Need funds for those big life upgrades or unexpected expenses? A long-term loan could be the solution. You can get up to ₹5 lakhs quickly, with the flexibility to repay over an extended period. It’s a convenient way to access the money when you need it.
A long-term personal loan is an investment that develops over time, much like caring for a tree. You take out this loan, which you repay over a number of years, to meet major expenses. It's perfect for significant life events like buying a house, paying for school, or launching a business. These loans enable significant investments with long-term payback spaced out because they are often greater than long-term loans.
The speed is one of the benefits. When time is of the essence, it is convenient to be authorised and receive cash promptly. Nevertheless, because of the shorter payback period and increased risk for the lender, they may have higher interest rates than long-term loans. It's important to carefully review the terms and make sure you have the money to make the repayments on schedule.
It's a good idea to compare rates and terms for long-term personal loans as they might differ significantly between lenders. Others are based only on your income and credit score, while some require collateral. They provide an immediate solution without tying you down with an extended financial commitment because they are made to be adaptable. Recall that although loans may seem practical, it's important to borrow sensibly and comprehend the terms to prevent future hardship.
In many circumstances, a long-term loan can offer vital financial relief. It can be used to pay for unforeseen medical expenses, necessary auto repairs, or essential home maintenance expenses that can't wait until your next income. Another long term loan example could be filling long-term cash flow gaps, such as paying for expenses incurred by the company before receiving payment from a client. Additionally, it might help grab chances that are time-sensitive, such as buying a small business's discounted inventory. All things considered, a well-managed long-term loan provides flexibility and assurance, guaranteeing that you may take care of urgent financial demands without jeopardising your long-term financial security.
Here's a look at the benefits associated with Fibe’s loan:
Experience the exclusive advantages of Fibe's loan services:
Whether it's for medical emergencies, spontaneous travel, or investing in new skills, Fibe caters to all your credit needs. Enjoy a hassle-free digital experience without the need for cumbersome paperwork and no restrictions on usage. Simply enter your details online and receive cash immediately. Benefit from flexible repayment terms ranging from 3 to 36 months, with minimal documentation for quick approval.
Take advantage of competitive interest rates, even if you're a new credit customer, and the option to borrow again just one day after repaying a loan. There are no pre-closure charges, allowing you to settle your loan at any time without penalties. Get loan amounts up to ₹5 lakhs in just 2 minutes, directly credited to your bank account. Trust in Fibe's secure application and disbursement process, featuring a PCI DSS app-based platform and ISO/IEC 27001 certification.
Follow these quick steps to apply for a long term loan:
Applying for a long-term loan with Fibe is incredibly straightforward with its easy-to-qualify eligible criteria and minimal documentation.. Enjoy a hassle-free process to access the funds you need for your upgrades.
Eligibility Criteria
You must be between the ages of 21 to 55 years.
A minimum monthly in-hand income of ₹15,000 in non-metro cities and ₹18,000 in metro cities is required.
You must be a resident of India.
Documents Required
A Selfie: Your picture in good lighting.
PAN card: Important document for identity verification.
Aadhaar card: Ensures the legality of your application.
Salary Slips (last 3 months) or Bank Statements (last 6 months): Shows your financial stability.
Effectively manage your finances with the assistance of the Fibe EMI calculator. This tool is designed to help you project your monthly repayments for a personal loan of ₹4 lakh.
For long-term needs, personal loans are often the best option due to their quick approval process and flexibility. Instant cash loans and long-term installment loans can also be considered but they typically come with higher interest rates. Credit cards and lines of credit can be useful for very long-term needs if you can pay them off quickly to avoid high-interest charges.
The loan amount for a long-term loan varies based on the lender and the borrower’s creditworthiness. With Fibe, you can get cash up to ₹5 lakhs in just 2 minutes at affordable interest rates.
You can repay your Fibe loan through different payment modes and in just a few simple steps:
Most long-term loans are unsecured, meaning they do not require collateral. However, the terms can vary by lender. Some secured long-term loans might require collateral, such as a vehicle or other valuable asset, to guarantee the loan. Unsecured loans typically rely on your creditworthiness for approval.
The tenure for a long-term loan typically ranges from a few months to years. The exact tenure depends on the loan product and the lender’s policies. With Fibe, you can enjoy a repayment tenure starting from 3 months to 36 months.
A balloon payment is described as a large payable amount remaining at the end of a balloon loan, which is typically offered for a short duration. It is specially designed to reduce your repayment stress during the loan’s initial tenure. The payment amount is less initially or may increase gradually, with the last payment involving …
Continue reading “Important Risk And Benefits Of Balloon Payments For Your Next Loan”
Maintaining cash flow is one of the priorities of any business owner, irrespective of the scale of the enterprise. This is why channel financing is becoming a well-known solution for the unhindered productivity of many businesses. It is an innovative solution that provides working capital to the manufacturer or supplier without adding a burden on …
Continue reading “Channel Financing: All You Need To Know About Maintaining Cash Flow”
A marksheet loan helps ensure financial limitations do not stand in the way of you fulfilling your educational aspirations. These loans help you pursue higher education, usually related to graduate, post-graduate and vocational courses. To know more about what these loans entail, their eligibility and the documents required, read on. What is a Marksheet Loan? …
Continue reading “How to Set Out on Your Educational Journey with Marksheet Loans”
Download the Fibe App the cool new vibe to finance to avail of the loan in just a few clicks from anywhere
Subham Pawar
Shilpi Mukherjee
