Change the tenure of your personal loan

A personal loan is one of the most flexible financial products, offering immediate funds to meet various needs such as home renovations, medical emergencies, or travel expenses. One of the key aspects to consider when applying for a personal loan is the personal loan tenure, which determines the repayment period. Loan tenures typically range from 12 to 60 months, allowing borrowers to choose a period that suits their financial situation. The tenure you select will impact the EMI (Equated Monthly Installment) and total interest paid. A longer tenure reduces the monthly EMI but increases the total interest, while a shorter tenure means higher EMIs but lower interest costs. Managing the tenure well is essential to avoid any financial stress. With services like checking your personal loan account statement, you can keep track of your repayments and ensure you stay on top of your loan management.

What do you mean by personal loan tenure?

Personal loan tenure refers to the time period within which the borrower is required to repay the loan amount along with the applicable interest. The tenure can range anywhere between 12 months and 60 months, depending on the lender’s terms and the borrower’s preferences. Choosing the right tenure is important as it directly affects the amount of your monthly EMI. For example, opting for a shorter tenure means higher EMIs but less interest paid over time, while a longer tenure reduces your monthly EMI but increases the total interest cost. Borrowers should carefully evaluate their financial capabilities before deciding on the tenure. Regularly checking your personal loan account statement can help you stay updated on your repayment schedule and track the remaining balance. Selecting a suitable tenure is essential for balancing monthly payments and ensuring the loan is repaid within the agreed time.

Can you change the tenure of a personal loan after approval?

Yes, in certain cases, lenders may allow borrowers to modify the tenure of their personal loan after it has been approved. However, this is subject to the lender's policies and may involve some conditions. If your financial situation changes, such as an increase or decrease in income, you may request a tenure extension or reduction to better suit your repayment capacity. Extending the tenure can lower your EMI payments, but it also increases the total interest payable over the loan term. On the other hand, shortening the tenure results in higher EMIs but helps you save on interest in the long run. It is essential to contact your lender as early as possible if you need to modify the tenure. You can reach out to lenders through their personal loan bajaj customer care number for guidance on how to change the loan tenure and the associated conditions.

How to request a change in personal loan tenure?

If you want to request a change in your personal loan tenure, follow these steps:

1. Contact your lender: Reach out to your lender by phone, email, or visiting the nearest branch to discuss your request for changing the tenure.

1. Provide loan details: Be ready with your loan account number, current tenure, and reasons for the request, so the lender can evaluate your case.

1. Submit necessary documents: The lender may ask for updated income proof or other documents to assess your repayment capacity under the new tenure.

1. Review the revised terms: Once your lender provides revised terms, including the new EMI and interest rates, review them carefully to ensure they align with your financial goals.

1. Confirm the change: If you agree to the revised tenure and terms, confirm the change with your lender and ensure the new tenure is processed.

1. Track loan status: After confirming the tenure change, regularly monitor your personal loan details and statement to ensure the new tenure is reflected and payments are on track.

This process will help you manage your personal loan more effectively, ensuring the tenure suits your financial needs.