9-Year Personal Loan: Does Longer Tenure Save You?
Bajaj Finance now offers personal loans up to ₹55 lakh with repayment up to 9 years. A longer tenure lowers your monthly EMI but increases total interest paid. Here's how to decide what's right for your wallet.
That ₹2,500 EMI saving = 125 cups of chai every month — or your child's tuition fee.
Your EMI drops this much by choosing a longer repayment tenure
Key Takeaways
Use Bajaj Finance's EMI calculator to compare total interest paid across 5, 7, and 9-year tenures before you apply — the difference can run into lakhs.
Choose the shortest tenure your monthly cash flow can comfortably handle — lower EMI via longer tenure costs you more overall in interest.
Check your CIBIL score before applying; a score above 750 typically unlocks better interest rates and reduces your total repayment burden significantly.
Bajaj Finance now offers personal loans up to ₹55 lakh with repayment up to 9 years. A longer tenure lowers your monthly EMI but increases total interest paid. Here's how to decide what's right for your wallet.
Here's what happened: Bajaj Finance offers personal loans from ₹40,000 to ₹55 lakh with repayment tenures up to 108 months (9 years).. A ₹5 lakh loan at 14% over 5 years costs ₹11,634/month EMI; stretched to 7 years, it drops to ₹9,117/month.. The loan is fully digital with funds disbursed within 24 hours of approval, and an EMI calculator lets you model costs before applying..
What you should do: Use Bajaj Finance's EMI calculator to compare total interest paid across 5, 7, and 9-year tenures before you apply — the difference can run into lakhs.. Choose the shortest tenure your monthly cash flow can comfortably handle — lower EMI via longer tenure costs you more overall in interest.. Check your CIBIL score before applying; a score above 750 typically unlocks better interest rates and reduces your total repayment burden significantly..
Pro tip: On a ₹5L loan at 14%, choosing 9 years over 5 years saves ₹2,500/month but costs you nearly ₹1.1 lakh extra in total interest — always calculate the full cost, not just the EMI.
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This article is reported by GoCredit's Editorial Team based on the source above. GoCredit synthesises, contextualises, and adds India-borrower-relevant analysis. We are not the original publisher.