Personal Loan

A personal loan is an installment-based, usually unsecured loan where borrowers receive a lump sum and repay it over a fixed period. Eligibility typically depends on credit score, income, and debt history, without requiring collateral. The funds can be used flexibly—for debt consolidation, medical bills, vacations, renovations, and more. Disbursal tends to be fast—sometimes within 24–48 hours—making it ideal for urgent financial needs

Because personal loans are unsecured, interest rates are generally higher—ranging from around 9% to 22%, depending on creditworthinessoan tenures are comparatively shorter, typically spanning 1 to 5 years . Although there are typically no tax benefits associated with personal loans, they do offer flexibility that others might not.