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What is a Long Term Personal Loan?

Personal Loans are unsecured loans which can be availed by any individual to fulfill any need - including organizing a wedding, a dream vacation for the family, debt consolidation, etc. Long term loans refer to those loans which have repayment tenure of 3 years and above. Thus, long term personal loans are unsecured personal loans which have repayment tenure of more than 3 years. At SMFG India Credit, we offer personal loans with flexible repayment tenures of up to 5 years.

In general, long term loans typically refer to term loans which have a maturity period of longer than 5 years such as home loans, mortgage loans, etc. However, in the context of personal loans, a long term loan is one which exceeds 3 years. Typically, these loans are associated with high-value expenditures such as higher education, home renovation, medical emergencies, etc.

Longer repayment tenure could help reduce the EMI amount. But, in hindsight, you end up paying a lot more in terms of interest and other fees. A personal EMI calculator comes in handy as you can check the monthly EMI amount during the repayment tenure. Knowing the amount in advance helps you to make any tweaks such as lowering or increasing your loan amount and plan your finances towards repayment accordingly.

In SMFG India Credit, Personal loan with tenure 7 years or more does not exist, since the maximum tenure is up to 5 years. If you are looking for a loan with tenure longer than 5 years, you may have to pledge security such as property or financial assets. To know more, please visit our Loan Against Property and Loan Against Securities pages.


Long term personal loans come with some basic eligibility criteria, but the overall interest rate and the loan amount will be largely determined on a case to case basis depending on your individual profile. The guidelines may differ depending on the lending institutions. Having said that, let’s take a look at SMFG India Credit’s eligibility criteria that all applicants need to meet.

  • You must be between 21 and 60 years of age at the time of loan application.
  • You must have a steady source of employment and income
  • You should be an Indian resident
  • You must have the required documentation

To know more, please visit our personal loan eligibility page or contact us today.


For any long term loan, SMFG India Credit requires applicants to submit documents that verify the information provided. Here is a list of documents that required for personal loan.

  • Basic KYC documents including valid address proof - such as PAN, Aadhar card, driving license, passport, etc.
  • Proof of income such as Salary slips (for salaried customers) or income statements (for self-employed individuals)
  • Bank statements of the past 6 months
  • For self-employed individuals - proof of business existence and audited financial statements of the past 2 years.

Interest Rates

Prior to your long term personal loan application, the interest rate plays a pivotal role in your decision making process. A high interest rate will make the EMI amount increase too. And repaying that over the long term can affect your finances significantly.

From the applicant perspective, a low interest rate is what they would ideally like to opt for. At SMFG India Credit, we offer personal loans with interest rates ranging between 11.99% to 36%.

To know more about personal loan interest rates, fees and charges, visit our personal loan interest rates page.

How to Apply?

Personal loans with tenure of 5 years or more are the perfect way to finance heavy investments. Here is a step by step guide on how to make the application right till fund disbursal.

  1. Application: You can go with either an online or an offline application process. Fill up the relevant form and submit it online or at the nearest branch office of your chosen lender. Once the application is received, you will get confirmation over email and a representative will get in touch with you soon.
  2. Document Collection: The required documents can be submitted online. Alternatively, you can get an executive to collect from you at a pre-decided time and location of your convenience. Make sure that you sign all the documents before submitting them.
  3. Information Verification: SMFG India Credit will verify the authenticity of the information that you have provided in your application form against the documents submitted. We will also check your credit history and behaviour before making a decision.
  4. Loan Sanction: The decision to approve or reject your loan application depends on you meeting the eligibility criteria. We will also verify the authenticity of the documents submitted along with your credit rating. If the overall documentation and profile is as per our policy at the time of application, , the chances of your long term personal loan getting sanctioned is higher.
  5. Disbursal: The decision that your loan has been approved will be communicated to you along with the loan agreement that includes the terms and conditions. Once you sign the agreement, your loan amount will be typically disbursed to your bank account within 30 minutes*. Your current financial status ultimately determines your choice of the loan repayment tenure. If you already have several financial commitments, then a long term personal loan might be a better fit for you.
12 Months60 Months

Your Calculated EMI*



Are long term personal loans better in comparison to short term ones?

Long term loans can offer lower EMIs since they come with an extended tenure of repayment in comparison to short term loans. This certainly puts less pressure on the borrower financially. However, you also end up paying more in terms of interest and processing fees. Hence, depending on your financial situation while taking the loan, you can make an informed decision.

Does the income of the applicant play any role in getting a long term loan sanctioned?

The income of the applicant plays a very important role in getting a long term loan approved. With a secure job and a regular source of income reinforces your repayment capability. Your income also helps to decide the upper limit of the loan amount that can be sanctioned.

Do lenders only approve long term loans to individuals?

Long term personal loans can be sanctioned to both individuals and businesses as long as they are able to meet the eligibility guidelines outlined, provide necessary documents and establish a good credit history that is aligned with the lender’s policy.

* Terms and conditions apply
** Subject to foreclosure charges. Terms and conditions applicable.

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