Considering extension of your personal loan tenure? Here are the crucial things you should keep in mind
The extension of your personal loan tenure relies on your lender’s policies and your repayment track record. Certain lenders might offer the option to prolong the tenure of your loan. This can prove beneficial if you encounter temporary financial challenges and require a reduction in your monthly equated monthly installments (EMIs). Extending the tenure spreads out the loan repayment across a longer duration, consequently reducing the EMI amount.
The factors affecting decisions regarding the extension of loan tenure include:
If you’re finding it challenging to manage your current personal loan EMI and contemplating a loan tenure extension, here’s a guide on navigating the process:
Keep in mind that extending the loan tenure could result in paying more interest over time. Therefore, it’s crucial to carefully evaluate the advantages and disadvantages before reaching a decision.
Foreclosure is feasible only after settling all outstanding payments and charges in full. It is permitted only once this condition has been met.
The CIBIL score serves as a reflection of your financial standing and loan repayment history. Maintaining a robust CIBIL score is pivotal as it positively influences your loan application, the approved loan amount, and the tenure.
Through this online service, you can access real-time tracking of all transactions and the status of your loan. Many banks and NBFCs provide this service to expedite information retrieval for customers and minimise email and call volumes.
Opting for a joint application with a co-applicant for a personal loan is often advisable. This can boost your income eligibility and potentially allow you to qualify for a larger loan amount.
Generally, the loan processing is completed within
Read more on livemint.com
