Personal loans offer you the financial security you require without putting a tag on where you’re spending the money. But whether to choose a long-term or a short-term personal loan, that is a question of most applicants. We give you a few reasons why people choose a long term personal loan instead of other loan options available.

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4 Reasons to Opt for Long Term Personal Loan:

1. Reduced EMI – If you opt for a long-term personal loan, your monthly repayment burden is significantly lessened. If you have tight financial commitments for every month, it is best to go for a longer tenure as it leaves you room to breathe. Check out personal-loans EMI calculators before making a decision.
2. Improved Loan Eligibility – When you choose a longer tenure, your EMI is lower and hence there are greater chances of getting a higher amount of loan approved as the chances of you defaulting on the payments decrease.
3. Pre-closure of Loan – When you opt for a longer tenure, you can save monthly. This will help you in the pre-closure of your loan before its tenure with a nominal fee of 1-2%.
4. Higher Amount – If you want to apply for a loan with a high amount, it is advised that you choose a longer tenure. This improves your eligibility as the EMIs are lesser and so are the chances of you turning into a defaulter.
5. Improved Credit Score – The lending institutions check your credit score thoroughly before approving your loan. If a higher EMI leads you to default your payments, your credit score takes a hit. A longer-tenure can help you in avoiding such a situation.

So, choose a term that suits you best.

Must Read: Short Term vs Long Term Personal Loan: Which is Best For You?

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