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

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)

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.

Conclusion

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.