Personal Loan
What is a Personal Loan?
A personal loan is an unsecured loan provided by banks or financial institutions to individuals for personal use, such as medical expenses, home renovations, education, travel, or debt consolidation. Unlike home or auto loans, personal loans do not require collateral, which means you don’t need to pledge any asset to get the loan.
Personal loans are typically repaid in fixed monthly installments (EMIs) over a set tenure, which can range from a few months to several years. The interest rates are generally higher than secured loans because of the increased risk to the lender.
These loans offer quick access to funds, minimal documentation, and flexibility in usage, making them a popular choice for short- to medium-term financial needs.