Adjusting Loan Tenure: Finding the Right Balance with Your EMI

A suitable repayment tenure helps you manage your monthly expenses effectively while repaying your loan without difficulties. With tools like the personal loan EMI calculator, you can precisely estimate your repayment obligations and choose the tenure that best suits your financial goals. 

What is a loan tenure and how does it impact your EMI?
 

Loan tenure is the period within which you are required to repay your personal loan in equated monthly instalments (EMIs). The tenure you choose significantly affects your EMI amount and the total interest you pay over the loan duration.

Here's how loan tenure impacts your EMI:

• Shorter loan tenure:
   

  • Higher monthly EMIs
  • Lower overall interest payable
  • Faster loan repayment

• Longer loan tenure:
   

  • Lower monthly EMIs
  • Higher overall interest payable
  • Easier monthly budget management

The right tenure involves balancing affordability and total interest costs to achieve financial stability.

What is the best way to find the most suitable loan tenure?

Choosing the most appropriate personal loan tenure requires careful consideration of various factors, including your income, existing financial obligations, and repayment capacity. The best ways to determine the right loan tenure include:

1. Assessing your financial position: Evaluate your current income, expenses, and liabilities to determine how much you can comfortably allocate for EMIs.
2. Understanding interest impact: Consider how different tenures affect the total interest payable over the loan term.
3. Using a personal loan EMI calculator: The most efficient way to find a suitable tenure is by using an online personal loan EMI calculator, which allows you to adjust the loan amount, interest rate, and tenure to get an accurate EMI estimate.

How to use a personal loan EMI calculator to find the right tenure?
 

A personal loan EMI calculator is a simple and effective tool that can help you make an informed borrowing decision. Follow these steps to determine the most suitable loan tenure:

1. Navigate to the personal loan EMI calculator tool in the FIRSTmoney loan section.
2. Enter the loan amount you wish to borrow by moving the sliders left or right.
3. Adjust the tenure slider to explore different repayment periods.
4. Input the applicable personal loan interest<.span> rate offered by IDFC FIRST Bank.
5. View the estimated EMI and total interest payable.
6. Compare different tenure options to find the most affordable repayment plan.

What should you do next?
 

Once you have calculated your EMI and found the most suitable tenure, the next step is to choose a smart borrowing option like IDFC FIRST Bank’s FIRSTmoney personal loan. It offers:

• Flexible tenure options:
   

 Choose repayment periods from 9 to 60 months based on your convenience.

• Competitive interest rates:
   

 Starting from 10.99% p.a., ensuring affordable repayments.

• Zero foreclosure charges:
   

 Enjoy the flexibility to prepay your loan without penalties.

• Minimal documentation:
   

 Apply quickly by displaying only your physical PAN card during the video KYC process.

• Quick disbursal:
   

 Get funds credited to your account instantly for your financial needs.

Conclusion
 

Selecting the right personal loan tenure is key to managing your finances efficiently while ensuring timely repayment. By using a personal loan EMI calculator, you can effortlessly determine a suitable tenure that balances affordability and convenience. IDFC FIRST Bank’s FIRSTmoney personal loan provides the perfect solution with its flexible tenures, competitive rates, and seamless application process, helping you achieve your financial goals with ease.