Is there a minimum and maximum loan tenure for personal loans?

Yes, personal loans have minimum and maximum loan tenure, over which you must repay the loan.

The tenure options vary among financial institutions, but here is a general overview:

• Minimum Loan Tenure: The minimum loan tenure for personal loans is usually around 12 months. This means you must repay the loan within a year.  Some financial institutions may offer shorter terms for smaller loan amounts. Each lending institution sets its own minimum loan tenure based on factors like risk assessment, target market, and internal policies.
• Maximum Loan Tenure: The maximum loan tenure for personal loans generally ranges from 36 to 60 months (3 to 5 years). This gives you several years to repay the loan.  With more extended repayment periods resulting in lower monthly instalments but more interest paid overall.

Keep in mind that each lending institution may have different tenure options, so it is essential to compare and choose the loan term that best suits your financial situation and repayment capacity.  Evaluating your loan amount, interest rate, and monthly payment can help you decide on an appropriate loan tenure.