Personal loan

A personal loan is a fixed-amount, fixed-term loan—most often unsecured, meaning it's not backed by collateral—that individuals can use for nearly any personal expense. After approval, the loan amount is disbursed as a lump sum, and the borrower repays it via equated monthly installments (EMIs) over a predetermined period, typically between 1 to 7 years

Key Features & Uses:

• Unsecured: No collateral required, reducing processing complexity but typically resulting in higher interest rates.

• Versatile Use: Suitable for debt consolidation, home renovations, weddings, medical emergencies, travel, gadgets, or daily cash flow needs.