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Personal Loan

Adjusting Loan Tenure: Finding the Right Balance with Your EMI

Key Takeaways

  • Choosing the right personal loan tenure is crucial for managing monthly finances efficiently.
  • A personal loan EMI calculator helps determine the optimal tenure and EMI, ensuring affordability and financial stability.
  • Shorter tenures lead to higher EMIs but lower interest costs, whereas longer tenures reduce EMI burden but increase overall interest outflow.
28 Feb 2025 by Team FinFIRST
Loan tenure and EMI comparison
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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. 

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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.

Choosing the right loan tenure can turn your borrowing experience from stressful to seamless, ensuring a perfect balance between affordability and financial aspirations.

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 9.99% 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.

Disclaimer

The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.

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