Learn the differences between short-term and long-term personal loans to make an informed decision.
Personal loans constituted 96 % of new bank loans taken in FY 2018, according to RBI data. This staggering figure can be attributed to the fact that personal loans can be availed within an hour and have an easy eligibility criteria. When it comes to using them to your advantage, keep in mind that personal loans come in all forms. For example you get short-term loans that have tenures ranging from a few months to a couple of years, and long-term loans that have tenure of three years or more.