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What is an instalment loan?

Instalment loans are just like any other loan because you essentially take a loan amount and repay it along with an interest over and above the original amount. However, in these types of loans the repayment is to be done over a longer period of time usually in an amount of installments decided at the time of taking the loan. The period of time and amount of each repayment is usually decided by the borrower and the lender together. These loans are different from short term loans in that usually short term loans have to be repaid in a single lump sum and the duration for them is also very short.

Sometimes the longer duration is also combined with a larger loan amount and lower interest rates. However, just because the interest rate is lower it does not mean that the total amount that you repay the lender will be lower. This will in fact, depend on the duration of the loan along with the rate of interest.

Things you should consider before you apply for an instalment loan

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