Amrita Agarwal's video: Long Term Personal Loans

A long-term personal loan can act as a great financial tool when used wisely. Go for it only after considering other options too. Remember going for a long term loan is a big financial commitment, when not taken care properly can lead to serious issues in the future. More Info: https://financebuddha.com/blog/long-term-personal-loans/ Apply Now: https://financebuddha.com/personal-loan What is a Long Term Personal Loan? Personal Loans with a tenure period of more than 3 years is known as a long-term personal loan. Many of the lenders provide personal loans for a long period which is of 5 years and also can be even more. Generally, the personal loan comes with a higher interest rate as compared to secured loans, and this is the reason people hesitate to go for a long term personal loan. Paying high interest for a longer term may end up by paying more on the interest. Things to consider while going for a long term personal loan • Decide your loan amount carefully, don’t opt for more without calculating your requirements. • Before applying for a personal loan, calculate your Personal Loan EMI to figure out your monthly cost. • Remember for a long-term personal loan, you may need to put the collateral. • Interest rate of the loan Purposes to avail a Long-term Personal Loan • To pay medical bills. • To bear the cost of your expensive car repair • Debt Consolidation, by paying lumps multiple debts in one short. • To bear the cost of loan Refinance, which could lower the rate of interest. • For higher education • For business expansion • For home construction Let us Consider Pros & Cons of Long-term Personal Loan Pros • If you take a personal loan and make timely repayments against it, the credit bureaus may consider it “good debt”. • Repaying it on time will increase your CIBIL Score. • Whether consolidating or refinancing your debt with a long term personal loan, it may come at a lower interest rate hence you need to pay lower EMI monthly. • Going for a long term personal loan reduces your financial burden as you need to repay it for a longer tenure. • The monthly payments may be smaller if you opt for a longer term, but you must also consider the amount the interest rate. Cons • Along repayment term for a personal loan means you’ll be paying more on the interest over the time as compared to a shorter-term personal loan. • If you want to close your long term personal loan account early, you may be charged some fees against it. • A long term personal loan means you need to accommodate for the debt for a much longer time than for a shorter-term loan. You can also connect with us Facebook: https://www.facebook.com/financebuddha/ Twitter: https://twitter.com/FinanceBuddha LinkedIn: https://www.linkedin.com/company/finance-buddha/