New Delhi, Feb. 20 -- When you take a personal loan, choosing the right tenure is important. If you choose a higher tenure than required, you will end up paying more interest. If you choose a lower tenure than required, the higher EMI may disturb your monthly budget and strain your cash flows. In this article, we will discuss what is the minimum and maximum tenure for personal loans, and how to choose the ideal tenure.

Whenever you take a personal loan, you have to repay it within a specified period. During this period, you make fixed monthly payments to the financial institution in the form of Equated Monthly Instalments (EMIs). The period within which you commit to pay back the loan amount to the financial institution is known as the p...