Apply for Long Term Personal Loans

What is a Long-Term Loan?

Any loan with a long repayment tenure is known as a long-term loan. Personal loans, education loans, business loans, and marriage loans etc. all fall under this category. Since the price tag that comes with the purpose of this loan can be hefty, a long repayment period makes the EMI payment more manageable. But the best long-term personal loans don’t only come with an extended repayment period, but also higher loan amounts, lower monthly payments, and manageable interest rates. If you’re someone who is looking for small EMIs and are okay with a long repayment tenure, then this is the perfect option for you.

Purpose of Long-Term Loans

There are some very important expenses in a person’s life. Education fees, medical bills, business investments, wedding expenses, and the list goes on. When it comes to bridging the financial gap of these kinds of expenses, an instant long-term loan can become a lifeline for many. This is because the best long term loans usually have a high amount, providing the necessary financial backing you need.

Advantages of Instant Long Term Loans

The advantages of instant long-term loans are beyond the fact you can repay your personal loan for an extended period. Here are some ways in which they can help you manage your finances better:

Lower Interest Rates:

When the loan amount and repayment tenure are high, lenders offer competitive and lower interest rates on the loans. This makes the loan affordable, further reducing the monthly payments. Zype offers the best long term personal loans up to ₹5 lakhs starting at just 1.5% interest per month.

Easy Application

Smaller Monthly EMIs:

The best long term personal loans are the ones that make your EMI payment more manageable. And choosing a long tenure personal loan will automatically reduce the monthly payments you have to make towards your outstanding loan.

Approval and Disbursal

Maintain Liquidity:

When your monthly EMI payment is smaller, you can create a better monthly budget without compromising on any other financial obligations.

Competitive interest rate


When you take the best long term loan, you can choose among extended repayment tenures that fit your budget. On Zype, you can choose a flexible repayment tenure of 3, 6, 9 or 12 EMIs.


Online Application:

With loan apps like Zype, everything from the application process to repayments is 100% digital, making it a convenient loan experience for you. Complete your application in less than 5 minutes with no document upload or paperwork.

Collateral free loans

Long-Term Personal Loan Calculator

One of the good borrowing practices is to calculate your EMI before you even apply for a personal loan. Doing this can help you choose a repayment tenure that fits your budget and even compare offers across various lenders.

You can calculate your EMI within seconds by using Zype’s user-friendly personal loan EMI calculator. Just input the loan amount, personal lona interest rate and tenure to find out what your monthly payment looks like. 

Loan Amount (in rupee)



Interest Rate (in %)



Loan Term (in months)



Total Interest Payable

Total Payment
(Principle + Interest)

Your EMI is

Disadvantages of Long Term Personal Loans

Before you choose an instant long-term loan it’s extremely important to evaluate your financial conditions and priorities. These are some potential disadvantages you need to be aware of:

 A long tenure can reduce your chances of being able to avail other loans due to a change in the NMI ratio. The NMI ratio is the total income left for you after paying all your ongoing loans. Depending on your lender, there could be some additional penalties associated with prepaying your long-term loan.

Long Term Loan – Interest Rates and Charges

When you take a personal loan, you have to pay it back with interest based on your repayment plan. With Zype, you will never find yourself questioning any hidden charges and always have 100% clarity on all the charges associated with taking a long tenure personal loan.

Minimalist Table
Fees & Charges Amount Chargeable
Interest Rate Starting at 1.5% (monthly)
Loan Processing Charges Processing fees from 2% to 6% on every loan
Penalty on Overdue EMIs Penal interest and late fees will be charged to your total outstanding loan on a daily basis

Documents Required for a Long Tenure Personal Loan

Keeping your required documents handy before applying for a personal loan can further expedite your loan application process. But the good news is that on Zype, you can get a personal loan without any document upload or paperwork. This is all that you need.

Proof of photo identity

Mandatory Documents

Enter your PAN and Aadhaar number along with some other information to complete your application and unlock your credit limit. (Physical Copy Not Required)


Proof of Identity

Do a real-time selfie verification to complete your KYC.


Proof of Income (Optional)

 Want to apply for a higher credit limit? You only need to provide your bank statement for the last 4 months. 

Eligibility Criteria for Long-Term Personal Loans

You have to meet your lender’s eligibility criteria to complete your application and get approved for a personal loan. And Zype’s eligibility criteria are simple; here’s why:


18 years or above

15000 Salary
Monthly Salary

Monthly income of at least ₹15000

Work experience

Salaried individual

Citizen of India

Valid PAN & Aadhaar card

How to Apply for Long Term Loan?

You can apply for long-term loan on Zype in these 6 simple steps!

1) Download the Zype app from PlayStore/ AppStore and complete sign up.

2) Add PAN number along with some other basic details like email address, phone number, employment details etc.

3) Get approved for a credit offer within 60 seconds based on your profile

4) Complete your selfie verification and Aadhaar number linked OTP to unlock your approved credit line.

5) Select your desired loan amount & EMI option.

6) Get cash directly into your registered bank account within 24 hours.

Frequently Asked Questions

Are Long-Term Personal Loans Better in Comparison to Short-Term Ones?

Both long-term and short-term personal loans are designed to meet the financial needs of an individual. The loan that’s better suited for you depends on your financial conditions, requirements, and preferences.

Does the Income of the Applicant Play Any Role in Getting a Long-Term Personal Loan Sanctioned?

Absolutely! Your monthly income determines your repayment capacity which plays a crucial role in determining the loan amount you’re approved for.

Are Long-Term Personal Loans Only Granted to Individual Customers?

A personal loan is the money you can borrow from a lender to meet any planned or unplanned expenses. Be it a short-term personal loan or long-term, they are granted to individual customers based on their overall credit profile.  

How does the Rate of Interest on Long-Term Personal Loans Compare Against that for Short-Term Loans?

The interest rate you’re charged on your personal loan depends on many factors like your credit score, monthly income, and credit profile of a lender.

Is there an Option of Pre-Closure for a Long-Term Personal Loan?

While there are lenders who give an option of pre-closure of long-term personal loans, you need to enquire with them about the same. On Zype, you can pay your loan in advance.

Can a Person with a Bad Credit Score Get a Long-Term Personal Loan?

While there are lenders who offer long-term personal loans to individuals with a poor credit score, the interest rate charged on it will be high. Having a credit score of above 750 can help you get high value loans at low interest rates.

What is the Maximum Amount for a Long-Term Personal Loan?

On Zype, you can get a maximum long-term personal loan of up to ₹5 lakhs starting at a 1.5% monthly interest rate.

What is the Duration for which You Can Apply for a Long-Term Personal Loan?

When you take a personal loan from Zype, you can choose among multiple repayment tenures and pay back your loan in 3, 6, 9 or 12 EMIs.