What is the duration of each loan I take

Not all loans are available for longer duration periods. Some of the loans are supposed to be repaid within a year and some go on even for 10 years at a stretch, it all depends on the amount and purpose for which you are going to take the loan.

Secured loans are generally taken for over a period of 2-5 years since these are for specific purpose. No one would secure a property for a small purpose loan, therefore such loans are generally for acquisition of property, education expenses, medical expenses, etc.

Home loans go on for several years, it can be anywhere between 5-20 years for normal repayment. There is another factor why home loans are so popular, most of the times the loaned gets tax benefits therefore these loans have become famous over the years. Again construction and furnishing a home is no small expenditure. Home loans therefore happen to be in large amounts which are distributed over a large period of time.

Car loans too, span over a period of some years, most of the times five years, this depends on the cost of the car and the ability of the person taking the loans to repay the loan.

Consolidation loans are the loans made to repay back debt taken from several agencies and clubbed into one such amount for convenience as well as benefits such as discounts and rebates. Therefore consolidation loans are not for more than three years, these can be sometimes for a shorter duration of time.

Holiday loans are generally for a year or lesser. You can enjoy a holiday and distribute the expenses incurred by you for your holiday over the period of one or two years not more. The idea of holiday loan is that a person should be able to go for a holiday each year and not after a decade.

Similarly there are different loan periods for different types of loans like the unsecured loans, bridging loans, commercial mortgage loans, bad credit loans and adverse credit loans.