Get Long Term Personal Loans At Buddy Loan Now..!

During the pandemic, the financial situation of many people was in trouble. People needed funds for medical emergencies, education, marriage plans, etc. This is where personal loans came in as a handy solution to solve the sudden financial crisis. Long term personal loans can be availed instantly within hours of applying without collateral. Hence the demand for personal loans became higher in recent years during the pandemic.

In this article, let's first have a basic understanding of what a personal loan is.

 

What is a Personal Loan?

 

Personal loans are unsecured loans that can be availed to fulfill any emergency need for funds such as medical emergencies, wedding plans, vacation plans, etc. While availing of this loan, you need not provide any security or collateral unlike other types of loans such as gold loans. Personal loans are more convenient because of minimal paperwork and the fast process of verification. The minimum and maximum loan amount for a personal loan range from Rs.10,000 to Rs. 15 lakhs. Buddy loan is one of the best third-party aggregator platforms that offer instant loans online for different categories such as personal loans, marriage loans, medical loans, etc. to meet different needs and requirements of the people.

 

Tenure of short-term and long-term personal loans

 

Short-term:

 

A short-term loan has a tenure of repayment of up to 1 year.

Long-term: A long-term personal loan has a tenure of repayment from 1 year to 5 years. Some lenders also provide loans for longer tenure depending on the banks. If the tenure is above 7 years, then this does not come under the purview of Personal loans and you have to submit collateral to avail of the loan.

 

Benefits of taking a personal loan for long-term:

 

1. The EMI amount to pay for a long term is comparatively lesser than a short-term loan.

2. No collateral is required.

3. Hassle-free process

4. Fast Verification

5. Minimum documentation

 

Eligibility Criteria to avail of a personal loan for long-term:

 

1. Should be an Indian citizen or a resident of India.

2. Should be above 21 years of age

3. Should earn a monthly income of minimum Rs.30,000

4. Should have a consistent flow of income

 

Steps to avail of a personal loan for long-term:

 

1. Fill out the online application form of your respective bank.

2. Upload the minimum required documents.

3. Documents and KYC will be verified.

4. After verification, the loan amount will be disbursed to your bank account instantly within 24-48 hours.

 

Minimum documents required to submit:

 

1. Aadhar Card

2. PAN Card

3. Address Proof

4. Salary Slip of last 3 months

5. Bank statements of last 6 months of your salary account

6. e-NACH is mandatory

 

Conclusion

 

A personal loan taken for the long-term helps in the time of need especially when you require it instantly. It also has a lot of advantages as the EMI to be paid is lesser compared to short-term loans. However, one should also have a good credit history and must avail of the loan only when it is really required.