Personal Loan

A Personal Loan is a type of unsecured credit that individuals can borrow from banks, non-banking financial companies (NBFCs), or online lenders without needing to provide collateral. The borrowed amount can be used for various personal purposes—such as funding a wedding, covering medical expenses, renovating a home, or consolidating debt.

Personal loans typically come with fixed interest rates, flexible repayment tenures (ranging from 12 to 60 months), and quick disbursal times. The loan eligibility and interest rate depend on factors like your income, credit score, employment status, and repayment history.

Because there’s no need for security or collateral, personal loans tend to have slightly higher interest rates compared to secured loans. However, they remain one of the most convenient and accessible financial tools for managing short- to medium-term cash needs.