Reduce Your Financial Burden with Longer-Term Personal Loans

Posted on Friday, June 28th, 2024 | By IndusInd Bank

A personal loan can be handy during a cash crunch. Whether it is an unexpected expense, medical emergency, or a significant life event, a personal loan can be a practical solution. When you opt for a loan, plan its repayment such that your present and future finances are both taken care of.

You can avail of long-term personal loans to make your financial burden easy. Extending the repayment period reduces your monthly obligation, allowing financial flexibility. 

Why You Should Prefer Long-Term Personal Loans for Better Finances

A long-term personal loan can be an ideal solution for those wondering how to reduce their loan burden. It offers several benefits that can make the repayment process easy. These benefits include:

1. Lower Monthly Payments

Your monthly payments become manageable if you spread your loan repayment over a longer tenure.  It frees up your income for other essential expenses, which reduces your monthly financial stress.

For instance, instead of repaying a loan over three years, extending it to five or seven years lowers the monthly outflow.

2. Better Cash Flow Management

With more available cash each month, you can save, invest, or apply your money for other purposes without straining your budget. It is helpful for people with irregular income or those planning substantial future investments.

3. Higher Flexibility in Financial Planning

Longer loan tenures help you plan your finances better. It is easy to save for big purchases, invest in new ventures, or support a comfortable lifestyle with ease with low fixed monthly payments. This predictability makes financial planning simpler and more effective.

4. Reduced Risk of Default

Long-term loans make it easier to stay on top of payments. The risk of missing a payment decreases when you take a personal loan for the long term. It is because the monthly instalment in this scenario is low. The reduced risk can protect your credit score and ensure you remain in good standing with your lender.

IndusInd Bank offers tailored Personal Loan options designed to meet your needs. Applying for an Instant Personal Loan with IndusInd Bank is easy, paperless, and entirely digital!

Also Read: Here’s Why You Shouldn’t Miss Repaying Even a Single EMI on a Personal Loan

Process of Applying for a Personal Loan with IndusInd Bank

Securing a personal loan with IndusInd Bank is straightforward:

1. Fill the Application Form

Begin by filling out the online application form available on the IndusInd Bank’s website.

2. Review Offers

You will be given a loan offer for long-term personal loans based on your details and requirements. Choose the one that fits your needs and repayment capacity.

3. Complete Virtual KYC

You can carry out the Know Your Customer (KYC) process virtually with IndusInd Bank.

4. Review Loan Agreement

After completing the KYC process, you will receive the loan agreement. This document includes the loan’s terms and conditions. Read the document carefully. If you agree with the terms, you can sign the contract digitally.

5. Receive Loan Amount

Upon approval, the loan amount is disbursed directly into your bank account.

IndusInd Bank’s customer service team is always available to assist. If you have any issues securing a personal loan for the long term, you can reach out to them.

Conclusion

Choosing long-term personal loans can help you reduce financial stress. It gives you lower monthly payments, helps you manage your cash flow better, and makes it easier to plan your finances.

IndusInd Bank provides a range of personal loan options to help you achieve financial stability and peace of mind. We also offer tools such as the Personal Loan Calculator so you can plan your repayment carefully.

Apply for a Personal Loan with IndusInd Bank now.

Disclaimer:

The information provided in this article is generic and for informational purposes only. It is not a substitute for specific advice in your circumstances. Hence, you are advised to consult your financial advisor before making any financial decision. IndusInd Bank Limited (IBL) does not influence the views of the author in any way. IBL and the author shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any financial decisions based on the contents and information.