The duration of a personal loan can vary based on the lender and your specific situation, but the maximum commonly spans from five to seven years, equivalent to 60 to 84 months.
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Banks in India have proposed to the Reserve Bank of India (RBI) that the first unpaid education loan should be reclassified as standard and have the repayment period extended. This proposal aims to help students who choose to gain work experience before pursuing higher studies. Currently, if a borrower partially repays an existing loan, it is classified as restructured , resulting in higher interest rates for borrowers taking out a fresh loan.