Short-Term vs. Long-Term Loans: Which is Right for Your Finances?

• Loan tenure significantly impacts total interest paid, not just EMI.
• Short-term loans mean higher EMIs but lower overall interest; long-term loans reduce monthly payments but increase total interest.
• Consider your income stability: stable income favors shorter tenures, while fluctuating income may require longer tenures to avoid payment issues.
• Always check the total interest payable and prepayment rules, as many personal loans allow foreclosure without charges.
• The best tenure is the shortest one you can comfortably sustain without financial stress.