consolidation.
Financial Guide
Term Personal Loan Interest Rates
Term personal loan interest rates start from 10.49% p.a. and can go up to 24% depending on your credit profile, income, and lender. These are traditional fixed-tenure loans with structured EMI repayment.
Guide to Choosing the Right Term Loan
A term personal loan is best for one-time large expenses. Here's how to pick the right one:
1
Match Tenure to Purpose
For short-term needs (vacation, gadget), choose 12-24 months. For large expenses (wedding, renovation), opt for 36-60 months to keep EMIs manageable.
2
Lock in a Fixed Rate
Most personal loans are fixed-rate. This protects you from rate hikes. Compare the fixed rate across 3-4 lenders before applying.
3
Check Foreclosure Terms
Some lenders allow free foreclosure after 12 EMIs. Others charge 2-5%. Choose a lender with borrower-friendly foreclosure policies.
4
Keep EMI Below 40% of Income
Banks use the FOIR (Fixed Obligation to Income Ratio) to assess eligibility. Keeping total EMIs under 40% of net income maximizes approval chances.
5
Avoid Multiple Applications
Each loan application triggers a hard inquiry on your credit report. Multiple inquiries in a short span can lower your CIBIL score by 10-30 points.
Term Personal Loan Eligibility
Check eligibility A term personal loan provides a lump sum amount repaid through fixed EMIs over a set period. Here are the standard eligibility criteria:
Age: Applicant must be between 21 and 60 years at the time of loan maturity.
Income: Minimum monthly income of ₹20,000 (salaried) or ₹3 lakh annual income (self-employed).
Credit Score: CIBIL score of 700+ recommended for competitive interest rates and quick approval.
Employment: Minimum 2 years of work experience with at least 6 months in the current organization.
Tenure: Loan tenure ranges from 12 to 60 months depending on the lender and loan amount.
Documentation: PAN, Aadhaar, salary slips, bank statements, and employment proof required.
Term Personal Loan Fees and Charges
Term personal loans come with standard fees that are competitive across banks and NBFCs. Here is a breakdown of typical charges:
| Particulars | Charges |
|---|---|
| Processing Fees | 1% to 3% of the loan amount (May be capped at ₹10,000) |
| Interest Rate | 10.5% – 22% p.a. (Fixed or floating based on lender) |
| Part-Payment Charges | Nil to 2% of outstanding principal |
| Foreclosure Charges | 2% to 4% (Usually waived after 12 EMIs) |
| Stamp Duty | As per state regulations (₹100 – ₹500) |
| EMI Bounce Charges | ₹ 500 – ₹ 1,500 per bounce |
| Late Payment Penalty | 2% per month on overdue EMI amount |
Other fees and charges levied by the lenders include documentation charges, verification charges, duplicate statement charges and NOC certificate charges.
Why Choose a Term Personal Loan?
A term personal loan provides a lump sum amount with fixed EMIs, making it easy to plan your finances and manage repayments predictably.
Key Advantages
- Fixed EMIs for Easy Budget Planning
- Competitive Interest Rates from 10.5% p.a.
- Loan Amounts up to ₹40 Lakh
- No Collateral or Security Required
- Flexible Tenure from 12 to 60 Months
- Use Funds for Any Personal Need
Term Personal Loan vs Flexi Personal Loan
Both are popular personal loan types but differ in flexibility and interest computation. Here is a detailed comparison:
| Term Personal Loan | Flexi Personal Loan |
|---|---|
| Full amount disbursed upfront | Withdraw as needed from credit limit |
| Fixed EMIs throughout tenure | Interest only on utilized amount |
| No re-borrowing option | Repay and re-borrow within tenure |
| Interest Rate: 10.5% – 22% p.a. | Interest Rate: 10.5% – 24% p.a. |
| Tenure: 12 to 60 months | Tenure: 12 to 60 months |
| Processing Fee: 1% – 3% | Processing Fee: 1% – 3% |
| Predictable monthly outflow | Variable outflow based on usage |
| Best for: Planned expenses, fixed budgets | Best for: Variable or recurring needs |
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