Mastering Your Personal Loan Tenure: Why It Matters and How to Choose the Right Term for Your Needs

Summary

Personal loans provide flexible funding with the option to use proceeds as needed, though they often impose higher interest rates. The article explains how loan tenure affects EMIs, outlines considerations for choosing the right repayment period, and emphasizes keeping track through loan statements. It also stresses financial planning through available digital and offline tools.

Key Takeaways

Personal loans offer flexible fund usage with higher interest rates.
Loan tenure impacts monthly payments and overall repayment strategy.
Consider income, loan amount, credit score, and liabilities when choosing tenure.
Regular loan statement reviews help ensure accurate payments and maintain credit health.