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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.
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:
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:
Choosing the right loan tenure can turn your borrowing experience from stressful to seamless, ensuring a perfect balance between affordability and financial aspirations.
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:
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:
Choose repayment periods from 9 to 60 months based on your convenience.
Starting from 10.99% p.a., ensuring affordable repayments.
Enjoy the flexibility to prepay your loan without penalties.
Apply quickly by displaying only your physical PAN card during the video KYC process.
Get funds credited to your account instantly for your financial needs.
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.
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.