9-Year Personal Loan: Does Your EMI Really Get Cheaper?
Bajaj Finance now offers personal loans up to ₹55 lakh with repayment tenures up to 9 years. Longer tenure means lower monthly EMI — but you pay significantly more interest overall. Here's what that trade-off really means for your wallet.
That ₹2,500 EMI difference covers 83 cups of chai or a month's vegetable budget for a family of 4.
Your EMI drops this much by choosing a longer repayment tenure
Key Takeaways
Calculate your true loan cost using the EMI calculator — compare total interest paid at 5, 7, and 9 years before choosing a tenure.
Check your monthly cash flow first: only choose a longer tenure if the lower EMI genuinely prevents financial strain each month.
Compare interest rates across lenders (HDFC, SBI, ICICI) before applying — even a 1–2% rate difference saves more than a longer tenure does.
Bajaj Finance now offers personal loans up to ₹55 lakh with repayment tenures up to 9 years. Longer tenure means lower monthly EMI — but you pay significantly more interest overall. Here's what that trade-off really means for your wallet.
Here's what happened: Bajaj Finance offers personal loans from ₹40,000 to ₹55 lakh with tenures up to 108 months (9 years), longer than most lenders' 5-year cap.. A ₹5 lakh loan at 14% p.a. costs ₹11,634/month over 5 years — but stretching to 7 years drops the EMI to ₹9,117, saving ₹2,500 monthly.. The application 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: Calculate your true loan cost using the EMI calculator — compare total interest paid at 5, 7, and 9 years before choosing a tenure.. Check your monthly cash flow first: only choose a longer tenure if the lower EMI genuinely prevents financial strain each month.. Compare interest rates across lenders (HDFC, SBI, ICICI) before applying — even a 1–2% rate difference saves more than a longer tenure does..
Pro tip: A longer tenure lowers your EMI but can cost you 40–60% more in total interest. Use the saved ₹2,500/month to top up an SIP instead — that way you beat the extra interest cost.
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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.