How To Get 10 Years Personal Loan: Know The Process Step By Step

How To Get 10 Years Personal Loan

If you are looking for reasonable monthly installments and a personal loan with a shorter payback period than a mortgage, a personal loan with 10 years tenure is a good choice. It has several benefits. A 10-year loan is a sensible option for a range of financial demands because it provides financial flexibility and lowers total interest paid when compared to longer-term loans, which will make managing your money easier. Let’s read this article to learn more about the advantages that this type of personal loan has to offer.

Why Choose a 10-Year Personal Loan?

There are several benefits to selecting a personal loan with a 10-year term. Compared to long-term personal loans, a 10-year personal loan helps strike a balance between a manageable repayment schedule and a shorter loan period. This enables you to pay back your loan faster, which lowers the overall interest you pay during the loan’s term. You can predict how much you will need to pay with fixed interest rates, guaranteeing consistent monthly payments. This kind of loan is also suitable for financing large expenses, such as home renovations, and medical bills, providing the necessary funds. This combination of benefits makes a personal loan with 10 years tenure a practical choice for various financial needs.

Eligibility Criteria for a 10-Year Personal Loan

Usually, you must fulfill certain requirements to be eligible for a ten year personal loan. If you simply match the standards listed below, you can obtain a instant Rs. 500000 personal loan through personal loan applications like Zype, which have very minimal requirements:

1. You should be 18 years or above.

2. You should be an Indian with a valid PAN & Aadhaar card.

3. You should be a salaried individual with a minimum monthly salary of at least ₹15000.

Documents Required for 10-Year Personal Loan

The application process for a ten year personal loan requires the submission of multiple papers. Personal apps like Zype require the most basic documentation for verification:

Mandatory Documents: Enter your PAN & Aadhaar number along with a few other details to get a credit offer & to complete your KYC. (Physical copy not required)

Proof of Photo Identity: After you’re approved for a loan from Zype, you will need to complete a selfie-based verification to complete your KYC. Since this is real-time photo verification, you don’t need to upload any documents.

Proof of Income (Optional): If you want to apply for a higher credit limit on Zype, all you have to do is upload your bank statement for the last 4 months.

Interest Rates for 10-Year Personal Loan

If you were to take out a ten year personal loan of Rs. 5,00,000, below mentioned would be the EMI amount for different interest rates:

Loan Amount Interest Rates Tenure (years) EMI (Monthly)

Loan Amount

Interest Rate

Tenure (Year)

EMI Amount














When it comes to taking an urgent personal loan, it’s important to make informed decisions. And zype’s personal loan calculator can make that process easier for you. Say goodbye to complex mathematics and calculation errors because you can find out your EMI in a few clicks of a button. Just enter your loan amount, interest rate, and tenure to see what your monthly payments look like.

Tips for Approval of 10-Year Personal Loan

Improve Your Credit Score: Before improving your credit score, ensure your credit score is in good shape by paying off debts and correcting any errors in your credit report.

Maintain a Stable Job: A stable employment history can increase your chances of approval.

Reduce Existing Debts: Lower your debt-to-income ratio by paying off existing debts.

Prepare Necessary Documents: Have all required documents ready to speed up the application process.

Choose the Right Lender: Compare different lenders to find the best terms and interest rates.

Managing Your 10-Year Personal Loan

Create a Budget: Plan your finances to ensure timely personal loan repayments.

Set Up Automatic Payments: Avoid missing payments by setting up automatic deductions.

Monitor Your Loan Statements: Regularly check your loan statements for accuracy.

Communicate with Your Lender: If you face financial difficulties, inform your lender to discuss possible solutions.

Step-by-Step Process to Apply for a 10-Year Personal Loan

Applying for a personal loan for tenure of 10 years involves very few steps. Here’s how you can apply for an instant personal loan on Zype!

Click on the ‘Apply Now’ to start your application process or download the Zype app from PlayStore/AppStore. 

Fill out some basic details like your name, email address, PAN, employment details, etc. to complete your application.

If you’re eligible, you can get approved for a loan in less than 60 seconds.

Complete a simple KYC process by doing a real-time selfie verification and Aadhaar-linked mobile OTP to activate your approved limit.

Select the loan amount you want to transfer along with your desired repayment tenure. You will get a personal loan instant disbursal directly into your registered bank account.


Getting a 10-year personal loan can be a wise financial decision if you’re trying to manage big bills or pay off debt. Through understanding the qualifying requirements, doing the necessary paperwork, and deliberate selection of your lender, you can easily go with the procedure and get the advantages of affordable repayments spread over an extended period. To balance your financial stability, make sure you always manage your loan appropriately. 

Frequently Asked Questions

Can I Get A Personal Loan For 10 Years?

Yes, you can get a personal loan for 10 years from many banks, credit unions, and online lenders. Personal loan apps like Zype provide instant loan up to Rs, 500000, making them suitable for larger expenses or debt consolidation.

Can I Apply For A 10-Year Personal Loan Online?

Yes, you can apply for a 10-year personal loan online through Zype’s official website or you can download Zype’s app from Google Play Store. The online application process of zype is usually quick and convenient, allowing you to submit necessary documents and receive approval decisions within a few days.

How Do I Calculate The Emi For A 10-Year Personal Loan?

When it comes to taking a personal loan, it’s important to make informed decisions. Zype’s personal loan EMI calculator can make that process easier for you.  You can find out your EMI in a few clicks of a button. Just enter your loan amount, interest rate, and tenure to see what your monthly payments look like.

Can I Refinance My Existing Personal Loan To A 10-Year Term?

Yes, you can refinance your existing personal loan to a 10-year term. Refinancing can help you secure a lower interest rate, reduce your monthly payments, or extend your loan term. However, it’s important to consider any penalties and refinancing fees that differ according to various lender’s policies.

What Fees Are Associated With A 10-Year Personal Loan?

With Zype, processing fees range from 2% to 6%, rate of Interest ranges from 18% to 39% per annum both based on the customer risk profile and the overdue interest payable will be applicable on overdue principal and overdue interest, from the due date of installment and will continue till the full and final payment of the unpaid amount. In addition to overdue interest, a daily penalty charge for late payment of EMI will be applicable depending on the customer profile.

What Factors Should I Consider Before Choosing A 10-Year Personal Loan?

Before choosing a 10-year personal loan, consider the interest rate, monthly payments, total repayment amount, fees, eligibility criteria, and lender reputation. It’s also important to assess your financial situation and ensure that you can commit to the repayment schedule.

Can I Prepay My 10-Year Personal Loan Partially?

Yes, most lenders allow partial prepayment for personal loan for tenure (10 years). Prepaying can reduce your principal amount, potentially lowering future interest payments and shortening the loan term.

What Are The Benefits Of A 10-Year Personal Loan?

The benefits of a personal loan for tenure of 10 years include a shorter repayment period, fixed interest rates for predictable budgeting, and financial flexibility for large expenses or debt consolidation. This loan term also allows for manageable financial planning.


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