New Delhi, April 24 -- Personal loans usually have a tenure of up to five years. If the personal loan is availed during a financial emergency, the borrower may go for a longer tenure as they may be unsure of the cash flows in the near future. However, while servicing the personal loan EMIs, if you receive a lumpsum, you can use it to make a personal loan partial payment. In this article, we will understand what a personal loan partial payment is, its benefits, and the factors to consider.

A personal loan partial payment involves an additional payment over and above the regular monthly EMI. For example, Dinesh took a Rs. 1 lakh personal loan for a tenure of 5 years. He pays an EMI of Rs. 2,224. After one year, Dinesh received a bonus of R...